The experience of a number of high-profile banks in well publicised cases demonstrates that the financial regulatory penalties imposed are just the tip of the iceberg.
Further impacts can be seen in terms of massive remediation costs, reputational damage and impacts on profits and share price.
- Fix past mistakes
- Reduce complexity
- Generate value and drive through efficiencies
- Better manage financial crime risks
Our industry experience has identified that many of the financial crime processes applied in firms are inefficient and do not achieve the objectives of detecting or reducing financial crime. Our aim is to work with clients to transform the way they manage financial crime risks. We will challenge conventional approaches to activities like client on-boarding, screening and transaction monitoring. Wherever we can, we will seek to find a better way to achieve the same outcomes to the satisfaction of all stakeholders, including regulators. This will typically involve the introduction of new, more efficient processes, new technology and re-skilling financial crime and front-line staff.
Our key differentiator is that we combine our AFC industry expertise, gained from years of direct experience working in firms and with regulators, with experienced change management skills. By coupling deep AFC domain knowledge with extensive experience in operational design, business architecture, process improvement, project and programme delivery and technology deployment, we deliver a lasting and proportionate response to regulatory change and interventions. This blend of subject matter expertise and delivery agility enables us to tailor our services to meet the specific requirements of each client assignment. The outcome is a collaborative, team-based approach to problem solving with exceptional delivery standards, which help us to exceed the expectations of our clients.
Clients are spending millions annually on technology and data quality as they begin to see the long-term benefits. While the initial investment can be significant, it means that the firm can break the link, and cost, between changes in business and impact on human capital levels. New Link Consulting believes that the control functions have been underinvested in to date. Banks need to keep up. Even smaller firms will need to invest in more non-financial risk management technology and ensure they have good quality data, though they will be able to deploy less customised, off-the-shelf products because, generally, their operations are less complex.
UK Finance estimate that in the UK alone, excluding the work of front-line staff, the annual cost of meeting anti- financial crime obligations is more than £5bn. Financial services firms reported 447,484 Suspicious Activity Reports to the National Crime Agency in 2018 (a 9.6% increase on the 2017 numbers). There can be little doubt that firms are working hard to meet the relevant regulatory requirements. But firms continue to make fundamental mistakes and the regulatory sanctions continue to mount.
The firms that typically achieve the best AFC results are those with senior management who genuinely believe they can make a material difference to reducing the risks of financial crime. As is the case with many regulatory risks, the ‘tone from the top’, supported by strong governance and robust management information, are critical to AFC success.
New Link Consulting is perfectly placed to be the partner of choice for non-financial risk management services.
Our practitioners have had extensive experience gained in banks and other financial institutions; we know the industry inside out.
We are an entrepreneurial consultancy, with a flexible, solution-led approach, which brings measurable results on time and within budget. With New Link Consulting as your partner, you will benefit from the collective experience and know-how of some of the financial services industry’s brightest minds, working to find effective solutions to some of the most complex challenges facing your organisation today.
Consulting services and practice centres of excellence
New Link Consulting has five core consulting Service Propositions across our Practice Centres of Excellence. Our knowledge, tools and techniques are shared between and across our practices and client segments to ensure that we achieve consistency in the quality of delivery across all of our service lines. Consultants are aligned across our practices, propositions and client segments, based upon their industry experience and subject matter expertise.

Anti-Financial Crime Focus Areas
New Link Consulting’s Non-Financial Risk Practice is driven by experienced, practitioner-led business consultants with the focus on risks arising from employee conduct, third-parties, technology, data, business processes, and controls. New Link Consulting advises its clients on the identification, assessment, modelling/measurement, monitoring and management of such risks.
By combining our expertise in the subject matter with exceptional change management skills, New Link Consulting can assist clients to deliver measurable results. We provide a collaborative partnership, where clients are central to our offering.

Contact
Established in 2011, our practitioner-led service offering combines deep industry knowledge, gained through years of direct experience, with innovative change management skills.
Claire Lincoln-White

Managing Partner
claire@new-linkconsulting.com
