Recently featured in European Business Magazine, Joe Norburn, CEO at TCC Group (TCC, Recordsure and Momenta), highlights that financial crime is no longer a siloed compliance issue but a system-wide risk.
As fraud, scams and money laundering become increasingly interconnected, firms are still responding through fragmented operating models, with responsibility split across teams, systems and data. Joe notes that this fragmentation is now a risk in itself, creating gaps in visibility, weakening controls and slowing response.
With the regulator placing greater emphasis on outcomes, the Consumer Duty and collective defence, firms are expected to move beyond isolated controls and demonstrate integrated, enterprise-wide oversight. Joe highlights that the firms best positioned to respond will be those that connect governance, technology and operations, allowing financial crime risks to be identified, understood and managed as part of a joined-up system rather than in silos.
“Financial crime no longer sits neatly within one team or function. Firms need to operate as connected systems if they want to keep pace with how risk is now evolving.”