Financial Crime Overview

Your customers, insurers and board will all want to know that you had appropriate financial crime prevention and detection systems in place should you ever be victim to a serious fraud, theft or corruption case. While there are great systems, policies, practices and practitioners out there to help you build a fit-for-purpose capability, the nature of financial crime means you should get regular assurance that your actual exposure reflects your risk appetite.

How we can help

Our team includes expert practitioners who have decades of experience across all parts of this often-unfamiliar domain. Whether it comes from leading headline grabbing corporate crime investigations as qualified fraud investigators in law enforcement roles, developing and implementing customer fraud and cyber security risk management solutions for financial institutions, or simply reviewing and improving existing financial crime controls across many sectors, we are superbly placed to help you.  Our deep understanding of how opportunity, motive and self-rationalisation combine to cause not just financial loss but a loss of brand trust and enduring reputational harm ensures we can work with you to keep you adequately protected.  Where improvements are required we can help you develop fit-for-purpose solutions, incorporating all applicable legal, industry and/or government Standards or expectations, including meaningful cyber controls (through which much financial crime is facilitated). Importantly, we ensure your actual exposure, regardless of the functional area, technology posture or business process, reflects your stated risk appetite, and is fully reflective of the brand and reputation risks involved.

While pro-active financial crime exposure reviews are helpful, the reality is most reviews follow an 'incident' or 'near-miss'.  We can also help you work through both events and position yourself well for a stronger go-forward capability, giving confidence to key stakeholders, who may be rattled by such unexpected financial crime events.  If you have never been a knowing victim of financial crime, internal or external, reflect on those that have and the common refrain - "we didn't think it could happen to us…"


Key areas of focus

Consider how our team can help you:

  • Diligently, yet discretely, complete an independent assessment of your actual exposure to internal and/or external fraud, theft or corruption risk
  • Provide meaningful comparisons between your existing approach and capability, and that required by law or recommended in better practice Policies, Codes, or Standards
  • Review and/or enhance your financial crime related frameworks, policies, practices and training (including induction, code of conduct, conflict of interest, whistle-blower, and related areas)
  • Stress-test the efficacy of key financial crime controls (especially financial, system/application, business process and/or behavioural)
  • Work with your HR team to review end-to-end recruitment, retention, performance management and reward mechanisms to ensure financial crime risks are effectively identified and mitigated as part of a holistic program
  • Leverage a rich history of actual cases (some publicly available) that provide relevant use cases for review inside your organisation
  • Understand the symbiotic relationship between your IT Security/Cyber capabilities and financial crime (recognising a key objective of cyber-crime is untraceable financial gain)
  • Identify where and when to further invest in customer (or other stakeholder) identification, validation, and/or authentication, based on your risk appetite and business objectives

Report

Whichever service or support we deliver, we will provide you with a report that presents a meaningful view of your organisation's risk culture and the measures required to safeguard your business. The report includes:

  • Actionable insights based on our engagement and industry expertise
  • Where relevant, benchmarking data to call out leading or lagging behaviours
  • Overall risk rating, based on our self-assessment of your business risk