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Introducing the ExCo: Keeping Up The Good Work in a Crisis

Home > Perspectives > Introducing the ExCo: Keeping Up The Good Work in a Crisis

The U.N. Office on Drugs and Crimes estimates that annual illicit proceeds total more than $2 trillion globally and proceeds of crime generated in the United States were estimated to total approximately $300 billion in 2010 or about 2% of the overall U.S. economy. As history would remind us and amidst the COVID-19 pandemic, crisis creates extreme vulnerability to fraud and financial crime across our global financial systems.

The U.N. Office on Drugs and Crimes estimates that annual illicit proceeds total more than $2 trillion globally and proceeds of crime generated in the United States were estimated to total approximately $300 billion in 2010 or about 2% of the overall U.S. economy. As history would remind us and amidst the COVID-19 pandemic, crisis creates extreme vulnerability to fraud and financial crime across our global financial systems.

In launching this campaign, we sat down with Mike Cherkasky, Executive Chairman at Exiger, to discuss how – now more than ever – working together to make the world a safer place to do business is of critical importance

What does ‘Making the world a safer place to do business’ mean to you?

Mike Cherkasky, Executive Chairman at Exiger: We – as individuals and as part of Exiger – want to leave the world better than when we entered it.  As we all work to navigate the new normal forced upon us by the COVID-19 pandemic, we are reminded daily of the importance of resiliency.  There is nothing more important in this moment than the health and resiliency of our families and loved ones.  A big part of our collective livelihoods resides in our financial resiliency.  At Exiger, we have seen first-hand the devastating effects of vulnerable financial systems and the impact it can have on the lives of people around the world.  Sadly, fraudsters have a history of perpetrating complex schemes to intercept funds intended to provide relief to those who need it most.  

How does Exiger’s work help companies make the world a safer place to do business?

MC: At Exiger, giving our clients information about the people and entities they’re dealing with helps them make the world a safer place to do business. For example, with banks, this can mean information about their customers, consulting with banks about how to review transactions or how to audit internal processes. From the first line, getting involved with clients, to the second line and third line – making sure they have the processes and controls in place that can surface risks like slave labor, child labor, cartels laundering money, diamond merchants using oppressive labor practices, countries that are not abiding by international rules like North Korea. There is an incredible amount of data flowing through our global financial systems. Having the right combination of purpose-built technology and practical expertise to surface the information, focus on what matters most and action decisions with confidence arms companies with the tools they need to make the world a safer place to do business.

Giving our clients information about the people and entities they’re dealing with helps them make the world a safer place to do business.

How has technology impacted your company’s ability to make the world a safer place to do business?

MC: Technology for Exiger is ‘do good for the world and do well for ourselves.’ It’s a win-win. Technology is a multiplier – the ability for us as individuals to consult with clients and talk to them is obviously terribly important. But, as we, in fact, are trying to look at governments and big corporations who touch millions or tens of millions or billions of transactions and people – and giving them the tools with which to touch those people and understand who they are and what they are doing is tremendously important in our complex world. The ability to do this at scale allows us to win for ourselves by showing that this combination of Exiger’s people, process and technology can solve big problems. So, we win that way – it helps us build a compliance business for today’s world. And at the same time, clients use our technology because it wins for them – it allows them to do things more efficiently, more thoroughly and better.

What are the 3 biggest challenges facing companies today to making the world a safer place to do business?

MC: 1) Adaptability.  There are so many uncertainties ahead of us right now.  I read anecdotes and statistics every day that suggest we are entering the greatest period of economic challenge since World War II.  Add to it the global health crisis we are in the middle of and it can all become overwhelming very fast.  Companies will be challenged to lead their teams through a tremendous amount of uncertainty in the coming months and years.  Keeping an open mind to possibility and staying focused on a commitment to purpose will help companies cultivate the creativity and discipline they will need to navigate their next chapter with fortitude and land in a position of strength.

2) Showing Value.  In times of crisis, actively listening to clients and focusing on how you can help them becomes critically important.  As the world settles into our new normal, everything will change and with that comes an opportunity to stand out.  When resources become scarce, the companies who show true value in the work they deliver and support they offer will retain business and develop strong partnerships out of the difficult work done together through incredibly trying times.

3) The Status Quo.  Right now, companies are being forced to manage more with less.  The obvious choice to help with that challenge is implementing some sort of technology. When you are faced with the complex risks and unabating regulatory pressure our clients see every day, it’s not that simple. Companies who pair the technology with practical expertise in implementation will get the most out of their technology solutions and will be successful in fighting fraud and financial crime in a sustainable and meaningful way. Exiger was launched to help companies do exactly that to truly make the world a safer place to do business. 

Rapid Fire Round with Mike

  • Favorite Place to Travel: London
  • Favorite Food: Breakfast Cereal
  • Favorite Show to Binge: Anything Written by Jane Austin
  • Favorite Book: Arthur Clarke’s Childhood’s End or Barbara Tuchman’s Guns of August
  • Favorite Band/Singer: Beatles, Paul McCartney

The risk landscape is constantly changing. Hear about the latest with Exiger.