Beware the Flashy Consultant(Based on my newsletter)

https://open.substack.com/pub/steven923044/p/beware-the-flashy-consultant-lessons?r=4kwjsr&utm_campaign=post&utm_medium=web&showWelcomeOnShare=falseThe provided sources offer a critical perspective on the process of procuring Anti-Money Laundering (AML) and anti-fraud software, particularly highlighting the **dangers of superficial consulting practices**. They emphasize the contrast between consultants who rely on **flashy presentations and subjective scoring** versus those who provide **substantive, data-driven expertise**. The texts illustrate how a lack of **deep domain knowledge and rigorous due diligence** in areas like AI capabilities, regulatory alignment, and vendor assessment can lead to **poor software choices and significant financial or regulatory risks** for financial institutions. Ultimately, the sources advocate for organizations to **prioritize genuine expertise, transparency, and thorough analysis** when selecting both consultants and technology solutions to ensure effective compliance programs.