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Elucidate, a leading data science company in financial crime risk modelling and data analysis, convenes industry leaders for an open workshop at the 2023 BAFT Global Annual Meeting in San Francisco. 

The workshop, titled “Using the market to manage financial crime risk: A workshop on risk-based pricing,” will be held at the BAFT Global Annual Meeting in San Francisco. The event will bring together industry leaders to discuss the trend of banks introducing financial crime risk into the pricing of their services.

With its core competencies in analysing high volumes of financial crime risk data, Elucidate has assessed the financial crime risk of over 23,000 FIs. The workshop will feature three distinguished speakers, each of whom will provide insights on their respective areas of expertise.

The pricing and charging of money laundering risk is already being implemented across the Dutch market, where operational costs are driving the implementation of Risk-Based Pricing on certain client types. 

Attendees will hear from a representative from the Netherlands who will outline the genesis of the initiation of risk-based pricing in the Netherlands, risk impacts from implementation, and the considerations when looking at the customer experience. 

A special guest speaker from Dow Jones will discuss Risk-Based Pricing in the context of a broader data strategy, including data prioritisation and contextualisation to achieve desired results, how Risk-Based Pricing data provides value amongst first and second lines, and how to achieve the accessibility of data sets required for Risk-Based Pricing.

Elucidate’s CEO, Shane Riedel, will highlight how a data-driven approach to Risk-Based Pricing allows institutions of any size to benefit from this trend. Riedel will outline the institutional applications, present financial crime risk-based pricing at the FI and transaction level, and discuss market feedback. 

The workshop promises to be a valuable opportunity for industry leaders to come together and share their expertise on managing financial crime risk. Attendees will leave with a better understanding of the latest developments in risk-based pricing and how it can be leveraged to manage financial crime risk effectively.

Elucidate invites all BAFT attendees to join the discussion in person at the BAFT Global Annual Meeting in San Francisco at 2:30 p.m. As a company committed to providing the best solutions and expertise to help institutions manage financial crime risk, Elucidate is excited to contribute to the industry’s efforts to advance the management of financial crime risk.