Five questions on financial crime

Risk Angles

Financial crime is a well-known and widespread problem that impacts brand value and reputation, goodwill, and revenue of many organizations. In addition to the risk of losses from financial crime itself, companies also face spiraling costs in related areas. Compliance with increasing regulation, ongoing crime detection efforts, internal investigations of potential wrongdoing, external enforcement actions and any associated fines and penalties, class action lawsuits, and other litigation are among the factors driving up both the costs and risks associated with financial crime. In order to effectively detect, assess, prevent, and respond to financial crime, organizations should consider a more strategic and holistic risk management approach.

In this issue of Risk Angles, Peter Dent, Deloitte Canada partner and leader of its Forensic services practice and Global Financial Crime Initiative, answers five questions about financial crime. Then, Anthony DeSantis, principal in the Data Analytics practice within Deloitte Transactions and Business Analytics LLP, an affiliate of Deloitte Financial Advisory Services LLP in the United States, takes a closer look at the use of Big Data to proactively address fraud risk.

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Risk Angles: Five questions on financial crime

This Risk Angle answers the following questions

  1. What do we mean by financial crime?
  2. Why does financial crime pose a bigger threat today?
  3. How are companies managing the risks associated with financial crime?
  4. Why do companies’ compliance, anti-fraud, anti-money laundering, and similar programs fail?
  5. What role does technology play in managing financial crime risk?


It also take a closer look at the use of Big Data to proactively address fraud risk.

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