Financial Crime Convergence: Think Collaboration, Not Consolidation

Silos within financial crime functions are the criminal's best friend. Malicious actors have exploited, and continue to exploit, the walls that separate fraud and cybersecurity units. Appreciating this Achilles' heel, FIs have tried aligning these functions closer together. Unfortunately, many past attempts have failed. However, disrupting crime and satisfying regulatory scrutiny are getting harder and more expensive. With finite resources, FIs see increased financial crime convergence as a key weapon against a common enemy.
This Impact Report explores the evolving financial crime risk landscape, the growing importance of greater financial crime collaboration and alignment of fraud and cybersecurity units, and various approaches currently being taken by financial institutions (FIs). Through these insights, financial crime practitioners will learn that convergence is less about a specific destination and a perfect single financial crime organisational configuration or technology ecosystem and more about discovering how best to come together and optimise people, processes, and technology.