1LoD’s Post

I am really looking forward to moderating a discussion ‘Overcoming Challenges Faced When Implementing Effective Transaction Monitoring Systems’,at the 1LOD Financial Crime Summit on 6th September Find out more https://lnkd.in/dcYd9gRq The Panel of experts is: Toby Billington, Managing Director, ICG Risk and Controls, Citigroup Michael Shearer, Former Managing Director, Group Head of Compliance Product Management & Chief Data Officer, HSBC Nigel Kirby, Director of Integrated Intelligence & Investigations and Nominated Officer Economic Crime Prevention, Risk Function, Lloyds Banking Group Sim Roberts, Managing Director, Global Head of Transaction Monitoring, Barclays We’ll be digging into and around these questions: · What is the most effective strategy for reducing the number of false positives generated by transaction monitoring systems, while still capturing all suspicious activity? · How can alert volumes be effectively managed to ensure that investigators are able to focus on the most high-risk alerts? · What are some best practices for incorporating new and emerging technologies into transaction monitoring systems to keep pace with evolving financial crime threats? · How can data quality issues be resolved to ensure that the transaction monitoring system is capturing all relevant activity? #fincrime #FinCrimeSummitLon #1lod #riskmanagement

Exciting News! 🚀 Our team has successfully crafted a cutting-edge operating model for the Financial Crime Risk Management function at one of Africa's leading banks. 🌍🏦 Our primary goal was to create a solution that not only enhances risk management and customer experience but also drives cost efficiency and scalability. 📈💼 How did we achieve this feat? 🤔 Through the power of technology-driven financial crime solutions that seamlessly integrate fraud prevention and anti-money laundering (AML) measures. 📊💻 This holistic and tech-savvy approach enables our client to respond dynamically to evolving risks while significantly slashing their total cost of ownership (TCO). 💰💡 Innovation meets excellence as we continue to pave the way for transformative solutions in the financial industry! 💪🌟 #FinancialCrime #RiskManagement #Innovation #BankingSolutions #TechEnabled #Efficiency #Scalability

How global financial leaders tackle the financial crime crisis Sibos 2023 concluded under the amiable autumn skies of Toronto, bringing together financial leaders, such as Victor Dodig from CIBC and others from Santander, State Bank of India, DBS, CLS, and EY, to discuss the resilience of banks and financial institutions amidst geopolitical disruptions. Fenergo attended the panel to understand how some of the big financial leaders are handling financial crime. Read the story here: https://loom.ly/8bqoDQE #FinTech #RegTech #Compliance

👁️🗨️ Office of the Comptroller of the Currency Semiannual Risk Perspective for Fall 2023 highlights critical areas that #banks need to focus on, especially when partnering with #fintech companies — stressing the importance of managing operational and compliance risks in these partnerships. (https://lnkd.in/gjYhXWa3) Cable recognizes the challenges and opportunities this presents. Check out our "Bank-Fintech Financial Crime Due Diligence Guide" for more insights and advice 👉 https://lnkd.in/e2HhHSPD -- 🔮 As fintech collaborations continue to grow, banks must ensure effective third-party risk management. 🔮 Nested relationships, where fintech firms provide services to other fintechs without robust controls, need particular attention. 🔮 With evolving payment methods, like FedNow, banks are urged to continuously reassess their BSA/AML risks and controls. #occ #fincrime #compliance #bsa #aml #cdd #baas #embeddedfinance #riskmanagement #riskassessment

Third-party monitoring and compliance continue to be a sore spot for #banks. Thread Bank is the latest to get dinged by the FDIC and ordered to make changes to its partner risk management processes and oversight. You can read more about service governance of ecosystem partners here: https://lnkd.in/dW-ZiyJ7 #banking #data #cx #CXM #OvationCXM

Recently, a prominent bank experienced a disruptive incident caused by a dormant change that resurfaced with a vengeance. Despite having approval processes and performance testing in place, the unchecked tweaks caused errors, distorted audit reports, and flooded approval pipelines in one of the customer-centric organizations in the bank. This highlights the importance of continuous review, documentation, and deployment validation in safeguarding against unforeseen operational disruptions. Performance testing is only effective when the traffic in UAT mirrors that of production and the prediction of the size of the data is accurate. Organizations should explore controls like regular change audits, thorough documentation, and nuanced performance testing to fortify their change management processes. Let's learn from this mistake and be more aware of the nuances involved in realistic performance testing scenarios to avoid potential losses from tens of thousands to millions of dollars. #riskmanagement #riskmitigation #operationalrisk #dataanalytics #worldlink #OperationalSafety #learnfrommistakes #banks #bankingsector #bankingoperations #bankingindustry

This month, The OCC, FDIC, and Federal Reserve Board released a guide to help community banks manage risks presented by third-party relationships. The guide mentions adverse media monitoring as a relevant source during due diligence and ongoing monitoring. Owlin's solution perfectly aligns with the guide's emphasis on (continuous) adverse media monitoring. By monitoring over 3 million sources in 17 languages, Owlin enables businesses to make well-informed decisions and proactively manage third-party risk. With Owlin, users can customize personal filters to see the most relevant information tailored to their specific needs. Moreover, Owlin seamlessly integrates into existing workflow systems, offering flexibility and scalability, offering a comprehensive third-party management solution for community banks. 🔗 https://hubs.ly/Q02yzQT20 #CommunityBanks #RiskManagement #AdverseMediaMonitoring #Compliance #Owlin #FDIC #FederalReserve #ThirdPartyRisk #RealTimeInsights

The Scanner: OCC Assesses $65 Million Penalty Against City National Bank for Risk Management & Internal Controls Deficiencies, OIG Report Finds CFPB Enhancements Needed for Certain Aspects of its Enforcement Investigations Process, NY AG Sues Citi over Denied Fraud Claims, and more top headlines from this week Catch up on all of the top news from this week: https://hubs.ly/Q02jzfxR0 READER NOTE: If you find this of value, please like, comment, or repost it to your network. #banks #consumerlending #compliance #creditrisk #creditreporting #cfpb #fintech #news #industryupdates #TheScanner

Sounds like they are gathering a new Dream Team there )) Should have hired as well risks from Lehman, Jerome Kerviel of SocGen as the head of trading, compliance and AML teams from HSBC / BCCI, or some Wirecard… Though there will be a tough competition for that field, as some many talented teams can compete from all over the globe, even Yanikovitche’s tiny Real bank ) But of course, all these roles could be easily covered by DB and CS by themselves, no problem, even just by Dolce bank itself ))

Need to focus on AML by Eurozone too