Fraud governance: It’s more than just compliance

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July 2017

Fraud incidents have increased by over 130% in the past year, resulting in significant monetary and reputational losses for financial institutions. Many of these incidents — including high-profile crimes such as the SWIFT attacks from last year — involved the exploitation of governance deficiencies and ineffective operating models.

While regulators such as the OCC, FFIEC, and Basel are increasing their scrutiny on governance for risk management, the need to develop strong governance practices goes beyond compliance. Such practices are necessary to properly defend against emerging threats as well as increase operational efficiency.

Accordingly, financial institutions should take steps to enhance their fraud governance programs, including implementing a robust "three lines of defense" operating model. 

This Financial crimes observer discusses key fraud governance challenges, and explains what financial institutions should be doing now. 

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Dan Ryan

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