Article
Financial crime advisory
Combatting crime, building trust
We are committed to building an ecosystem of trust.
Through the dawn of digital banking, money can be moved faster today than ever before. But cyberattacks are evolving just as quickly. Financial crime is continually evolving. Criminals are on the offensive and their channels of attack continue to expand. Today, financial crimes include cybercrime, fraud, bribery and corruption, money laundering, terrorist financing, insider risks, as well as newly emerging fusions across these areas. As the capabilities of the banking industry grow, you can expect financial criminals to exploit emerging technologies, digital currency, open markets and borders, and domestic and international instability.
As financial crimes evolve, so should your organization.
At Deloitte we are committed to:
- Closing the gap between today's financial crime challenges and tomorrow's opportunities
- Making an impact that matters—for our clients, our people, and society
- Contributing to research and development of systems, processes, and technologies that are trusted by organizations and their key stakeholders (customers, regulators, industry, and government)
- Developing the cross-functional expertise required to assist our clients as they navigate and mitigate these challenges
A best-in-class team to support you at every step of the financial crime life cycle
Our financial crime practice brings the best of our capabilities across Canada to address the full spectrum of financial crime needs. Our deep industry acumen across cybersecurity, fraud, anti-money laundering, forensics, analytics, and transformation capabilities allows us to our public and private sector clients. Coupled with our knowledge of industry-leading technology and innovation, our team can assist in the formation of robust, preventative financial crime strategies.
Deloitte’s framework allows businesses to employ a cross-functional approach that:
- Breaks organizational silos and enables them to proactively identify risks and vulnerabilities
- Implement appropriate safeguards
- Detect anomalies and events in real time
- Execute an effective response in the event of an incident
Our accelerators are designed to give organizations an agile approach that keeps pace with continually evolving financial crime activity.
How we can help:
Fraud management
Insider risk
Fusion
Anti-money laundering
Fraud management
Our services enable real-time identification and detection of fraud and misuse at an enterprise level, guarding organizations against increasingly sophisticated fraud risks. We have supported fraud management teams across multiple organizations to manage the prevention, detection, and response to fraud holistically. Developing a fraud management capability helps our clients proactively manage incidents and respond more effectively. It also improves the overall effectiveness and efficiency of their business. We can help:
- Prevent fraud from occurring in the first place by reducing the risk of fraud and misconduct
- Detect fraud that does occur by discovering fraud and misconduct in a timely manner
- Respond to detected fraud by taking corrective action and remedying the harm caused by fraud or misconduct
Program integrity is critical in the public sector. It ensures citizen trust and the effective use of government/taxpayer funds. Many of these prevention capabilities and approaches are effectively applied across federal, provincial, and municipal levels to reduce fraud, waste, and abuse.
Insider risk
As the world shifts from bricks and mortar to data, bits, and bytes, organizations need to become more proactive in preventing, detecting, and responding to potential insider threats. Recent surveys have identified that 92% of insider risk events had clear warning signs.
An insider risk program can bolster deterrence and provide early detection, prevention, and response mechanisms protecting employees and the business while safeguarding critical data, systems, and facilities.
What’s the best way to mitigate the risk of a breach? Proactive monitoring and controls. Start using internal data sources, with the appropriate governance and operating model, as part of a holistic and risk-based program.
We can help you design, build, and implement insider risk management and threat mitigation programs. We’ll assess your insider risk exposure, mobilize programs, and develop solutions to monitor insiders through preventative and detective controls. We’ll integrate real-time data feeds and behavioral indicators that detect anomalies as early as possible, investigating leads before assets, data, or personnel are compromised.
Fusion
Financial crimes are evolving. Those behind them are increasingly exploiting inadequate cybersecurity, as well as vulnerabilities to fraud, insider risk, physical security, and money laundering through coordinated attacks. The siloed nature of state organizations make it difficult to detect these threats.
Creating a fusion centre can integrate disparate pieces of information on a variety of subjects, from a variety of sources, and fuse them. This provides seamless insights back to the domains and lines of businesses to protect the organization, its customers, and shareholders from financial crimes and their reputational impacts. A successful fusion centre can contribute to enhanced threat detection and client trust, enhanced resilience, and operational efficiencies.
Fusions centres require data, collaboration, and technology. Our global experiences have shown that the level of integration, domains in-scope, and starting point differs from organization-to-organization. As such, Deloitte’s fusion practitioners can work with you to identify the smoothest path towards achieving your business objectives.
Anti-money laundering
Our anti-money laundering (AML) practice has helped to transform many large financial institutions. We can help reduce your organization’s risks and optimize operations related to money laundering and terrorist financing. We’ll design, implement, enhance, and test AML/sanctions programs. We also provide services to respond to and remediate related compliance failures when they occur.
Our practice connects you with a global network of former bank regulators, federal law enforcement officials, financial institution compliance officers, IT specialists, economists/statisticians, bankers, and industry specialists.
Our alternate delivery models have successfully managed large-scale regulatory document reviews and due diligence projects with a legal or compliance context.
Our services include:
- Program design, implementation, and enhancement
- Independent testing and program validation/co-sourcing
- AML transaction/sanctions monitoring systems
- AML/sanctions risk assessment
- Remediation and investigations
- Managed risk and operations
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