--- title: "Elucidate launches open database of financial crime risk scores in the banking industry – Elucidate" description: "The Elucidate FinCrime Risk Monitor (EFRM) is an open database for scoring the financial crime risk vulnerability of financial institutions" url: https://elucidate.co/press-release/elucidate-launches-open-database-of-financial-crime-risk-scores-in-the-banking-industry --- # Elucidate launches open database of financial crime risk scores in the banking industry Press Release Elucidate launches open database of financial crime risk scores in the banking industry The Elucidate FinCrime Risk Monitor (EFRM) is an open database for scoring the financial crime risk vulnerability of financial institutions - Elucidate's FinCrime Risk Monitor (EFRM) is the first time that financial institutions have been publicly scored and ranked according to their financial crime risk - The initial version of the open database offers data and insights into more than 17000 financial institutions from around the world - The EFRM is powered by the Elucidate’s FinCrime Index (EFI), the market’s only regulated financial crime risk benchmark **_Berlin, Germany, 24 June 2021_** — Elucidate, the financial crime risk scoring platform, has launched the [Elucidate FinCrime Risk Monitor (EFRM)](https://monitor.elucidate.co/), an open database for scoring the financial crime risk vulnerability of financial institutions. During a time when financial crime scandals are increasingly common, the EFRM looks to increase transparency in the finance industry. The EFRM evaluates more than 17000 financial institutions, with data sourced from the Elucidate FinCrime Index (EFI), the company's regulated financial crime risk benchmark. Speaking on the announcement, Shane Riedel, CEO of Elucidate, said: “This is the first time that a credible financial crime benchmark has been openly published for all to see. Financial crime is not an abstract regulatory or legal issue; rather it is profound human suffering caused by activities like corruption, people trafficking and terrorist financing. A future that includes a dramatic reduction in financial crime is a future in which data and metrics guide behaviours and performance. Elucidate is leading that path to that future through the EFRM.” EFRM users can view any financial institution’s financial crime results, see how they rank by quartile and compare institutions. Subsequent iterations of the EFRM will also include detailed scores. With these results, banking and finance professionals can analyse how their institutions compare on Governance, Risk and Compliance across their region or the whole industry. Financial institutions invest around 3% of revenue on financial crime risk management; Elucidate’s benchmark and the EFRM enable financial institutions to gauge the effectiveness of the investment. Filipe García, Co-founder and CTO of Elucidate, says: "We realized that, as part of our data analysis for our main platform, the EFI, we were sitting on an incredible amount of data and insight. These could be useful for Governance, Risk and Compliance management, even for institutions that were not yet subscribed to our EFI platform. We just hadn't yet found a way to deliver that value. The FinCrime Risk Monitor is that way." For financial institutions seeking additional information and insights, Elucidate offers their registration-based platform, the EFI, with in-depth data analysis across nine industry risk themes, network risks assessment, and institutional remediations amongst other features that help professionals benefit from Elucidate’s clearly articulated risk scores. \_\_\_\_ **About the FinCrime Risk Monitor (EFRM):** The FinCrime Risk Monitor ([https://monitor.elucidate.co](https://monitor.elucidate.co/)) is the largest public database for financial crime risk scores on the planet. It evaluates more than 17000 financial institutions from around the world across nine different risk themes. The ERFM  is powered by the Elucidate’s FinCrime Index (EFI), the market’s only regulated financial crime risk benchmark. **About Elucidate:** Elucidate ([https://www.elucidate.co](https://elucidate.co/)) is a financial crime risk quantification platform, regulated by the BaFin and ESMA, providing the market’s only authorised financial crime benchmark. From our base in Siliconallee, one of Berlin’s most diverse teams works with global financial institutions and regulators with the goal of identifying, minimising, and pricing their financial crime risk exposure. Updates Press releases Every new update from us, from new product launches to new partnerships, can be found here. [PRESS](https://elucidate.co/press-release/benchmark-administrator-press) [The Elucidate FinCrime Index becomes the market’s first regulated financial crime risk benchmark](https://elucidate.co/press-release/benchmark-administrator-press) A critical step taken in establishing the standard for measuring and analysing financial crime risk Nov 9, 2024  · Nov 9, 2024  min read [PRESS](https://elucidate.co/press-release/board-announcement) [As it joins the plug and play accelerator programme, Elucidate introduces its Advisory Board](https://elucidate.co/press-release/board-announcement) Elucidate would like to welcome its new Advisory Board members, and is pleased to announce its selection for Plug and Play’s prestigious FinTech accelerator Nov 9, 2024  · Nov 9, 2024  min read [PRESS](https://elucidate.co/press-release/elucidate-expands-global-presence-with-miami-office-to-bring-financial-crime-benchmark-to-us-market) [Elucidate expands global presence with Miami office to bring financial crime benchmark to US market](https://elucidate.co/press-release/elucidate-expands-global-presence-with-miami-office-to-bring-financial-crime-benchmark-to-us-market) Former HSBC Head of Financial Crime Compliance, Ben Arber, will head up US business development. 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Nov 9, 2024  · Nov 9, 2024  min read [PRESS](https://elucidate.co/press-release/elucidate-launches-industry-first-product-for-pricing-financial-crime-risk-2) [Elucidate launches industry-first product for pricing financial crime risk](https://elucidate.co/press-release/elucidate-launches-industry-first-product-for-pricing-financial-crime-risk-2) Elucidate worked alongside Standard Chartered Bank to build this framework, which uses machine learning technology coupled with a bank’s own data to create a numerical financial crime risk score. Nov 9, 2024  · Nov 9, 2024  min read [PRESS](https://elucidate.co/press-release/elucidate-named-to-inclusive-fintech-50-cohort-for-2021) [Elucidate named to 'Inclusive Fintech 50' cohort for 2021](https://elucidate.co/press-release/elucidate-named-to-inclusive-fintech-50-cohort-for-2021) The Inclusive Fintech 50 recognises fintechs driving innovation in underserved segments and is sponsored by Visa, MetLife Foundation, Jersey Overseas Aid and Comic Relief Nov 9, 2024  · Nov 9, 2024  min read [PRESS](https://elucidate.co/press-release/elucidate-raises-8-million-to-help-banks-counter-surging-financial-crim) [Elucidate raises $8 million to help banks counter surging financial crime](https://elucidate.co/press-release/elucidate-raises-8-million-to-help-banks-counter-surging-financial-crim) The funding comes at a critical time for the financial sector currently facing a dramatic increase in financial crime caused by the pandemic and exacerbated by growing instability in Eastern Europe. Nov 9, 2024  · Nov 9, 2024  min read [PRESS](https://elucidate.co/press-release/elucidate-raises-eu2-5m-financing-round-to-build-the-moodys-of-financial-crime-risk) [Elucidate raises €2.5m financing round to build the Moody’s of financial crime risk](https://elucidate.co/press-release/elucidate-raises-eu2-5m-financing-round-to-build-the-moodys-of-financial-crime-risk) Elucidate’s regulated benchmark enables industry leading financial institutions and regulators to score, manage and price FinCrime risk Nov 9, 2024  · Nov 9, 2024  min read [PRESS](https://elucidate.co/press-release/elucidate-schliesst-eu2-5-millionen-finanzierungsrunde-ab-um-das-moodys-der-risikobewertung-von-finanzkriminalitat-zu-werden) [Elucidate schließt €2.5 Millionen Finanzierungsrunde ab, um das Moodys der Risikobewertung von Finanzkriminalität zu werden](https://elucidate.co/press-release/elucidate-schliesst-eu2-5-millionen-finanzierungsrunde-ab-um-das-moodys-der-risikobewertung-von-finanzkriminalitat-zu-werden) Finanzierungsrunde angeführt von Frontline Ventures zusammen mit SeedX Liechtenstein, APEX Ventures und Big Start Ventures Nov 9, 2024  · Nov 9, 2024  min read [PRESS](https://elucidate.co/press-release/financial-crime-expert-david-lewis-joins-the-board-at-elucidate-2) [Financial crime expert David Lewis joins the board at Elucidate](https://elucidate.co/press-release/financial-crime-expert-david-lewis-joins-the-board-at-elucidate-2) Lewis is a leading advocate for more effective action at a global level to tackle money laundering and has spoken widely about the importance of and pressing need for reform Nov 9, 2024  · Nov 9, 2024  min read [PRESS](https://elucidate.co/press-release/financial-crime-risk-scoring-platform-elucidate-earns-iso-27001-security-certification) [Financial crime risk scoring platform Elucidate earns ISO 27001 Security Certification](https://elucidate.co/press-release/financial-crime-risk-scoring-platform-elucidate-earns-iso-27001-security-certification) The certification was granted after meeting the requirements for establishing, implementing, and maintaining an information security management system (ISMS) as required by the International Organization for Standardization (ISO) Nov 9, 2024  · Nov 9, 2024  min read [PRESS](https://elucidate.co/press-release/fraugster-and-elucidate-announce-partnership-to-tackle-financial-crime) [Fraugster and Elucidate announce partnership to tackle Financial Crime](https://elucidate.co/press-release/fraugster-and-elucidate-announce-partnership-to-tackle-financial-crime) Integration will provide customers with access to global sanction lists Nov 9, 2024  · Nov 9, 2024  min read [PRESS](https://elucidate.co/press-release/ing-group-commerzbank-and-nordea-lead-financial-crime-risk-global-ranking) [ING Group, Commerzbank, and Nordea lead financial crime risk global ranking](https://elucidate.co/press-release/ing-group-commerzbank-and-nordea-lead-financial-crime-risk-global-ranking) Elucidate's FinCrime Risk Monitor (EFRM) ranking is based on the company's open database for scoring the financial crime risk vulnerability of financial institutions Nov 9, 2024  · Nov 9, 2024  min read [PRESS](https://elucidate.co/press-release/investment-announcement) [Elucidate raises €2.5 million to further develop its Financial Crime Index](https://elucidate.co/press-release/investment-announcement) Silicon Valley-based 11.2 Capital leads seed funding into the expansion of the Index’s quantification and prediction capabilities Nov 9, 2024  · Nov 9, 2024  min read [PRESS](https://elucidate.co/press-release/micheal-mcvicker-announcement) [Elucidate welcomes Michael McVicker as Head of Business Development for the Americas](https://elucidate.co/press-release/micheal-mcvicker-announcement) Former Leading Banker at HSBC and Standard Chartered Bank takes charge of Elucidate’s market coverage for the Americas Nov 9, 2024  · Nov 9, 2024  min read 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markets and have united to tackle the outdated framework in corresponding banking Nov 9, 2024  · Nov 9, 2024  min read [Read all Press Releases](https://elucidate.co/press-list) Journalist? 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