It is the coming together of bankers and academics. Sort of. Building on CBA’s digital capabilities and Griffith University’s “expertise in criminology and cyber security technologies”, the Academy will offer “financial crime investigation and compliance programs”.
According to Professor Andreas Chai, the academy will establish a new national standard for the education of Australian experts in financial crime.
“Around the world, proceeds from criminal activity account for AUD$3 trillion annually. This is about 2% of the global GDP, and less than 1% of this is ever reclaimed.
“The new national standard will be achieved by giving students a solid understanding of the responsibilities associated with financial crime as well as fundamental analytical abilities in forensic accounting, investigations, and criminology. “
This will enable them to identify and detect behavioural patterns associated with financial crime in financial data.
CBA claims the effort is aimed at providing professional development opportunities for CBA employees and helping grow the financial crime workforce.
Related read: Imperative for CBA to recruit the right talent and invest in that talent: CIO
Nicole Rose, CEO of AUSTRAC, hailed the collaboration between the bank and the university. According to Ms Rose, the swift exchange of funds that fuels criminal activity necessitates cross-sector and international collaboration.
“Financial crime types change as a result of opportunities and limitations in information, cooperation, and border control”.
This initiative will strengthen our collective capacity to ensure Australia remains resistant to these threats
AUSTRAC CEO
Related read: New research by CBA shows the average Australian receives over 250 scam attempts
EY recently estimated Australia needs 7000 cybersecurity professionals by 2024
Combatting financial crime is a growing specialisation that is unfortunately impacted by a shortage of skilled talent in Australia.
Chief Executive of National Australia Bank Mr Ross McEwan said the lack of skilled talent is a critical issue. “NAB is having difficulty filling open positions despite being a “good recruiting brand”. Mr McEwan revealed that NAB has currently 800 open positions in technology and operations.
Mr McEwan highlighted three important areas Australian enterprises including NAB have to address:
- Skills and Tech Talent
- Productivity and Wage growth
- Equal Opportunity for Women
“Our education curriculums need modernising. This is the only way we will keep up in the technology fields. NAB is working hard to develop talent through our technology internships and training.
But we still can’t fill roles – in fact, we have about 800 technology and operations roles vacant right now”.
Conclusion
In a world challenged by talent shortage and continuous digital transformation and complexities, achieving a talent base seems to be a critical step. Leading Australian banks and enterprises are leaving no stone unturned.
