Why is benchmarking financial crime controls so valuable?

What are financial crime control benchmarks?

 

Financial crime control benchmarks allow for a standardised approach to measure, understand, and improve the performance of transaction monitoring tools and other financial crime control systems. Through benchmarking, financial institutions can demonstrate the strength of their financial crime controls to wider stakeholders such as regulators, insurers and financial crime consultants. Peer benchmarking also allows financial institutions to understand their relative performance against competitors.

 

How are financial crime control benchmarks created?

 

Financial crime control benchmarks can be created by using labelled financial crime simulations to easily measure the effectiveness of financial crime control systems in a safe test environment. Synthetic data sets can be used to ensure test data is readily accessible and realistic but does not contain client sensitive data.

Collaborate with us to build financial crime control benchmarks

Become a benchmarking partner to help shape our financial crime control benchmarking output. Financial institutions and stakeholders collectively benefit from well defined benchmarking outputs and representative peer benchmark participation. We would welcome your contribution if you are a financial institution or an industry stakeholder interested in benchmarking outputs.

  • Test & measure against benchmarks

    Have confidence in financial crime controls through comprehensive testing using synthetic data and labelled financial crime simulations. Identify the weaknesses in your financial crime systems before criminals can exploit them.

  • Improve financial crime control performance

    Gain a competitive edge by tuning financial crime systems and measuring them against a standardised benchmark.

  • Demonstrate financial crime control strength against a benchmark

    Reduce the risk of financial crime losses, regulatory breaches and fines by demonstrating the strength of financial crime controls against a standardised benchmark. Measure and demonstrate improvements in financial crime controls.

Benchmark Financial Crime Controls with FinCrime Dynamics

Our product Synthetizor® uses synthetic data generation and labelled financial crime simulations to test financial crime controls performance and produce benchmarking outputs. Help shape and contribute to an industry wide benchmark with FinCrime Dynamics to progress the collective fight against financial crime.