Perspectives

Financial crime - the world's most innovative industry

Staying one step ahead

Financial crime is a continually evolving challenge for all businesses. This article discusses how effective management of financial crime can give an organisation the edge.

Financial crime is as old as value itself, and as young as the latest scheme to steal, destroy or manipulate it.

Opportunist, innovative and agile, financial crime is continually evolving. Today it includes cybercrime, fraud, bribery and corruption, money laundering, terrorist financing, insider trading, and anti-trust schemes. Tomorrow will see it exploit emerging technologies, digital currency, open markets and borders, and domestic and international instability.

We will never eradicate financial crime, nor will any organisation ever be invulnerable to it. The threat will be ever-present – after all, in a sense, our battle is with fundamental human dishonesty. The robots may be thriving, but the common denominator in all financial crime is people.

And yet, as financial crime evolves, so can organisations. There are smart ways to get ahead of the advancing threat. To do so, we must let go of the certainties of the past, invest in change and explore the unknown with courage. To survive, organisations must no longer see doing the right thing as a cost – but as a ticket-to-play in the reputation economy.

In part two of our Revalue Risk series, we delve into the world of financial crime, a continually evolving challenge faced by all businesses. This article discusses how effective management of financial crime can give an organisation the edge.

Published: February 2019

Financial crime

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