Methods: Insulin secretion was measured with OGTT-based indices that were calculated from insulin, C-peptide and glucose levels in the cross-sectional TUEF-cohort (n=2929). We hypothesized that these SNPs interact with the well-known TCF7L2 variant rs7903146 on insulin secretion due to their incretin altering effect. A recent genome-wide association study discovered variants associated with incretin levels. We and others had showed that genetic variation in TCF7L2 affects incretin-stimulated insulin secretion. We look forward to comments and suggestions and to continuing the discussion about how to most effectively tackle financial crime in practice.Introduction: Genetic polymorphisms in TCF7L2 are the strongest common risk variants for type 2 diabetes. Conversely, with standard risk metrics becoming available, expectations that companies become more effective at managing their financial crime risk can only grow. The well-worn adage is that “you can’t manage what you can’t measure”. Public authorities can also draw on risk metrics to support ongoing monitoring of national- and sector-level financial crime risk and more effective allocation of limited supervisory resources, among others. On a monthly basis, financial institutions on the EFI platform receive updated metrics, including scores for each of nine risk themes, and underlying findings.Īs the paper details, the expected benefits of regular financial crime risk metrics include continuous improvement in overall control effectiveness, more effective management of business relationships and greater alignment of individual incentives with financial crime risk. Powered by our model (The Elucidate FinCrime Index (EFI)), it draws on the over 350 data points collected by the Wolfsberg Group’s Correspondent Banking Due Diligence Questionnaire (CBDDQ), and enriches them with publicly available sources, a financial institution’s own data and Elucidate’s proprietary data. Utilising standard financial crime risk metrics directly contributes to better outcomes, both by allowing the continuous improvement of compliance systems themselves, and by supporting the integration of effectiveness measures into business management systems.Įlucidate’s platform helps institutions assess their own institutional risk as well as that of their counterparties. Thankfully, rapid progress in data storage and analysis means that it is now possible to take full advantage of the data already held by financial institutions, enabling a shift towards a more focused, outcomes-based approach to financial crime risk. As a result, all too often immediate business priorities can override financial crime risk concerns. While business targets can be set and measured using a range of indicators, the absence of reliable metrics for financial crime risk means that decision-makers within firms can face misaligned or competing incentive structures. In a new paper launched today, we outline Elucidate’s contribution to plugging this gap, and why it matters.īusiness and compliance systems are rarely operating on an equal footing. When it comes to tackling financial crime risk, many financial institutions lack the systems needed to assess whether their compliance systems are achieving desired outcomes, or in fact to adequately define what those outcomes are in the first place. What this also means, however, is that gaps in the standard anti-money laundering toolkit itself are being put under the spotlight, with one of the most pressing being the need for firm-level risk metrics. The direct messaging from FATF leadership at industry events is spurring public recognition of a fundamental systemic challenge: despite strengthened regulation and sustained efforts by financial institutions, anti-money laundering outcomes are not being achieved.Ĭoupled with clear signals of intent from major jurisdictions, it is clear that pressure to tackle the poor levels of implementation of international anti-money laundering standards is only going to increase in coming years. Speeches about money laundering have rarely been described as passionate, but this is the type of language observers are reaching for to capture the recent shift in tone from the global anti-money laundering body - the FATF.
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