How to become a Financial Crime Risk Analyst

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Are you an accountant looking for a career that takes your profession to the next level? Do you have a passion for solving complex financial issues and preventing crime? If so, becoming a Financial Crime Risk Analyst could be right up your street. Going beyond traditional accounting roles, being a Financial Crime Risk Analyst provides unique opportunities to use specialist knowledge, coupled with modern technology to combat worsening global financial crimes.

What is a Financial Crime Risk Analyst?

A Financial Crime Risk Analyst works within the financial services sector to identify, assess and mitigate risks related to money laundering and fraud. They work with a variety of teams in the organisation to understand current and emerging risks, recommend solutions that protect against fraud or money laundering, and develop policies and procedures to minimise risk.

If you choose a career as a Financial Crime Risk Analyst, you will be expected to be knowledgeable in all applicable laws and regulations, as well as keep up to date with any trends or changes in the industry that can increase risk.

Average UK salary

The average UK salary for a Financial Crime Risk Analyst is £40,000 per year*. However, entry-level positions tend to start at around £30,000 whereas more experienced workers can earn upwards of £60,000. The average salary depends on factors such as geographical location, experience, and qualifications.

But how do you become a Financial Crime Risk Analyst?

Become familiar with processes and analytics tools

Knowing how to effectively identify and manage risks related to fraud or money laundering is an important step in becoming a successful financial analyst. Risk assessment processes have been developed to provide guidance and uncover potential areas of concern. With analytics tools widely available, it’s easier than ever to analyse large amounts of data and evaluate any associated risks. It’s also possible to quickly detect anomalies that are often indicative of money laundering or fraudulent activities. Mastering the use of these risk management techniques will help you make educated decisions and stay ahead of any malicious activity.

Gain knowledge of how financial crimes work

When it comes to staying one step ahead of the game, knowledge is power. As the world becomes increasingly digital, financial crimes are on the rise.

From basic knowledge of identity theft to understanding the fundamentals of crypto-trading scams and money laundering techniques, having a thorough grasp of financial crime will ensure you are ready to address any suspicious activity and identify potential fraudsters.

Get work experience and network

The best way to get ahead of the competition when seeking a career in this field is to gain practical experience. Most entry-level positions will expect at least two years’ experience. This can be in areas such as working with fraud prevention teams or risk management departments within a financial institution.

As long as you aim to gain experience in a relevant field, networking opportunities should be easier to come by. Networking is key in the world of finance, so be sure to build connections with other professionals. This will give you access to more opportunities as well as valuable insight into how others approach risk management and fraud prevention.

Stay up to date with laws and regulations

It’s essential to keep up to date with the latest regulatory requirements surrounding financial crime compliance, as this will help you identify potential issues that could affect your organisation. The world of fraud and money laundering is ever-changing, particularly in the digital age, so it’s vital to be aware of new developments.

Keep an eye out for new technologies and regulations and make sure that you update your skillset when needed.