Elucidate's FinCrime Risk Monitor (EFRM) ranking is based on the company's open database for scoring the financial crime risk vulnerability of financial institutions
With a score of 74.98 (out of 100) the
Elucidate's FinCrime Risk Monitor (EFRM) ranking is based on the company's open database for scoring the financial crime risk vulnerability of financial institutions. The platform aims to build trust and confidence in an industry beset with financial crime scandals in recent years, by providing a universal financial crime risk standard and benchmark.
Speaking on the list, Dr. Anjishnu Bandyopadhyay, Senior Data Scientist at Elucidate stated: "The banks analysed in the ranking serve as central nodes within the global financial system. Therefore, any financial crime risk associated with these has an increased likelihood of contagion through the market. It is important to examine closely what efforts these institutions are taking to mitigate their risk."
For the report, 100 banks were analysed distributed across 26 different jurisdictions. Amongst these
The EFRM score is an aggregation of scores across four themes: customer portfolio, transactional activity, reputation, and geographic footprint. Ranking algorithms are developed for each of the four themes. The scores for the first two themes, which quantify dynamical financial crime risk, are calculated using gaussian modelling. The reputation risk is calculated by employing Natural Language Processing (NLP) methods like sentiment analysis of entities identified using Named Entity Recognition (NER) on public data. The final EFRM score is a weighted average of these four themes with the highest weights assigned to transactional and customer risk themes.
For financial institutions seeking additional information and insights, Elucidate offers their regulated benchmark, the Elucidate FinCrime Index (EFI), with in-depth data analysis across nine industry risk themes, that help professionals build trust in your network through more transparent compliance.
The full ranking can be accessed here: EFRM Ranking - 100 Largest Banks
Distributed by https://pressat.co.uk/
.
(C) 2021 M2 COMMUNICATIONS, source