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Financial Crime

Using data to join the dots

The pressure to tackle financial crime has never been greater. But tightening regulation, growing demands for integrity in firms’ financial dealings and increasing criminal sophistication are combining to create a perfect storm for the financial services sector.

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Bringing it all together

In times of continuing economic uncertainty, it may seem easier to focus on a baseline level of compliance rather than trying to change. Yet the current approaches to detecting and preventing financial crime remain a patchwork of fragmented, inefficient, inflexible and ultimately ineffective efforts designed around compliance. Firms need to invest in bringing their data together to create an integrated approach to tackling financial crime. Such an approach can help align strategy, people, processes and data, towards a more unified view of risk. 

Michael Lee, Director in Deloitte's Enterprise Risk Services practice, identifies the challenges organisations face in the detection and prevention of fraud. To create an effective anti-fraud solution, organisations should consider data management, data analytics, investigations and forensic analysis, business intelligence, strategy and controls. By looking at each of these component parts, organisations can put themselves in a stronger position to detect and prevent fraud.

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