Shane Riedel
About Shane Riedel
Shane Riedel, co-founder and CEO of Elucidate, is dedicated to eliminating financial crime by improving data utilization within financial institutions.
Founder and CEO of Elucidate
Shane Riedel is the Founder and CEO of Elucidate. Established in 2018 in collaboration with Filipe Garcia, Elucidate focuses on eliminating financial crime by enabling institutions to better utilize their own data. Under Riedel's leadership, the company aims to create a standardized framework for evaluating and managing financial crime risk. This initiative seeks to build stronger correspondent banking relationships and mitigate the rampant issue of unnecessary de-risking, particularly in emerging markets.
Head of Financial Crime Compliance at Standard Chartered Bank
Before founding Elucidate, Shane Riedel held the position of Head of Financial Crime Compliance at Standard Chartered Bank. During his tenure, he gained extensive experience in managing the risks associated with financial crime. His time at the bank provided insight into the systemic issues and challenges that financial institutions face, particularly the absence of a standardized approach to risk management in the context of financial crime.
Focus on Eliminating Financial Crime
Shane Riedel co-founded Elucidate to tackle the complexities of financial crime using data-driven solutions. He recognized the critical need for a standardized framework that could be broadly adopted across financial institutions. Riedel's focus is on utilizing data more effectively, thereby allowing institutions to better manage risks and prevent financial crime. His approach aims at solving fundamental problems that make financial systems vulnerable to abuse and inefficiencies.
Impact on Emerging Markets and Risk Management
Shane Riedel is particularly concerned with the negative impacts of unnecessary de-risking on emerging markets. His commitment to this issue is evident in the principles guiding Elucidate, which strives to provide a common framework for risk remediation. By fostering stronger correspondent banking relationships, Riedel aims to minimize the adverse effects that de-risking poses to financial inclusion and economic growth in emerging regions.