Since the financial crisis of 2008, the financial services industry has been inundated with new rules and regulations that have consumed resources and increased spend on compliance. All of this is occurring at a time when the industry has also been under increasing competition from financial technology (fintech) firms. Whilst the fintech industry is booming by providing new innovative products at a rapid pace, traditional incumbents have appeared less agile at adopting these.
Staff turnover costs companies a shocking £4.13billion per year. Hiring the right people can make or break an organisation, and save thousands in turnover costs. Dishonest employees are the silent threat from within organisations, and they are a small but highly impactful group. Worryingly, 30% of businesses fail due to employee theft and the cost of employee fraud to UK businesses is thought to amount to £2bn per annum.