• SKILL LEVEL:
  • Expert

Financial crime risk analyst

Job profile:

Risk management

Career zone:

The assurance provider


Area of expertise
 

Risk management

What is a financial crime risk analyst and what do they do?

 

Combining the legal and the accountancy as well as considering the impact of financial crime on businesses. They often work for external consultancy firms (such as within larger accountancy firms within a specific department), but they are also in companies in banking and insurance focusing on financial crime which may be perpetrated against their business. The financial crime risk analyst in a consultancy firm will be involved in a number of clients looking at their exposure to risk of crime. Both roles will be involved in assessing risks, reporting and investigating financial crime.


Key responsibilities
 
  • developing and maintaining fraud policies and control procedures (internal or for other clients)
  • strong regulatory knowledge, both general (money laundering) as well as industry specific (listing rules, banking etc)
  • they will be involved in updating and developing standard operating procedures (SOPs) if they are working on the controls side of fraud prevention
  • they may investigate or assist in investigating specific cases of fraud or financial crime
  • they may work alongside technical IT specialists to ensure that alerts and algorithms are suitable for the industry, company or fraud risk identified.

Why are they important?

 

Essential for implementing and monitoring fraud and financial crime procedures within businesses. The regulations are often complex, especially in regulated sectors (insurance, banking, listed companies), and legal reporting requirements are updated regularly.

They often work alongside lawyers and IT specialists to help identify and prevent fraud. As more global business is reliant on international transfers of money, often online and with varying levels of security and rules across regions, the risks are only expected to increase. 


Person specification

 

Highly detailed in their work, with a strong sense of ethics and often tenacious, with the ability to consider implications and effects of identified (or suspected) issues. A strong legal as well as financial background. Legislative knowledge of rules such as money laundering, insider dealing, market abuse, fraud, trading with embargoed countries (especially if working for American companies who have strict lists who they may and may not trade with on a global basis).

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Case study for this role (AB magazine interview)
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Fintech innovation is the future

Simon Young FCCA, Ping An’s group head of financial crime risk management, is at the forefront of the sector in Hong Kong SAR and mainland China
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