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New Research by Kroll Finds Over Two-Thirds of Global Executives and Risk Professionals Will Turn to Technology to Counter the Expected Increase in Financial Crime Risks

June 29, 2023 By Business Wire

 Increasing pressure on compliance teams reinforce the need for adoption of technologies that can drive greater efficiencies in risk management, anti-money laundering (AML), sanctions and anti-bribery and corruption programs.

NEW YORK--(BUSINESS WIRE)--#OneTeamOneKroll--Kroll, the leading independent provider of global risk and financial advisory solutions, today released its 2023 Fraud and Financial Crime Report which found that 69% of global executives and risk professionals worldwide expect financial crime risks to increase over the next 12 months. Cybersecurity and data breaches are expected to be the primary drivers of increased financial crime risks, followed by financial pressures on organizations.



A survey of 400 senior leaders and risk professionals across four continents found that to counter a potential uptick in financial crime risks, two-thirds (67%) of respondents globally are planning to invest more in technology, with nearly half of the respondents (49%) citing data integrity as the biggest challenge when implementing new technologies.

David Lewis, Global Head of AML Advisory at Kroll, said, “The survey results show that firms face a perfect storm as financial crime risks increase and get more complex. They are not fully confident in the effectiveness of their defenses and will undoubtedly rush to embrace technology to solve all their problems.”

Key findings from the eight countries represented in this survey include:

  • The financial crime risk posed by cryptocurrency is a source of concern for 78% of participants.
  • Fifty-six percent say that artificial intelligence (AI) and machine learning have been implemented into financial crime compliance programs, though relatively new in the majority of cases.
  • Although survey respondents appear to feel confident in the accuracy of their ESG stories, 61% cited lack of standardization and limited data as the main challenges with reporting their ESG story.
  • In Europe, sanctions compliance poses a significant concern for respondents, with 48% of respondents in the UK, Germany and France identifying geographic consistency as the top challenge for sanctions compliance.
  • Seventy-two percent of surveyed companies in Brazil are expecting an uptick in regulatory enforcement actions in the next 12 months, slightly higher than Mexico (70%) and the U.S. (70%).
  • Seventy-eight percent of surveyed companies in the UAE and Singapore plan on dedicating more time towards enhancing supply chain controls or due diligence due to potential exposure to sanctions.

Haydn Jones, Global Head of Blockchain and Cryptocurrency Solutions at Kroll, commented: “In the face of this dynamically evolving landscape, the role of the compliance function remains more crucial than ever. As we look toward the future, the complex interplay between technologies of all types, geopolitics and financial crime means specialist skills will be required to navigate what is essentially a data-based future.”

Methodology

Kroll commissioned a survey of 400 global executives and risk professionals in March 2023. Eight countries were represented in the survey with 50 participants from each—the U.S., Brazil, Mexico, the UK, France, Germany, the UAE and Singapore.

About Kroll

As the leading independent provider of risk and financial advisory solutions, Kroll leverages our unique insights, data and technology to help clients stay ahead of complex demands. Kroll’s team of more than 6,500 professionals worldwide continues the firm’s nearly 100-year history of trusted expertise spanning risk, governance, transactions and valuation. Our advanced solutions and intelligence provide clients the foresight they need to create an enduring competitive advantage. At Kroll, our values define who we are and how we partner with clients and communities. Learn more at kroll.com.


Contacts

For more information:

Devonne Cusi
Devonne.Cusi@kroll.com
+1 212 450 8199

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