We partner with businesses to ensure the right solution for every stage of the client lifecycle and our commercials are based on outcomes. Businesses focused on achieving effectiveness, sustainability and quality will benefit from our decades of global Anti-Financial Crime execution expertise.
In our experience businesses have been making significant investments to fight financial crime but have had a poor ROI on their investments.
What’s not working? We believe it is a lack of focus on execution; especially poor design, data and the lack of skilled professionals needed to execute well.
More people are seeking out businesses that do good and as people start to connect the dots between financial crime and the underlying crimes it fuels, they are demanding and will increasingly demand action. How the industry acts in the fight against financial crime is critical in this regard. Trust is earned and earns a premium.
Great advice does not automatically translate into great execution. Whilst businesses generally have access to great advice the same is not true for execution. Legacy systems have resulted in processes being designed to match the technology as opposed to the technology supporting a well-designed process.
An effective program to fight financial crime relies on data but businesses are faced with both the lack of availability and poor quality data. Whilst an entire industry of data providers and aggregators have emerged to serve businesses who need data, the true owner of the data i.e., the client remains disengaged. Lack of and poor quality data also impacts ROI, client experience and effectiveness.
Unlike other professions that underwent professionalisation with governing bodies overseeing the activity of professionals and the ability to hold them accountable etc; the anti-financial crime profession has not had that benefit. Given the above businesses face challenges with access to skilled professionals. It is simple, great outcomes rely on skilled professionals.
The reality is great execution relies on the right design, data and skilled professionals. We rely on skilled professionals like accountants, tax consultants, doctors, drivers etc. in our daily lives, they are trained, they are expected to meet certain standards and, the clients they serve, have the ability to hold them accountable. We believe it is now time for due diligence professionals who have access to client data and have such a significant role to play in fighting financial crime and fuelling commerce to be beholden to similar standards.
Client Fabric Tech has developed a first principles approach to achieving effectiveness in anti-financial crime. We are keen to partner with leaders and teams committed to fighting financial crime and fuelling commerce.