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Setting up a Best-In-Class AI-Driven Financial Crime Control Unit (FCCU)

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Artificial Intelligence Applications in Banking and Financial Services

Abstract

This book kept discussing best practices of the financial crime management. Starting from governance, going upto data organization and then digitization and artificial intelligence applications. All key aspects are covered. This chapter crafts them together to showcase the best-in-class organization. The character of an organization is defined by its leadership, which forms the core of any FCC unit. It is followed by the people who are tasked with furthering the objective of the FCC unit. An ideal organization design and key skill set for running a successful organization are discussed. Next in line is the data organization which feeds into all the intelligence that the organization generates and leverage for decision-making. It is followed by capabilities in terms of machine learning and the technological sophistication which is required for precise insights generation, prediction, forecasting, or optimization and then automating the process through artificial intelligent productization. All of these elements playing in sync create a best-in-class organization.

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Gupta, A., Dwivedi, D.N., Shah, J. (2023). Setting up a Best-In-Class AI-Driven Financial Crime Control Unit (FCCU). In: Artificial Intelligence Applications in Banking and Financial Services. Future of Business and Finance. Springer, Singapore. https://doi.org/10.1007/978-981-99-2571-1_11

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