Monitoring and Testing: Incorporating Quality Data is Key in Today’s Digital World

As published in ACAMS Today

Compliance practitioners have long sought to implement compliance monitoring and testing functions. But what does that mean in today’s data-driven world, where customer onboarding and transactions occur at the speed of a click, blurring the boundaries of what is real and what is virtual? The digital revolution has provided criminals with new avenues with which to exploit financial systems for illegal activities, so the framework needs to continue to evolve to answer the question, “What does my data tell me about my state of compliance and the effectiveness of my compliance risk management efforts?

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