SOCAR VP: Balance between technology, human resources must be maintained

Effective risk management in financial crimes and compliance requires maintaining a balance between technology and human resources, Zaur Gurbanov, Vice President of the State Oil Company of Azerbaijan (SOCAR), stated at the First Risk and Resilience Conference in Azerbaijan, organized by AmCham Azerbaijan, Report informs.

Gurbanov emphasized that risk is an inseparable part of any business, and the key issue is how it is managed: "We often think that by installing the most expensive system or the latest AI program, all problems will be solved. But software is just a tool. The decisive role lies in who manages it and how. The effectiveness of monitoring systems directly depends on the quality of data. If the input data is incorrect or incomplete, the system's output will also be wrong."

He noted that poorly configured monitoring scenarios can lead to numerous false positives, making it difficult to detect real risks. He stressed the importance of continuous training for compliance specialists: "As technology develops, criminal groups' methods also become more complex. Specialists must constantly update their knowledge. Every organization should define its own risk appetite. We cannot completely ban risks, as this could halt business growth. Risks must be managed in a way that does not harm resilience or reputation."

The Vice President also underlined that aligning with FATF standards of the Council of Europe's MONEYVAL Committee is not only an obligation but also a crucial opportunity for access to international markets and transparency: "Risk management is not a one‑time process. It is a management cycle that must be continuously improved."