Change is a constant in the fincrime compliance space, but the last 18 months have seen a breakneck pace of changes – both negative and positive. In a recent survey by Refinitiv of compliance professionals around the globe, 71% of respondents said cybercrime became more difficult to contain during the Covid-19 pandemic, and 66% said that the pandemic has forced businesses to take shortcuts with KYC/due diligence checks.
But there are positive trends as well, including an increased awareness of environmental crimes and a growing recognition of the central importance of public-private sector collaboration. On this episode of the CrimeCast, Phil Cotter, Group Head of Customer & Third Party Risk Solutions, Data & Analytics for Refinitiv, helps you make sense of the “mega-trends” in the fincrime space, including public-private partnership and the linkage between fincrime and ESG.
He also gives insights on how emerging tech and access to the right data are the key trends linking these trends together.