Elucidate FinCrime Risk Monitor (EFRM) is the first-time financial institutions have been publicly rated and ranked in their financial crime risk.
FREMONT, CA: Elucidate, the platform for assessing financial crime risk, introduces the Elucidate FinCrime Risk Monitor (EFRM), an open database for evaluating financial institutions' vulnerability to financial crime risk. When financial crime scandals are becoming more prevalent, the EFRM seeks to increase financial industry transparency.
The EFRM evaluates over 17000 financial institutions using data from Elucidate's regulated financial crime risk benchmark, the Elucidate FinCrime Index (EFI).
Speaking on the announcement, Shane Riedel, CEO of Elucidate, says, “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 activities like 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 behaviors and performance. Elucidate is leading that path to that future through the EFRM.”
EFRM users can view any financial institution's financial crime results and compare institutions based on their quartile ranking. The firm’s subsequent iterations will also include detailed scores.
Banking and finance professionals can use these results to determine how their institutions compare to others in their region or industry in terms of Governance, Risk, and Compliance. Financial institutions invest approximately 3 percent of revenue in financial crime risk management; Elucidate's benchmark and EFRM enable financial institutions to assess the investment's effectiveness.
Filipe García, Co-founder and CTO of Elucidate, says: "We realized that, as part of our data analysis for our main platform, the EFI, we were sitting on an incredible amount of data and insight. These could be useful for Governance, Risk and Compliance management, even for institutions that were not yet subscribed to our EFI platform. We just hadn't yet found a way to deliver that value. The FinCrime Risk Monitor is that way."
For financial institutions seeking additional information and insights, Elucidate's registration-based platform, the EFI, includes in-depth data analysis across nine industry risk themes, network risk assessment, and institutional remediation, among other features that enable professionals to benefit from Elucidate's verbal risk scores.
