Fraud and Financial Crimes Convergence: People and Processes

A Fireside Chat with Julie Conroy, Research Director of Aite and TJ Horan, VP of Product Management at FICO

People and the processes we develop for them are an integral part of ensuring your successful convergence of fraud and financial crime capabilities.

In the final part of my three-part fireside chat with Julie Conroy, research director for Aite Group's Fraud & AML practice, we discuss what you need to know to start implementing fraud and financial crimes convergence in terms of people and provide recommendations on the processes that should be established.



TJ: So much of everything we do boils down to these questions: How are we setting up things internally to make sure we’re relying on the right metrics? How are we making sure we’ve educated our people to make sure we are all aligned towards our common goals? These are important questions to ask when you look at the overall convergence of fraud and AML.


Specifically, they roll down to certain areas like case management. How do you look at common case management across the organization to understand the different activities that you’re logging as well as customers behaviors, making sure that the information is shared across different silos?

You also need to look at it from a standpoint of how you set up common KPIs. What data do we share across the silos and how do we understand our success together?

Julie, do you have anything to add here about how people and processes can influence this convergence trend?

Julie:  It is so important for organizations to have a single and holistic view of their resource allocation. How is your headcount and technology being decked across the problem? And as we see fraud, AML and even Infosec coming together and having a more holistic understanding of these things, it not only helps the organization to understand its threat posture but also find opportunities for better resource allocation and operational efficiency. Especially with us being in the midst of not only a pandemic but also a recession, the focus on operational efficiency is going to be higher than ever.

As you are talking to folks out there, what are the key challenges you are seeing on this front?

TJ: We know that fraudsters and bad actors are taking advantage of the silo-based nature of organizations and the fact that different parts of organizations are just not sharing data and are not aligned. Fraudsters know that.

Breaking down some of those silos organizationally by sharing reporting, data, and common KPIs is important to solve these problems. I think that it is an area where processes and sharing of information internally can really help you breakdown some of the silos and build a more effective defense towards fraudsters.

Do you see other areas where these kinds of things can come together?

Julie answers this and other questions about people and processes, so be sure to watch the video as well as the other installments of the series on data and technology.

Follow me on Twitter @FraudBird for more updates on the latest fraud topics.

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