A threat-matrix should be a dynamic guiding document, one that allows you to understand how criminality perpetrates your organisation and what actions you could take to prevent it. However, it is almost an impossible challenge to describe and document every economic crime threat your organisation may face in a language that is consistent, actionable and can be understood across the stakeholders involved in detecting and disrupting economic crime.
Even if you do put in the hundreds of man hours needed to create a high-level threat-matrix for one area of your business, you would have no way of disseminating or industrialising a clear understanding of those threats across the rest of the business units without an agreed taxonomy that makes sense in the context of the different areas.
A clear taxonomy and platform to share and add strategic threat intelligence would benefit organisations of all guises by helping to process threat data and to better understand illicit actors, respond faster to incidents, and proactively protect themselves against crime. Speaking the same language means that different parties can collaborate on downstream actions taken across the anti-economic crime framework.
To find out more, check out our white paper on creating a standardised taxonomy .