If you can't measure it, you can't manage it

The first step to improving your AFC processes is to measure them

• How secure do you believe your organisation’s reputation is in the market?
• Is there fragility in the systems that keep you safe from attack by cold and hardened financial criminals?
• When was the last time you correctly measured the effectiveness of your anti-financial crime processes?

In any industry, especially financial services, processes must be impervious to maintain customers' trust and satisfy regulators and investors.

However, having processes in place is not enough; measuring and testing them is essential to retain the unfailing stakeholder confidence you need to trade. Monitoring, managing, and improving any process over time involves regular data collection in a robust, methodical manner.

Proper measurement also helps businesses improve the quality of their products, services, and operations. From a financial crime perspective, measuring a process can also support demonstrating compliance with regulations and industry standards and avoid penalties. However, designing the proper measurement protocols is far from easy due to the intangible nature of anti-financial crime-related processes, making identifying and articulating the right metrics challenging.

This is why Argus Pro developed the FinCrime PM&E Framework™, which can be rapidly deployed to measure your AFC processes' vulnerabilities objectively. It highlights any areas for improvement and outlines how those upgrades can be made, which is beneficial if you’re undertaking it as an interim assessment to measure progress and determine what additional resources may be required.

Ask yourself:

• How confident are you about your AFC processes?
• Can you quickly and objectively measure the effectiveness of your AFC processes?
• Do you believe that your in-flight AFC remediation programme is on track?

If any of these questions make you feel uneasy about your AFC processes or if you want to learn more about The FinCrime PM&E Framework™, take action and try the abridged version on our website now.