Adapting to Evolving Financial Crimes in the New Era: A Perspective from Mehasa Consulting

The landscape of financial crime is perpetually changing. Beyond traditional criminal activities, new forms of financial misconduct continuously threaten organizations. The COVID-19 pandemic has intensified this issue, significantly altering work environments. Remote work has surged, introducing numerous challenges, particularly in safeguarding sensitive information. Now more than ever, employees must grasp and fulfill their duty to adhere to regulations and combat financial crime, irrespective of their location.

Preparing Your Team for the Modern Work Environment

As circumstances evolve, leaders must navigate an array of dynamic elements. Disparate platforms and technologies may be in use, staff fatigue can result in lapses, and there can be a lack of oversight regarding the correct execution of processes in remote settings.

How Can This Be Addressed?

Responsibility must become a fundamental value within your organization, fostering a culture where financial crime is openly and regularly addressed. Leadership is vital in this endeavor, setting an example and nurturing an environment of accountability and proactive engagement.

A critical aspect of combating financial crime is adopting a risk-based approach. While there are inherent risks in remote work, adapting tools and processes to this reality is essential, especially if it helps attract and retain top talent.

In our view, there are two distinct mindsets in addressing financial crime:

Reactive Approach: This involves merely complying with regulatory requirements, treating it as a box-ticking exercise, and addressing issues reactively. This mindset often leads to complacency among employees, who may only perform the minimum necessary to fulfill obligations, lacking a personal commitment to securing financial information.

Proactive Approach: This encourages teams to exceed basic expectations. In traditional office settings, achieving this was easier due to in-person collaboration and team cohesion. Although distributed workforces pose training and motivational challenges, it remains feasible. Providing a platform for sharing experiences and discussing financial crime developments fosters a collective effort.

Given the unpredictable nature of financial crime, total prevention is unlikely. However, a proactive stance significantly enhances your organization’s defenses against exploitation.

Ongoing Assessment is Crucial

To remain compliant with regulations, programs must be continually updated. It’s not about acquiring the latest technology and considering the fight against financial crime complete. It’s about selecting the right tools, understanding their use, consistently evaluating their effectiveness, and continuously assessing risk areas.

We believe that involving your staff is vital. While procurement and technology teams select and implement systems, the end-users bear significant responsibility in evaluating their adequacy. From onboarding to routine tasks, continuously question the effectiveness of processes and seek improvements. Avoid settling for subpar tools and processes; empower your staff to drive positive changes that benefit everyone.

Financial crime is ever-evolving, and the resources to combat it must be equally adaptable.

Transforming Your Anti-Crime Strategy

Transitioning your approach to financial crime can be daunting. Mehasa Consulting is here to assist you in this transformation. From identifying potential gaps to implementing cutting-edge technology, we ensure your teams are equipped with the right tools and training to excel in this new work landscape.