In today's global economy, supply chains include numerous partners, with services and sourcing managed across several organizations and in jurisdictions across the world. Corporations are increasing their use of third-party suppliers in the execution of key strategic imperatives and these third-party operations are becoming larger and more complicated as time goes on. Businesses should upgrade their risk management framework if they don't want to miss potential profits and saved costs.
Fighting money laundering is a complicated task with substantial costs and risks, including—but not limited to—regulatory, reputational, and financial crime risks. Money laundering can be difficult to track, with many false alerts making detection even more challenging. But new technology, such as artificial intelligence (AI) and big data, can increase detection rates and keep your firm safe.