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Elucidate launches EFRM to monitor global financial sector crime rate

By Joy Dumasia

July 01, 2021

  • Elucidate
  • Europe

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.

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