Bakhtiyar Aslanbayli: Human factor key in combating financial crimes

No matter how much technology and oversight mechanisms develop in combating financial crimes and fraud, the decisive role still belongs to the human factor, stated Bakhtiyar Aslanbayli, BP's Vice President for the Caspian region, at the event titled "First Annual Risk & Resilience Conference" organized by the American Chamber of Commerce (AmCham Azerbaijan), Report informs.

According to him, when managing risks, attention is usually paid to technical solutions, software, and legislative requirements.

"However, the success of any system depends on the professionalism and ethical approach of the people who manage it. Even the most advanced monitoring system or artificial intelligence is doomed to failure if the specialists managing it lack ethical values and professional training," he stated.

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

"For this, first and foremost, an internal control environment based on transparency and accountability must be established within companies. Thanks to Big Data capabilities, it is now possible to monitor suspicious transactions in real time. At the same time, it is also important to raise awareness among employees, clients, and partners about risks," he emphasized.

Aslanbayli also touched upon the importance of cooperation between the public and private sectors:

"Financial crimes know no borders. It is not possible for a single institution to effectively combat this alone. Information exchange and the creation of joint platforms increase effectiveness in this area. Technology is merely a tool; the main issue is strategic vision and an honest approach."