We wanted to understand what is essential to risk and compliance management professionals, including how they go about identifying risk and the capabilities that have helped these professionals build their risk and compliance programs effectively.
Building an Effective Risk and Compliance Program
What are the essential components to have


Nearly 60% of professionals believe that reliable transaction monitoring and case management software is the most critical piece of their organization’s risk management and compliance system. For these solutions to work effectively, they need to be able to rapidly adapt to new threats and regulations.
But for a solution built in-house, this can mean substantial engineering resources.
To succeed, you need a comprehensive framework for assessing risk. This includes staying up to date on regulations, having the knowledge and ability to modify the tools as new fraud schemes arise, and the tools to get the signal from the noise so you can reduce false positives.
To do this effectively, you need a fraud and AML system that does it all (rather than stitching a few different solutions together). Ensure your tool addresses regulatory compliance, user onboarding, suspicious activity reporting, risk management, and fraud detection – all under one roof. The best way to address (and stop) threats is to use all the tools at your disposal to combat risk.
Perfecting fraud prevention efforts isn't just about following best practices, but also avoiding bad fraud practices and knowing what you shouldn't do.
Combined, 60% of professionals thought education and training on regulatory standards and managing risk and compliance tools was essential to building an effective compliance program.
Without the proper training on your solutions and regulatory best practices, your team will struggle to keep up with regulations and fraud. More importantly, they’ll fail to do so in an efficient, effective manner.
Fraud and AML software that performs all the tasks you need is extremely difficult to find, implement, and maintain. They require constant modification and significant engineering resources. It’s a key piece missing for most companies when it comes to achieving an effective Risk & Compliance program.
What you’re currently missing and how to keep up with the evolution of fraud.
Understand how risk and compliance professionals view the evolution of their platforms, what is missing from their current fraud and AML software, and what would cause them to change solutions in the next 12 months.
Fraud and AML Solution Problems
What would cause Risk & Compliance professionals to switch
Having a system that is easy to update and alleviates the workload - and pressure - from your engineering team will help you keep your tech stack updated and compliant. Rather than tie up your engineering team on fraud and AML updates, you can divert those resources to focus on improving your core product and services.
To keep up with a rapidly evolving industry, we asked professionals what their priorities would be when looking for a new solution – highlighting what they're looking for currently.
Priorities When Purchasing Fraud + AML Software
What matters most to risk and compliance professionals?
The top priority – and rightly so – for risk and compliance professionals was security and reliability. It’s essential that your fraud and AML solution actually performs the main task of keeping your users (and platform) safe and that it performs this job reliably and efficiently.
The next two priorities – which closely trailed the #1 spot – were (1) ease of implementation and long-term management and (2) the ability for the solution to scale and support operational efficiency as the company grows. In both cases, professionals seek a solution that is not only easy to adopt and maintain, but that is also scalable alongside company growth.
To succeed, you’ll need to keep up with the rapidly changing fraud landscape, staying abreast of changes and implementing updates to ensure you’re still protected against fraud and money laundering.
How will you use a fraud and AML solution at your organization?
To truly understand what fraud and AML professionals need most, we asked about the top use cases that mattered to them when using a fraud and AML solution.
Top Use Cases for Fraud and AML Software
What use cases matter most to risk and compliance professionals?


The majority of professionals (51%) emphasized the importance of having robust transaction monitoring capabilities to screen for malicious behavior and case management for automated filing and reporting. This is no surprise, as failing to file at all (or on time) can result in hefty fines and penalties.
Professionals also emphasized the importance of having streamlined user onboarding that follows all KYC / KYB requirements to ensure users are who they say they are. Offering users a frictionless onboarding experience while meeting all security and customer due diligence checks to follow KYC and AML best practices is the best course of action.
Look for a solution that offers data monitoring, utilizing fine-tuned historical performance of high-quality rules, minimizes false positives, and scales fraud detection efforts. Combine that with customizable scoring and predictive alert settings to really hone in on suspicious activity. All of this means faster, more effective investigations, with the mundane tasks of filing and reporting being largely automated.
A full-service solution solves your problems by offering a reliable and flexible fraud and AML platform that’s updated automatically. That frees up your company’s engineers to focus on what they do best!