As uses of big data and analytic’s proliferate, 21 percent of respondents say their organisations have no plans to use big data to manage the risk of financial crimes including bribery, corruption and money laundering, according to a new Deloitte survey.
“For years, many organisations treated prevention and detection of financial crimes as one-off efforts,” said Tony DeSantis, principal, Deloitte Transactions and Business Analytic’s LLP in the Data Analytic’s practice. “Today, regulators expect organisations to have holistic, enterprise fraud and misuse management programs spanning all business units and international borders. However, many organisations are unsure where to begin and how to effectively apply analytic’s. Those out in front are honing early efforts on specific schemes or problematic regions by focused, risk-based approaches and methodologies.”
About half (49 percent) of respondents’ organisations train all employees on the risks of financial crime, as well as their role in its prevention. Seventeen percent offer no such training.
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