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Transforming financial crime investigations through automation

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Financial crime regulations and law enforcement initiatives can add significantly to the costs financial institutions must bear, driving a need for technology-enabled controls and compliance processes. But many financial crime risk management processes and systems today—including the investigations process—still require significant manual effort.

Fortunately, the investigative process itself is fertile ground for automation since it involves a number of time-consuming, rules-based tasks that don’t necessarily require direct human oversight. To make their investigations more efficient, financial institutions are pursuing a range of automation strategies involving data acquisition, consolidation, and analysis; alert ranking and prioritization; alert routing and investigator nudging; and automated system health checks, among others.

Taken together—and combined with other techniques, such as streamlined regulatory filings—these approaches can help financial institutions transform their financial crime investigation programs and empower investigators without replacing them.

According to a survey of financial services executives conducted by NICE Actimize*, financial crime investigators still spend a considerable amount of time per month on manual processes such as phone calls, emails, and collection of data.

Financial crime investigation automation

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Jeff Lavine

Global Financial Crimes Leader, PwC US

John Sabatini

Risk and Regulatory Leader, PwC US

Vikas Agarwal

Financial Crimes Unit Leader, PwC US

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