The worldwide battle against financial crime increases the need for automated holistic case management

In a recent statement about the world economic crisis, Timothy Geithner, Treasury Secretary of the United States of America stated, “This crisis exposed very significant problems in the financial systems of the United States and some other major economies. Innovation got too far out in front of the knowledge of risk.”

Financial crimes, anti-money laundering and compliance specialists working in these economies must manage investigations that arise from risk-management requirements and regulatory pressures that evolve from enterprise-wide business operations. The sea of alerts from disparate business detection engines increase in frequency and volume as financial institutions diversify their products and services. In parallel, as product and services offerings expand, the type, number and sophistication of touch points by their customers also increase resulting in the complexity of risk.

The problems facing financial crimes officers are global in nature. International, national and micro-regional regulations and events result in significant challenges and business gaps for practitioners. Of course, the “Bad Guys” do not respect geographic borders or political/economic boundaries. The criminals perpetrate their fraud and other schemes targeting not only susceptible assets, but also the most valuable and guarded financial assets. By utilizing sophisticated technology and operating strategic crime cartels, the criminals and terrorists, both internal and external to financial institutions, execute their schemes. These unlawful activities capitalize on the opportunities that result from fragmented prevention, detection and investigations processes and systems that operate without adequately  developed case management and triage, as well as information systems that fail to communicate with each other.