Moving towards your financial crime prevention target state by understanding the needed capabilities

Decision making and prioritization of development opportunities can easily be halted due to limited understanding of the current state and the root causes for not achieving the target state.

 

Introduction

Lack of understanding the essential capabilities and the current state often leads to temporary and ad-hoc solutions without a clear link to strategic objectives. Moreover, an organization with defined capabilities can face similar challenges if the assessment has been performed several years ago. 

With BearingPoint’s industry expertise and standardized capability mapping methodology it is possible to perceive and assess an FCP organization in a comprehensive manner. The current state in each FCP domain becomes more transparent and comparable. Taking the insight from FCP risk assessments and combining it to the evaluated capability overview enables risk-based action planning.  

By deploying this methodology throughout the organization, you can focus on the areas that provide value the most and make informed decisions. 

Initial Challenges	Solution	Benefits
Lack of holistic maturity overview No commonly applied methodology Assessment results are not comparable Insufficient bottom-up communication No intuitive structure for root cause analysis and development prioritization Knowledge gap to identify all domain-specific capabilities	Breakdown of all capabilities in each FCP domain Standard methodology to assess domain-specific capabilities Automated dashboards from domain-specific assessment to management reporting Impact and effort analysis to support risk mitigation and development prioritization	Organization-wide understanding of FCP maturity and capabilities Transparent and structured capability breakdown Root cause analysis of the problems and success factors Enhanced objectivity in decision making Aligned methodology to assess domain-specific capabilities

Gaining a holistic and comparable view of the current state together with BearingPoint experts 

The capability mapping process ensures that common strategic objectives are defined for the FCP organization. These objectives are broken down into sub-levels to gain a granular understanding of all capabilities and root causes that impact each strategic objective. The maturity of the capabilities in sub-levels is assessed by FCP experts with a standardized scaling methodology, and the results are being aggregated automatically bottom-up. The assessment process leads to domain-specific dashboards as well as the organization-wide overview. 

The capability mapping scope and content can be customized to effectively address the specific business problem at hand and is suitable for various organization levels as well as different industries. 

How BearingPoint can help

Decision making and prioritization of development opportunities can easily be halted due to limited understanding of the current state and the root causes for not achieving the target state. To meet these challenges, BearingPoint FCP experts have developed the capability mapping methodology and structure for the FCP field. If you are interested in hearing more about the capability mapping methodology, or you need support in updating the FCP capability assessment, please feel free to reach out to us for further information.

Authors:

Aleksi Pekkala
Manager, Anti-Financial Crime & Risk Management
BearingPoint Finland

Jesse Ketonen
Business Consultant, Anti-Financial Crime & Risk Management
BearingPoint Finland