Creating a single customer view of risk for Financial Crime Risk Management
Harmonising disparate data models and departmental needs into one solution to create a truly effective Financial Crime Risk Management (FCRM) platform has long been the desire of a range of financial services organisations.
Can Sentinel from Synectics offer a cost effective solution to FCRM that delivers on the promise of ‘Platformification’ and create a truly single customer view of risk?
A need for faster, agile, organisation wide systems
Thanks to increased reporting on social media, the 24/7 rolling news cycle, and increased regulator demands, customers and investors of financial services companies are increasingly becoming aware of those organisations that repeatedly fall foul of fraud, financial crime, cyber breach or legal disputes with regulators.
Such is the problem that regulators, such as the UK’s Financial Conduct Authority (FCA) in its 2019/20 business plan, are increasingly requiring financial services organisations to show that their FCRM intelligence is capable of being shared across their organisations. They are also starting to call out the need for these systems to go beyond slow, cumbersome (and often ineffective) manual processes to become more automated. This is to aid the reduction in costly post-event remediation activities that often fail to recover funds once acts of financial crime have been perpetrated.