In the face of shrinking business budgets and an uncertain financial landscape, firms are grappling with the daunting task of ensuring the scalability of their systems and controls. As regulatory requirements continue to evolve, organisations find themselves caught between the need to maintain robust compliance and the pressure to cut costs.
However, as Pallavi Kapale, senior financial crime officer at The Bank of China and panellist at the Financial Crime 360, suggests, the key to navigating these challenges lies in fostering greater collaboration across the three lines of defence.
“If you are just handling fraud, you’ll only do fraud. You will not think of what is happening on the AML side,” Kapale explains, highlighting the siloed nature of compliance functions in many financial institutions.
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