Reported by Ravi Gedela

(Excerpt shown below. Read full report via https://www.forbes.com/councils/forbestechcouncil/2025/06/04/from-risk-to-resilience-ai-accelerators-and-the-future-of-financial-crime-management/)

Fighting Financial Crimes In The Age Of AI

The impact of AI on financial crime prevention is already profound, extending beyond traditional risk and compliance to include fraud detection, identity theft, cybersecurity and privacy protection. As banks adopt AI, cloud and big data, these challenges intensify. To keep pace, financial institutions seek innovation through FinTech partnerships for cost savings, resilience and accelerated implementation. Let’s take a look at our approach to navigating this evolving landscape.

Our secret weapon is a suite of AI-assisted accelerators that includes tools, utilities and SaaS API integrators that manage incidents across enterprise systems, business processes, monitored data and distributed services while supporting analytics, machine learning, cognitive and generative AI capabilities.

Nine Implementation Steps

Developed through practical experience, the steps reflect key elements of our effective incident response approaches for banks:

1. Develop An Incident Response And Recovery Framework: Establish procedures for detection, containment, eradication and recovery. Define roles and responsibilities for the incident response team. Implement communication and escalation protocols for compliance.

2. Refine Execution Stages Preparation: Foster a readiness culture. Identify and assess potential threats. Isolate and neutralize attacks. Resume operations and normalcy. Document lessons learned and prevent recurrence.

3. Customize Playbooks And Runbooks:Create playbooks for specific cyberattacks (DDoS, malware, phishing). Develop step-by-step runbooks for employees. Analyze data for continuous improvement.

4. Build Incident Classification Models:Implement a rapid assessment system for incident severity. Develop a metadata library to automate the process.

5. Develop Performance Reports and Communication Plan: Include templates for consistent communication during incidents.

6. Automate Recovery and Restoration: Define procedures for restoring systems and services. Implement automation with human-in-the-loop approval.

7. Capture Post-Incident Analysis: Outline steps for post-incident reviews. Provide reports and visuals to senior management.

8. Conduct Regular Testing And Updates:Perform tabletop exercises to validate the plan. Revise processes based on feedback and lessons learned.

9. Extend to Compliance, Regulatory And Risk Programs: Integrate compliance and risk management into all stages.