7. Incident response plan: A professional insurance company should have an incident response plan in place to respond to financial crime incidents quickly and effectively.
8. Auditing and monitoring: Best industry practices advise to conduct regular audits and monitoring to ensure that its financial crime prevention measures are effective and to identify potential issues early on.
Overall, having a robust compliance program, conducting regular risk assessments, implementing effective internal controls, providing training to employees, and having a well-defined incident response plan are some of the keyways a firm can protect itself from financial crime.