Are you spending too much on fraud and financial crime risk management?
LexisNexis® RiskNarrative™ could be helping your firm to reduce financial crime costs by as much as two thirds.
Book DemoExploring the true cost of financial crime compliance
Our three-part series explores how firms are spending their financial crime compliance budgets today; what is preventing them from making better use of technology to reduce costs and improve results; and finally how an orchestrated financial crime workflow with dynamic risk scoring can transform their financial crime and fraud risk management.
Report
True Cost of Compliance
UK banks spend almost £30bn each year on financial crime compliance. How does this cost breakdown across compliance activities?
Report
Tech Blockers
Why are financial crime compliance teams spending three quarters of their budgets on people and only a quarter on technology?
Article
Build vs. Buy
Orchestrating fraud and financial crime workflows via a specialist platform supports automation and integration, helping firms save up to three quarters of their financial crime compliance budgets.
Should you build or buy an orchestration platform?
Based on our expert’s research and insider knowledge, the graph below showcases the difference in average spend for a firm when they chose to build or buy an orchestration platform.
Suggested spending based on a typical self-build orchestration platform for a mid-tier UK bank, onboarding roughly 100,000 customers and processing an average of 2m transactions per year.
“With digital trust becoming an ever-more valuable currency, those firms that are able to quickly and effectively onboard new customers and recognise and service returning customers, will be the ones that excel.”
— Edward Vaughan, Senior Director of New Business Sales, LexisNexis Risk Solutions
Webinar: Are you spending too much on fraud and financial crime risk management?
Financial institutions are under significant pressure to improve the effectiveness of their financial crime and fraud controls, whilst also increasing efficiency and reducing the costs of compliance.
Join industry experts in this webinar as they discuss the pros and cons of building a risk orchestration platform vs purchasing one from a vendor on the market.
Find out how LexisNexis® RiskNarrative™ can improve your financial crime and fraud risk management whilst reducing costs
Book a demo today.
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RiskNarrative™
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