Is Your Organization Ready To Tackle The Cost Of Financial Crime Compliance?
Take this two-minute quiz to see how your organization compares to other organizations and uncover the latest insights in the “True Cost Of Financial Crime Compliance Study, 2023 United States And Canada.”
This quiz is for informational purposes only and does not guarantee the functionality or features of any LexisNexis® Risk Solutions products identified. LexisNexis Risk Solutions does not represent nor warrant that this document is complete or error free. LexisNexis and the Knowledge Burst logo are registered trademarks of RELX Inc. Copyright © 2024 LexisNexis Risk Solutions.Please indicate the total assets under management (AUM) of your financial institution in USD $.
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Please select the statements that you agree with the most. (Select all that apply.)
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Did You Know?
Complex sanctions are prompting compliance departments to automate and outsource some of their activities —especially small financial institutions.
Base: 60 decision-makers at small financial institutions in the US and Canada with responsibility for financial crime compliance strategy
Note: Showing five “Strongly agree” and “Agree” responses
Source: A commissioned study conducted by Forrester Consulting on behalf of LexisNexis® Risk Solutions, June 2023
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In which of the following categories did your organization see the main increase in financial crime compliance (FCC) costs in the last 12 months? (Select one.)
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Did You Know?
78% of survey respondents from small financial institutions reported higher FCC cost increases in labor costs compared to only 63% of those from mid- and large-size organizations.
Base: 60 decision-makers at small financial institutions in the US and Canada with responsibility for financial crime compliance strategy
Note: Showing five responses
Source: A commissioned study conducted by Forrester Consulting on behalf of LexisNexis® Risk Solutions, June 2023
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In which of the following did your organization experience an increase in the past 12 months? (Select all that apply.)
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Did You Know?
Cryptocurrencies, digital payments, and AI technologies — once seen as catalysts for progress — are now proving to be tools for illicit activities. Organizations are feeling the impact and grappling with these sophisticated criminal methodologies within an already complex regulatory landscape.
Base: 60 decision-makers at small financial institutions in the US and Canada with responsibility for financial crime compliance strategy
Note: Showing increase of more than 20%
Source: A commissioned study conducted by Forrester Consulting on behalf of LexisNexis® Risk Solutions, June 2023
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Please select the statements that you agree with the most. (Select all that apply.)
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Did You Know?
Respondents from mid- and large-size institutions reported a high increase in screening alert numbers, signaling a steep rise in compliance workloads.
Base: 100 decision-makers at mid-/large-size financial institutions in the US and Canada with responsibility for financial crime compliance strategy
Note: Showing five “Strongly agree” and “Agree” responses
Source: A commissioned study conducted by Forrester Consulting on behalf of LexisNexis® Risk Solutions, June 2023
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Please select the top factor that was most significant in driving the increase in your organization’s financial crime compliance (FCC) costs over the last 12 months. (Select one.)
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Did You Know?
The top factor driving the FCC costs increase over the last 12 months for mid- and large-size institutions was increasing financial crime regulations and regulatory expectations.
Base: 100 decision-makers at mid-/large-size financial institutions in the US and Canada with responsibility for financial crime compliance strategy
Source: A commissioned study conducted by Forrester Consulting on behalf of LexisNexis® Risk Solutions, June 2023
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In which of the following categories did your organization see the main increase in financial crime compliance (FCC) costs in the last 12 months? (Select one.)
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Did You Know?
82% of respondents from mid- and large-sized financial institutions reported cost increases for technology related to compliance KYC software, and 79% reported increases in external costs related to outsourcing.
Base: 100 decision-makers at mid-/large-size financial institutions in the US and Canada with responsibility for financial crime compliance strategy
Source: A commissioned study conducted by Forrester Consulting on behalf of LexisNexis® Risk Solutions, June 2023
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