The role of gatekeeper in combating financial crime is crucial for banks to maintain regulatory compliance, uphold public trust, and safeguard the integrity of the financial system. Failure to fulfil this role can have severe consequences, both financially and reputational, for banks (e.g. fines totalling over 1 billion EUR in the Netherlands over the past 5 years).
Valcon is committed to safeguarding financial institutions by offering distinctive value through efficient, scalable, and structural solutions. With a proven track record, we help financial institutions by developing or improving organisational structures, processes and data governance for the benefit of their compliancy, clients and employees. Let’s delve into how our experience sets us apart:
1. Implementing risk-based ways of working
Scalable data platforms for automated risk-based case handling
There has been an increased focus on detecting Financial Crime over the last years. The industry’s effort to ramp up compliance has often resulted in a sub-optimal, rule-based approach to KYC. We helped clients to move to a more risk-based way of working by implementing a data platform as a robust foundation for quick detection of financial crime. Imagine a scalable data platform that automates and prioritises the assignment from high-risk client cases to the right analyst team. By streamlining case handling and delivery to Know Your Customer (KYC) operations, we ensure efficiency and risk-based case handling. Our approach isn’t just about compliance; it’s about empowering institutions to stay ahead of financial criminals.
2. Strategic advisory for effective performance management
Data-driven insights and KPI frameworks
Valcon serves as the strategic advisor to the financial crime management team at a large Dutch bank. We offer guidance on how to better achieve their goals based on data-driven insights, coordinate high-quality progress reporting to management and “De Nederlandsche Bank”, and helped the management team with setting up a key performance indicator (KPI) framework. This framework enables improved performance dialogues and ensures more effective steering. By aligning objectives with measurable metrics, we empower banks to thrive in a constantly evolving landscape.
3. Future-proof compliance: Navigating legislation
Client data recovery and compliance
When legislation evolves, banks can lag behind. Our solution? Scalable, future-proof processes. Take compliant client data, for instance. We’ve set up robust processes to determine and gather data requirements, thereby mitigating risks related to integrity and anti-money laundering. The result? Client data that adheres to regulations, ensuring compliance and an effective customer due diligence process.
Our core competency lies in adopting a holistic approach to combat financial crime as root causes are multifaceted. Our unique blend of innovation, experience, and strategic foresight enables us to forge a path toward a secure financial ecosystem.
Want to know more
Please reach out to sam.deelen@valcon.com or demi.bankers@valcon.com to discover how Valcon can help your organisation.
The post Strengthening financial institutions in their battle against financial crime appeared first on Valcon.
“Valcon is a European consulting, technology and data company based in the Netherlands, Denmark, UK, Sweden, Germany, Croatia and Serbia. Our mission is to combine premium consulting with deep technology and data knowledge to add value to our clients. With our capabilities, we help clients to create value in transformations, from operational strategy to implementation, supported by a wide array of IT tools.”
