Future-Proofing Financial Crime Compliance through Technology and Risk Data Management

Research

A recent survey from CeFPro and LSEG Risk Intelligence highlights the stark reality that traditional compliance frameworks are struggling against the sophisticated tactics employed by modern fraudsters and cybercriminals. While a majority of risk managers express confidence in their current strategies, there is a palpable concern about the future, revealing a significant gap in preparedness.

Nov 11, 2024

Mark Norman, Head of Content, Center for Financial Professionals

Future-Proofing Financial Crime Compliance through Technology and Risk Data Management

The views and opinions expressed in this content are those of the thought leader as an individual and are not attributed to CeFPro or any other organization

The rapid evolution of fraud and cybercrime presents a formidable challenge to traditional risk management frameworks, necessitating immediate adaptation from financial institutions.
Despite 52% of risk managers feeling confident in their current strategies, only 35% believe they are adequately equipped to handle future risks, highlighting a concerning readiness gap.
A majority of institutions view technology as a critical ally in enhancing compliance programs, yet budget constraints hinder investments in essential tools to combat increasingly sophisticated threats.
Reliable risk intelligence data is paramount, as only 21% of survey respondents expressed low concern over data quality, indicating a need for improved data sources and analytics to inform decision-making.