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Achieving a Unified View of Financial Crime Risk

Jaclyn Jaeger | November 24, 2015

Increased regulatory scrutiny and the sting of billions in fines and penalties resulting from misconduct have prompted many financial firms to pour money into their compliance programs—investments that may be in vain without a unified view of risk.

A recent poll of 90 financial institutions conducted by NICE Actimize, a financial crime solutions provider, underlines the siloed environment many banks still operate in. According to the survey, 53 percent of financial institutions with at least $60 billion in assets have at least 10 different detection systems. Another 31 percent have more than 20.

Michael Atkin“Systems and processes that are not linked make it hard to aggregate and consolidate data,” says Michael Atkin, managing director for the EDM Council, a non-profit trade association founded by the financial industry to...

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