Thu, Jun 29, 2023
Increasing pressure on compliance teams reinforce the need for adoption of technologies that can drive greater efficiencies in risk management, anti-money laundering (AML), sanctions and anti-bribery and corruption programs.
New York – Kroll, the leading independent provider of global risk and financial advisory solutions, today released its 2023 Fraud and Financial Crime Report which found that 69% of global executives and risk professionals worldwide expect financial crime risks to increase over the next 12 months. Cybersecurity and data breaches are expected to be the primary drivers of increased financial crime risks, followed by financial pressures on organizations.
A survey of 400 senior leaders and risk professionals across four continents found that to counter a potential uptick in financial crime risks, two-thirds (67%) of respondents globally are planning to invest more in technology, with nearly half of the respondents (49%) citing data integrity as the biggest challenge when implementing new technologies.
David Lewis, Global Head of AML Advisory at Kroll, said, “The survey results show that firms face a perfect storm as financial crime risks increase and get more complex. They are not fully confident in the effectiveness of their defenses and will undoubtedly rush to embrace technology to solve all their problems.”
Key findings from the eight countries represented in this survey include:
Haydn Jones, Global Head of Blockchain and Cryptocurrency Solutions at Kroll, commented: “In the face of this dynamically evolving landscape, the role of the compliance function remains more crucial than ever. As we look toward the future, the complex interplay between technologies of all types, geopolitics and financial crime means specialist skills will be required to navigate what is essentially a data-based future.”
Kroll commissioned a survey of 400 global executives and risk professionals in March 2023. Eight countries were represented in the survey with 50 participants from each—the U.S., Brazil, Mexico, the UK, France, Germany, the UAE and Singapore.
As the leading independent provider of risk and financial advisory solutions, Kroll leverages our unique insights, data and technology to help clients stay ahead of complex demands. Kroll’s team of more than 6,500 professionals worldwide continues the firm’s nearly 100-year history of trusted expertise spanning risk, governance, transactions and valuation. Our advanced solutions and intelligence provide clients the foresight they need to create an enduring competitive advantage. At Kroll, our values define who we are and how we partner with clients and communities. Learn more at kroll.com.
For more information, contact:
Devonne Cusi
+1 212 450 8199
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Kroll’s anti-money laundering (AML) solutions are designed to help minimize the risks associated with money laundering and other illicit activities and to ensure compliance through the development and management of ongoing compliance programs and processes.
Kroll helps clients navigate the complexities of today’s regulatory environment through a broad suite of anti-money laundering compliance screening and due diligence offers.
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