back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

Elucidate launches EFRM to monitor global financial sector crime rate

By Joy Dumasia

July 01, 2021

  • Elucidate
  • Europe
Share

Elucidate, the financial crime risk scoring platform has launched the Elucidate FinCrime Risk Monitor (EFRM), an open database for scoring financial institutions’ financial crime risk vulnerability. When financial crime scandals are increasingly common, the EFRM looks to increase transparency in the finance industry.

The EFRM evaluates more than 17000 financial institutions, with data sourced from the Elucidate FinCrime Index (EFI), the company’s regulated financial crime risk benchmark.

EFRM users can view any financial institution’s financial crime results, see how they rank by quartile and compare institutions. Subsequent iterations of the EFRM will also include detailed scores.

With these results, banking and finance professionals can analyze how their institutions compare governance, risk, and Compliance across their region or the whole industry. Financial institutions invest around 3% of revenue on financial crime risk management; Elucidate’s benchmark and the EFRM enable financial institutions to gauge the effectiveness of the investment.

Shane Riedel, CEO of Elucidate, said: “This is the first time that a credible financial crime benchmark has been openly published for all to see. Financial crime is not an abstract regulatory or legal issue; rather, it is profound human suffering caused by corruption, people trafficking and terrorist financing. A future that includes a dramatic reduction in financial crime is a future in which data and metrics guide behaviours and performance. Elucidate is leading that path to that future through the EFRM.”

Recently, IBS Intelligence reported that GreenBox, an emerging FinTech company leveraging proprietary blockchain security to build customized payment solutions, has announced partnering with Elliptic. Provider of cryptoasset risk management and blockchain analytics solutions to implement anti-money laundering (AML) monitoring systems for cryptoassets.

Previous Article

July 01, 2021

Bahrain Development Bank launches new digital banking platform

Read More
Next Article

July 01, 2021

Top 5 FinTech funding rounds – June 2021 (UK & Europe)

Read More










IBSi Daily News Analysis

digital lending, digital lending in India

August 18, 2022

Elucidate

Why is India a front-runner in the field of digital lending?

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Vyne partners with Wix to expand payment options for businesses in the UK

Read More

August 16, 2022

6 significant FinTech companies based in Romania

Read More

August 12, 2022

ANZ New Zealand selects FIS’s modern banking platform

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
IBS Intelligence - Global Digital Banking Vendor & Landscape Report Q2 2022
Global Digital Banking Vendor & Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Treasury & Capital Markets Systems Report Q2 2022
Treasury and Capital Markets Systems Report 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022