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PLENITUDE INSIGHTS: FCC Target Operating Model and Transformation

29 October 2018
Cover letter of article on compliance

PLENITUDE INSIGHTS: FCC Target Operating Model and Transformation

The demands on financial institutions continue to reach unprecedented levels. Laws and regulations are constantly changing, setting ever-stricter regulatory requirements.

Regardless of a firm’s size, client or product focus, financial crime obligations must be met in every jurisdiction where a firm operates. All too often, this involves notoriously resource-intensive and cost inefficient processes. 

As the industry reaches the next stage of maturity, and as is proven in many other operational areas of any financial institution, firms that embrace transformation and technology innovation can outperform their competition. There are significant opportunities to deploy products, automate and outsource processes across the compliance lifecycle, which ultimately improve financial crime risk mitigation and reduce cost.
Conclusion

The cornerstone of any Financial Crime Compliance (“FCC”) transformation is the definition of a target blueprint. This is best achieved through the formulation of a strategic Target Operating Model (“TOM”) that delivers an integrated and optimised control framework; brings the institution up to a minimum standard dictated by regulatory requirements, industry standards and internal risk appetite; and ensures the ‘Three Lines of Defence’ Model is fully reinforced.

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