find the latest legal job
Legal Inhouse / Lawyer / Company Secretary
Category: Other | Location: Brisbane QLD 4000
· Fantastic Company · Potential to be Part Time / Flexible Work Pattern
View details
Part Time Risk & Compliance Officer
Category: Other | Location: Brisbane QLD 4000
· Brisbane City · Flexible Part Time Hours
View details
Infrastructure Lawyer/SA
Category: Construction Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Global elite law firm · Dedicated Infrastructure team
View details
In-House Legal Counsel (Mid to Senior)| Regulated Markets (Energy and Gas)
Category: Generalists - In House | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Full PD on Request · Exciting High Impact Role
View details
Family Lawyer
Category: Family Law | Location: Eastern Suburbs Melbourne VIC
· Boutique Firm · Great Reputation
View details
Crime sparks risk spend frenzy

Crime sparks risk spend frenzy

LONDON: The global market for financial crime risk management technology is tipped to soar to $US3.75 billion ($5.87 billion) by 2012, at a compound annual rate of 13.1 per cent. The upward…

LONDON: The global market for financial crime risk management technology is tipped to soar to $US3.75 billion ($5.87 billion) by 2012, at a compound annual rate of 13.1 per cent.

The upward trend has been accelerated by recent high-profile scandals involving internal and external fraud which have highlighted the vulnerabilities of the financial services industry.

According to Chartis research, which compiled the spending projections, financial institutions, consumers and regulators have recognised that financial crime is becoming more complex and is now perpetrated by a different class of criminal - one who is increasingly sophisticated and using technology as part of their ammunition.

Concurrently, Chartis said, the current global recession will increase the frequency of internal fraud, security breaches and false accounting.

Unfortunately, the research concludes that despite the mission-critical nature of financial crime risk management systems, most financial crime institutions continue to have a silo-based point-solution approach.

The norm is to have multiple anti-fraud and anti-money laundering systems, across different business units, communication channels and using multiple databases.

This creates extra expense, inefficiencies and data quality issues across enterprises. Further, it inhibits a firm's ability to create the links and intelligence required to combat sophisticated criminals.

- Mark Phillips

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Crime sparks risk spend frenzy
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Anti-radicalisation programs playing ‘second fiddle’ to terrorism laws
Several academics have questioned the balance between Australia’s counterterrorism legislation and...
 William Ah Ket
‘Bamboo ceiling’ thought piece wins inaugural law prize
A paper that explores the idea of affirmative action to achieve greater diversity among members of A...
Nov 22 2017
Reduced investment protections will make robust commercial arbitration mechanisms all the more critical for investors
Promoted by Maxwell Chambers. This article discusses the current trend away from investor protect...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...