“Elucidate, the financial crime risk scoring platform, has launched the Elucidate FinCrime Risk Monitor (EFRM), an open database for scoring the financial crime risk vulnerability of financial institutions. During a time when financial crime scandals are increasingly common, the EFRM looks to increase transparency in the finance industry. The EFRM evaluates more than 17000 financial institutions, with data sourced from the Elucidate FinCrime Index (EFI), the company’s regulated financial crime risk benchmark. Speaking on the announcement, Shane Riedel, CEO of Elucidate, said: “This is the first time that a credible financial crime benchmark has been openly published for all to see. Financial crime is not an abstract regulatory or legal issue; rather it is profound human suffering caused by activities like corruption, people trafficking and terrorist financing. A future that includes a dramatic reduction in financial crime is a future in which data and metrics guide behaviours and performance. Elucidate is leading that path to that future through the EFRM.” EFRM users can view any financial institution’s financial crime results, see how they rank by quartile and compare institutions. Subsequent iterations of the EFRM will also include detailed scores. With these results, banking and finance professionals can analyse how their institutions compare on Governance, Risk and Compliance across their region or the whole industry. Financial institutions invest around 3% of revenue on financial crime risk management; Elucidate’s benchmark and the EFRM enable financial institutions to gauge the effectiveness of the investment…”