Wolters Kluwer Financial Services has integrated its financial crime content within the company’s ARC Logics’ ERM technology.
The company claims that the new solution will provide financial organizations with a comprehensive framework to view and manage financial crime risks in a manner consistent with Financial Services Authority (FSA) regulations and industry best practices.
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The solution will also facilitate the rollout of a financial crime governance program across all of an organisation’s business lines and legal entities, the company added.
In its 2011 Financial Crime Control Handbook, the FSA emphasized the requirement for organizations to have a transparent, holistic financial crime governance framework in place. More specifically, the FSA said the framework needs to provide senior management with a clear view of all financial crimes risks so they can be actively engaged in helping to address them.
"The sheer complexity of the FSA’s financial crime control regulation and its impact on organizations’ processes and systems make compliance with this requirement a real challenge," said Todd Cooper, vice president and general manager of Wolters Kluwer Financial Services’ Enterprise Risk Compliance business.
"ARC Logics provides organizations with a powerful framework that allows them to more effectively identify, monitor and control financial crime risks across the organization while maintaining compliance. But the solution is also flexible enough to allow them to nimbly react to an ever-changing regulatory and business environment and be usable throughout their operations," Cooper added.
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