Human factor plays decisive role in combating financial crimes, BP official says

The human factor continues to play a decisive role in combating financial crimes and fraud despite advances in technology and control mechanisms, Bakhtiyar Aslanbayli said at the “First Risk and Resilience Conference in Azerbaijan” organized by the American Chamber of Commerce in Azerbaijan.

According to him, risk management discussions usually focus on technical solutions, software and legislative requirements.

“However, the success of any system depends on the professionalism and ethical approach of the people managing it. Even the most advanced monitoring system or artificial intelligence is doomed to fail if the specialists operating it lack ethical values and professional training,” he said.

Aslanbayli noted that the most effective method in fighting financial fraud is taking preventive measures.

“To achieve this, companies must first establish an internal control environment based on transparency and accountability. Thanks to Big Data capabilities, suspicious transactions can now be monitored in real time. At the same time, it is important to raise awareness among employees, customers and partners about potential risks,” he stressed.

He also highlighted the importance of cooperation between the public and private sectors.

“Financial crimes know no borders. It is impossible for a single institution to effectively combat them alone. Information exchange and the creation of joint platforms increase effectiveness in this field. Technology is only a tool, while the key issue is strategic vision and an honest approach,” Aslanbayli added.