The annual costs of financial crimes to the global economy are staggering. Business professionals looking to make a positive impact while advancing their career in a high-growth field can learn how to combat these grievous financial crimes and bring justice to the victims. That’s where a program like Texas A&M International University’s online Master of Business Administration (MBA) in Criminal Justice program comes in. This degree combines foundational business principles with insights into investigating white-collar crimes and cybercrimes. Coursework equips students with in-demand management skills and knowledge and a deep understanding organizational behavior, finance, decision-making and other career-relevant subject areas.
According to the fraud-detection company Verafin, over $3.1 trillion in illicit funds moved through the financial system in 2023. “With unfathomable figures attached to some of the most serious crimes in 2023 — human trafficking $346.7 billion; elder fraud $77.7 billion; terrorist financing $11.5 billion — the global epidemic of financial crime is vast and overwhelming,” Verafin states. “These numbers often overshadow the heavy toll this injustice takes on everyday people — and as the financial industry fights back, remaining focused on these broader impacts is crucial.”
The Challenges of Data Collection in the Criminal Justice System
One challenge facing investigators of financial crimes is the task of data collection and analysis. Any investigation of financial crimes at scale will require a large amount of data, but sources of data are not always created equal. The UN Office on Drugs and Crime points out that data providers within the criminal justice system may have their own unique systems in place for collecting and processing data.
Data sharing across agencies can also be complex. As the UN Office points out: “Different agencies may also have varying policies and procedures regarding data access, or there may be trust barriers that prevent institutions from sharing data. All of which can lead to the fragmentation of data across multiple agencies, making it that much more challenging to produce reliable crime and criminal justice statistics.” This makes it especially crucial for criminal investigators of financial crimes to know different areas of policy, including that of data collection and sharing.
The Expanding Role of Criminal Justice Leaders in Combating Financial Crime
One way leaders with strong business credentials can make a significant impact in the fight against white-collar crime is by advocating for more cost-effective methods of crime prevention. A great example of this is data-driven policing, which is, according to Thomson Reuters, “the process of using data from several sources to help law enforcement determine not only where crimes are occurring but also where they are likely to occur.” Criminal justice leaders should strongly consider the tangible benefits of adopting this approach.
These benefits include the optimization of resource allocation, both in terms of staffing and budgeting. This is important because hiring is often a challenge for police departments, according to Thompson Reuters. “By using data analytics, police agencies can optimize office scheduling and deployment, better-balancing workload and coverage,” states Thomson Reuters. “This, in turn, can improve officer efficiency and safety, thus boosting job satisfaction.”
How Can an MBA Prepare Graduates to Fight White-Collar Crime?
There are numerous possible career paths to consider after graduating with an MBA. Leadership skills, management acumen and financial expertise can translate to many different sectors and opportunities.
Professionals with a passion for justice may want to consider specializing in this rewarding field. TAMIU’s online MBA in Criminal Justice program offers students a broad education in management principles while preparing them to meet the high demand for qualified cybercrime specialists who excel at strategically combatting some of the world’s most serious financial crimes.
Learn more about TAMIU’s online MBA in Criminal Justice program.
