KYC compliance strategies that your customers will love
|
|
- Ursula Lloyd
- 6 years ago
- Views:
Transcription
1 KYC compliance strategies that your customers will love
2 Introducing: Anthony Bracco PNC Bank Greg Carmean Experian
3 Victorious warriors win first and then go to war, while defeated warriors go to war first and then seek to win Sun Tzu, The Art of War 3 Experian 4/26/2017 Experian Public Vision 2017
4 Common client problems Regulatory compliance and fraud detection Client problems Regulatory Economic Customer Technology KYC violations carry billions of dollars in criminal and civil fines, possible jail time and negative company press Conducting KYC on businesses and beneficial owners to as well as identifying shell companies, shelf companies and commercial identity theft can be costly and both in dollars and resources Manual review and requests for additional documentation to meet regulatory requirements may create significant friction at the point of sale Need to use analytics, automation and workflow efficiencies to reduce customer acquisition costs and enhance customer experience while mitigating risk 4 Experian 4/26/2017 Experian Public Vision 2017
5 Anti-money laundering compliance challenges faced by organizations Increased regulatory expectations and enforcement of current regulations Having enough properly trained AML staff % of respondents Insufficient/outdated technology Too many false positive screening results Budget constraints and increased scrutiny of third-party reviews 0% 10% 20% 30% 40% 50% 60% 70% *Source: Dow Jones and ACAMS Global Anti-Money Laundering Survey Experian 4/26/2017 Experian Public Vision 2017
6 Increased losses associated with fraudsters that penetrate your defenses The typical organization loses 5% of revenues in a given year as a result of fraud While the median duration of the frauds in our study was 18 months, the losses rose as the duration increased schemes that lasted more than five years caused a median loss of $850,000 Source: Association of Certified Fraud Examiners Report to the Nations on Occupational Fraud and Abuse 2016 Global Fraud Study 6 Experian 4/26/2017 Experian Public Vision 2017
7 Reputational exposure that can impact you and your company Three-fifths of chief executives said they believed corporate brand and reputation represented more than 40% of their company s market capitalization. Source: World Economic Forum Executives with scandal-tainted companies on their resumes pay a penalty on the job market, even if they clearly had nothing to do with the trouble. Overall, these executives are paid nearly 4% less than their peers. Source: The Scandal Effect Harvard Business Review September Experian 4/26/2017 Experian Public Vision 2017
8 There is no silver bullet Regulatory compliance and fraud prevention are complementary but require coordination Balance customer experience with securing the right data to optimize your verification process Work with your vendor and compliance department to set responsible match cut offs Adopt a risk-based strategy, applying additional fraud checks to keep fraudsters out of your portfolio 8 Experian 4/26/2017 Experian Public Vision 2017
9 What is your biggest challenge in verifying business identities as part of your Customer Identification Program? Business match rate is too low, requiring excessive manual review Current business verification process creates too much friction Insufficient staffing to do adequate CIP and fraud screening when acquiring new accounts Poor data quality 9 Experian 4/26/2017 Experian Public Vision 2017
10 Identifying potential gaps 10 Experian 4/26/2017 Experian Public Vision 2017
11 Data quality More than one-third of the institutions noted that data quality and availability was one of their top operational challenges relating to their current CDD/KYC program Source: NICE Actimize Customer Due Diligence (CDD Market Survey, June 2015) Of financial executives survey, 33% stated that data quality was a significant challenge in investigating crimes. Source: PWC Global Economic Crime Survey 2016 Financial Services Industry Insights 11 Experian 4/26/2017 Experian Public Vision 2017
12 Areas of exposure across the business enterprise 12 Experian 4/26/2017 Experian Public Vision 2017
13 What are your organizational KYC and fraud blind spots? Intergroup and departmental communication Operational alignment Adequate staffing / training Budget management Policy alignment and governance Awareness of regulatory changes 13 Experian 4/26/2017 Experian Public Vision 2017
14 Operational optimization 14 Experian 4/26/2017 Experian Public Vision 2017
15 Adopting an enterprise view of risk Engage executive sponsorship Embrace a holistic customer view Collaborate across units / departments Optimize resources for remediation 15 Experian 4/26/2017 Experian Public Vision 2017
16 At what level of ownership does your company currently screen beneficial owners? 25% or greater ownership 10% or greater ownership Other 16 Experian 4/26/2017 Experian Public Vision 2017
17 Potentially preventable reasons for customer friction Data collection practices Redundant input fields Lack of field validation leading to dirty or incomplete data Failure to collect business and DBA name; physical and billing address Delays due to highly manual processes Limited use of automation and analytics Multiple vendor lookups Delays in obtaining hard copy documentation (e.g., utility bills) 17 Experian 4/26/2017 Experian Public Vision 2017
18 Complexities in authenticating business vs. beneficial owner identities Beneficial owner matching Comprehensive consumer bureau coverage (over 200 million credit active U.S. consumers) Broad coverage yields high match rates (95%+) using very tight matching parameters Verification results are often cross-referenced to SSN, accommodating name variations on bureau files Challenges to customer experience: Identification and verification of potentially multiple beneficial owners to meet FinCEN final rule 47% percentage of institutions verify beneficial ownership down to the 25% level 26% percentage of institutions verify beneficial ownership down to the 10% level* *Source: Dow Jones and ACAMS Global Anti-Money Laundering Survey Experian 4/26/2017 Experian Public Vision 2017
19 Complexities in authenticating business vs. consumer identities Business identities Headquarters Complex identifiers more challenging TaxIDs: Federal and State (the government doesn t make FEINs readily available) Name: Legal and trade Address: Headquarters/branch, parent/subsidiary Different business structures (i.e., corporations vs. sole proprietors) Names may include special characters &, etc.) impacting matching Branch location Branch location 19 Experian 4/26/2017 Experian Public Vision 2017
20 Meeting your match Setting automated verification thresholds Most verification vendors will provide a measure of match confidence to enable automated match thresholds: Single numeric value (1-100 where higher scores indicate stronger match) Match codes that identify quality of match in addition to other attributes (e.g., current vs. previous address, branch vs. HQ location, number of sources matched, etc.) Probabilistic match score that provides proximity between the input data and data on file 20 Experian 4/26/2017 Experian Public Vision 2017
21 Example of business verification thresholds Scale 1 100* Perfect: 100 score character-for-character match Direct hit: 99 score missing Inc in name and suite number Consultation with your compliance department can help set appropriate cut offs Direct hit: 93 score slight name differences, different suite number 21 Experian 4/26/2017 Experian Public Vision 2017
22 The impact of Big Data technology New commercial search and match systems enhanced by Big Data search technologies impact on automated verification Impact on automated verification Enables higher match rates with greater precision Incremental high-confidence matches: 11% Records with improved match confidence: 5% Impact on manual review Enables interactive free-from searching (e.g., Google) Allows minimal search criteria, but provides greater precision as data is added 22 Experian 4/26/2017 Experian Public Vision 2017
23 Improving commercial customer identification experience and outcomes Business identity matching Headquarters Provide data that is as clean and complete as possible Many financial institutions will accept two of three commercial and three of four consumer verification fields as long as one of the fields is name Look for solutions that can verify business and owner in a single transaction Explore the use of probabilistic matching techniques Collect business legal names, DBAs, billing and physical address when possible more effort on the front end can significantly reduce manual reviews One regional bank s match rate went from 88% when submitting a single name and address, to 96% when submitting two names (i.e., legal and Doing Business As) and addresses (i.e., billing and physical) Branch location Branch location 23 Experian 4/26/2017 Experian Public Vision 2017
24 Sample fraud and regulatory approach How fraud and verification products can work together to solve client problems Automated verification Manual verification Enhanced due diligence Enhanced automated verification Account verified High risk account Document submission Low risk accounts No records found Enhanced due diligence Expanded fraud, reputational and compliance checks Approved 24 Experian 4/26/2017 Experian Public Vision 2017
25 Additional business risk indicators Business activity Inquiry activity Public record updates Trade activity Disputes Financial instability Business structure LLCs Sole Props Nonprofits 25 Experian 4/26/2017 Experian Public Vision 2017
26 Vendor assessment areas Data sourcing and management Coverage Currency Credibility Technical capabilities Accessibility Matching Analytic expertise Thought leadership 26 Experian 4/26/2017 Experian Public Vision 2017
27 Seeking constant improvement Openness to new ideas and innovation Stay abreast of changes in the industry Press your comfort zone Conferences and industry organizations (ACAMS) 27 Experian 4/26/2017 Experian Public Vision 2017
28 Expected outcomes 28 Experian 4/26/2017 Experian Public Vision 2017
29 Partnership pays Higher customer satisfaction Reduced cost and man hours Reduced fraud losses Better understanding of fraud losses vs. charge offs Improved profitability Reduced regulatory exposure 29 Experian 4/26/2017 Experian Public Vision 2017
30 There is no silver bullet Regulatory compliance and fraud prevention are complementary but require coordination Balance customer experience with securing the right data to optimize your verification process Work with your vendor and compliance department to set responsible match cut-offs Adopt a risk-based strategy, applying additional fraud checks to keep fraudsters out of your portfolio 30 Experian 4/26/2017 Experian Public Vision 2017
31 Questions and answers Experian contact: Greg.Carmean 31 Experian 4/26/2017 Experian Public Vision 2017
32 Share your thoughts about Vision 2017! Please take the time now to give us your feedback about this session. You can complete the survey at the kiosk outside. How would you rate both the Speaker and Content? 32 Experian 4/26/2017 Experian Public Vision 2017
33
Customer Due Diligence (CDD) Market Survey. Survey Results. Copyright 2016 NICE Actimize. All rights reserved.
Customer Due Diligence (CDD) Market Survey Survey Results TABLE OF CONTENTS Overview... 3 Polling Methodology & Respondent Demographics... 4 Key Findings... 5 Two-Thirds Impacted by Recent Regulatory Updates...
More informationIBM AML compliance solution
IBM AML compliance solution Staying ahead of financial crimes Highlights Continuously harnesses a powerful array of advanced analytics that are available to proactively fight the long-term war against
More informationSmall business verification Finding the hard-to-finds
Small business verification Finding the hard-to-finds Experian and the marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names
More informationAML for MSBs & FinTech: The Compliance Conundrum. Insight Article. Copyright 2016 NICE Actimize. All rights reserved.
AML for MSBs & FinTech: The Compliance Conundrum Insight Article Copyright 2016 NICE Actimize. All rights reserved. TABLE OF CONTENTS FinTech Innovation Collides with Reality... 3 Compliance Challenges
More informationCustomer Due Diligence A Risk Based Approach. Dr Tony Wicks Director of AML Solutions NICE Actimize
Customer Due Diligence A Risk Based Approach Dr Tony Wicks Director of AML Solutions NICE Actimize tony.wicks@actimize.com PLEASE NOTE that, to the extent that Actimize provides, in this presentation or
More informationActimize Essentials. Cloud-based Solutions for Financial Crime Prevention & Regulatory Compliance
Actimize Essentials Cloud-based Solutions for Financial Crime Prevention & Regulatory Compliance FIs of All Sizes Face Increasing Pressures From Financial Crime and Tightening Regulations As regulations
More informationAnti-Money Laundering and Sanctions Compliance. You Can t Afford the Risks
Anti-Money Laundering and Sanctions Compliance You Can t Afford the Risks Audit / Tax / Advisory / Risk / Performance Smart decisions. Lasting value. The Risks Associated With AML and Sanctions Compliance
More informationExperian s Fraud Advisory Board clients cover the latest hot topics and industry trends
Experian s Fraud Advisory Board clients cover the latest hot topics and industry trends Purpose Why are we here today? Organizations are tasked now more than ever to effectively authenticate consumers
More informationTOO BIG TO SUCCEED. Top 5 AML Challenges in These forces produce a set of common challenges:
Top 5 AML Challenges in 2016 60% Increased regulatory expectations 50% Having enough trained staff 41% Insufficient/outdated technology TOO BIG TO SUCCEED Risk and compliance managers for financial services
More informationManaging Sanctions Compliance in a Global Economy
Managing Sanctions Compliance in a Global Economy PART 1: DEPLOYING REAL-TIME WATCH LIST SCREENING Competing in today s multifaceted, global economy is a high-stakes game of risk and reward. Regardless
More informationActimize Essentials AML. Cloud Based Anti-Money Laundering Solutions
Actimize Essentials AML Cloud Based Anti-Money Laundering Solutions Essential Anti-Money Laundering Compliance Capabilities Growing Compliance Burdens for Financial Institutions of All Sizes As recent
More informationRDC Risk Management and Compliance: Expert Update & Case Study
RDC Risk Management and Compliance: Expert Update & Case Study David Rathke, Senior Vice President, Frost Bank Steve Vaglio Senior Vice President, EastPay Ed McLaughlin, RemoteDepositCapture.com September
More informationFinancing IBM Counter Fraud Management Solutions for Banking
Financing IBM Counter Fraud Management Solutions for Banking Highlights Easy to acquire through flexible payment plans Helps uncover and intercept suspicious transactions across various channels Advanced
More informationAn all-in-one risk management platform delivering fraud detection, transactions screening and customer due diligence capabilities
CGI Centaur An all-in-one risk management platform delivering fraud detection, transactions screening and customer due diligence capabilities What is CGI Centaur? CGI Centaur is a versatile and complex
More informationIBM Counter Fraud Management for Safer Payments (powered by IRIS)
IBM Counter Fraud Management for Safer Payments (powered by IRIS) Fraud & Compliance - The Way from Prevention to Deterrence Jacek Stańczyk CEE Safer Planet Cognitive Solutions Bucharest 17th of November
More informationACH Risk Management: Faster Payments, Immediate Risk Mitigation. Erica El Hilali, MBA, AAP. Argos Risk. Director of Client Services
ACH Risk Management: Faster Payments, Immediate Risk Mitigation Erica El Hilali, MBA, AAP Director of Client Services Argos Risk Faster Payments are here Same-Day ACH Real-Time Payments Payroll and Direct
More informationYour Hosts. Abi Smith Webinar Host, Encompass Corporation. Alex Ford RegTech & CDD Operations, Encompass Corporation.
Introduction Your Hosts Abi Smith Webinar Host, Encompass Corporation. Alex Ford RegTech & CDD Operations, Encompass Corporation. Agenda Introduction Your Hosts AML Regulation Update Best Practice in KYC
More informationRiskTech Quadrant 2017 Watchlist Monitoring Solutions
Independent research by RiskTech Quadrant 2017 Watchlist Monitoring Solutions August 2017 About Chartis Chartis Research is the leading provider of research and analysis on the global market for risk technology.
More informationPROTECTING YOUR BUSINESS AND CLIENTS FROM HIGH RISK BROKERS
PROTECTING YOUR BUSINESS AND CLIENTS FROM HIGH RISK BROKERS Webinar 28 March 2018 Today s speakers Paul DiBlasi Director of Product Marketing, Financial Markets Compliance Paul.DiBlasi@actimize.com Brian
More informationBANK SECRECY ACT. Kevin T. Kane, President Financial Regulatory Consulting, Inc. April 19, frcconsult.com 1
BANK SECRECY ACT Kevin T. Kane, President Financial Regulatory Consulting, Inc. April 19, 2017 frcconsult.com 1 Five Pillars of BSA and the Board of Directors 1. Internal Policies, Procedures and Controls
More informationFinancial Crime Mitigation
Financial Crime Mitigation A uniquely flexible range of intelligent, versatile solutions for financial institutions, large and small, to combat financial crime. Introduction Our Financial Crime Mitigation
More informationFINRA 2090/2111 Solutions & Expertise
FINRA 2090/2111 Solutions & Expertise TABLE OF CONTENTS Overview... 3 Requirements for Institutions... 3 Recommended Approach... 4 Actimize Solutions for FINRA Know Your Customer & Suitability Requirements...
More informationTesting and Reviews. Importance of BSA / AML Training Testing staff on their comprehension of the training
Testing and Reviews Testing and Reviews Importance of BSA / AML Training Testing staff on their comprehension of the training BSA AML Review Target Training to those who need it Know Your Employee Accountability
More informationMarkets Surveillance Buying Guide: Everything You Need to Know
Markets Surveillance Buying Guide: Everything You Need to Know Technology and regulation have transformed surveillance. While compliance has never been asked to do more it also has an unprecedented set
More informationThe Fraud Management Hub: No Such Thing As Too Many Tools
The Fraud Management Hub: No Such Thing As Too Many Tools TABLE OF CONTENTS Overview... 3 Fraud Solution Overload... 3 The Cyber-Fraud Challenge... 3 How Fraud Management Hubs Tackle the Too-Much-Information
More informationTrusted KYC Data Sharing Standards Scope and Governance Oversight
November 2017 Trusted KYC Data Sharing Standards Scope and Governance Oversight Handover Document Contents Preface... 3 Overview... 5 1 Sharing Capabilities and Interoperability... 7 1.1 Data Sharing Behaviour
More informationRiskTech Quadrant 2016
Independent research by RiskTech Quadrant 2016 AML and transaction monitoring solutions April 2016 About Chartis Chartis is the leading provider of research and analysis on the global market for risk technology.
More informationCombining Data Analytics with Transaction Monitoring Capabilities to Identify Suspicious Behavior. AIBA Compliance Seminar March 3, 2015
Combining Data Analytics with Transaction Monitoring Capabilities to Identify Suspicious Behavior AIBA Compliance Seminar March 3, 2015 Agenda i About K2 Intelligence K2 Intelligence Team Foundation of
More informationAuditing for Effective Training
Maleka Ali M. Ali 2013 Director of Consulting & Education Page 0 Banker s Toolbox Auditing for Effective Training I. INTRODUCTION Banking organizations must develop, implement, and maintain effective AML
More informationLexisNexis Risk Management Suite
LexisNexis Risk Management Suite Prevention. Detection. Investigation. It s all here. ROI: R E T U R N O N INFOATION SOLUTIONS Customer Development Authentication & Screening Fraud Prevention Collections
More informationThe Benefits of First- and Second-Line Monitoring
September 2018 The Benefits of First- and Second-Line Monitoring An article by Clayton J. Mitchell, CAMS, and Matthew J. Schuster, CPA, CRCM Audit / Tax / Advisory / Risk / Performance Smart decisions.
More informationCREATING A FRAUD RISK ASSESSMENT AND IMPLEMENTING A CONTINUOUS MONITORING PROGRAM
CREATING A FRAUD RISK ASSESSMENT AND IMPLEMENTING A CONTINUOUS MONITORING PROGRAM Compliance professionals around the world are struggling with how to do more with less. In order to provide effective assurance
More informationIDC MarketScape: Worldwide Anti Money Laundering Solutions in Financial Services 2018 Vendor Assessment
IDC MarketScape IDC MarketScape: Worldwide Anti Money Laundering Solutions in Financial Services 2018 Vendor Assessment Karen Massey Steven D'Alfonso THIS IDC MARKETSCAPE EXCERPT FEATURES: FISERV IDC MARKETSCAPE
More informationBSA/AML Self-Assessment Tool. Overview and Instructions
BSA/AML Self-Assessment Tool Overview and Instructions February 2018 1129 20 th Street, N.W. Ninth Floor Washington, DC 20036 www.csbs.org 202-296-2840 FAX 202-296-1928 2 Introduction and Overview The
More informationCORPORATE INTELLIGENCE AND RISK SOLUTIONS
CORPORATE INTELLIGENCE AND SOLUTIONS Insight. Integrity. Advantage MAKE THE RIGHT DECISIONS PROTECT YOUR REPUTATION MANAGE YOUR S ABOUT Since 2008, Berlin Risk has been a leading innovator in the risk
More informationIntelligence Report. Enterprise IT and Services NICE Systems Pushes the Envelope with a Real-Time Customer Engagement Platform
Enterprise IT and Services NICE Systems Pushes the Envelope with a Real-Time Customer Engagement Platform Europe +33 (0) 1 41 14 83 15. Or visit our Web site: www.currentanalysis.com 1 Enterprise IT and
More informationInformation paper. Transaction filtering, systems testing and annual certification: driving business benefits
Information paper Transaction filtering, systems testing and annual certification: driving business benefits Introduction Overview of the changes The new DFS anti-terrorism transaction monitoring and filtering
More informationFuture-proofing your fraud prevention efforts
Future-proofing your fraud prevention efforts Experian and the marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned
More informationEffective Risk Management With AML Risk Assessment. January 25, 2017
Effective Risk Management With AML Risk Assessment January 25, 2017 2017 2017 Crowe Crowe Horwath Horwath LLP LLP Agenda Regulatory Trends in Risk Assessment Crowe Approach to Anti-Money Laundering (AML)
More informationAnti Money Laundering Compliance Solutions. Copyright 2016 Allsec Technologies. All rights reserved.
Anti Money Laundering Compliance Solutions Copyright 2016 Allsec Technologies. All rights reserved. Contents Allsec Overview Information Security Credentials AML-as-a-Service Case Study 2016 Allsec Technologies.
More informationBest Practices for Vendor Risk Profiling
Best Practices for Vendor Risk Profiling Presented By Michael Volkov CEO & Founder, Volkov Law Group Stephen Gooding Director, Product Specialists, NAVEX Global Copyright 2019 NAVEX Global, Inc. All Rights
More informationfor the Smart Economy
18 Blockchain: The Force Multiplier for the Smart Economy 1 The world is filled with inefficiencies 3 DAYS Amount of time to sell a share of stock 12 DAYS Amount of time it takes for a bank to validate
More informationAML and Tax Compliance in the Asia-Pacific Region: Investing in KYC Systems, Data, and Processes
White Paper April 2015 Risk Solutions Financial Services Roles Organization Size Countries 14% 23% 24% 30% 22% 21% 20% 17% 12% 17% VP and Above Director / Sr Manager Manager Specialist Consultant / Other
More informationResource Management 2.0 The Next Chapter of Just-in-Time Resourcing
Resource Management 2.0 The Next Chapter of Just-in-Time Resourcing Randy Mysliviec President and CEO Jenna Schofield Senior Consultant 2 2008-2017, Inc. All rights reserved. Just-in-Time Resourcing is
More informationCOMPLIANCE REIMAGINED THE AML COMPLIANCE LANDSCAPE. Financial institutions seek enterprise-wide, cost-effective solutions
COMPLIANCE REIMAGINED THE AML COMPLIANCE LANDSCAPE Financial institutions seek enterprise-wide, cost-effective solutions Earlier this year, the Financial Industry Regulatory Authority (FINRA) issued its
More informationSolution Brief Efficient ecommerce Fraud Management for Acquirers
Solution Brief Efficient ecommerce Fraud Management for Acquirers Table of Contents Introduction Sophisticated Fraud Detection and Chargeback Reduction Improved Compliance Posture Transparent User Experience
More informationTechnology Assurance: A Challenge for RAFM in an Evolving Market. Jerusa Verasamy
Technology Assurance: A Challenge for RAFM in an Evolving Market Jerusa Verasamy Agenda 1. Revenue Assurance and Fraud Management Definition Explanation of Leakage Positioning of RAFM in an organization
More informationRSM ANTI-MONEY LAUNDERING SURVEY BEST PRACTICES AND BENCHMARKING FOR YOUR BSA/AML PROGRAM
RSM ANTI-MONEY LAUNDERING SURVEY BEST PRACTICES AND BENCHMARKING FOR YOUR BSA/AML PROGRAM Anti-money laundering (AML) regulations are at times challenging for banks. Emerging risks and increased scrutiny
More informationBank Secrecy Act Training: Who, What, When, How and Why? Presented by Lynn English Lafayette Federal Credit Union
Bank Secrecy Act Training: Who, What, When, How and Why? Presented by Lynn English Lafayette Federal Credit Union Key Takeaways After this webinar, participants should have an understanding of minimum
More informationINTELLIGENT FINANCIAL CRIME DETECTION GETTING AHEAD OF FINANCIAL CRIME WITH AI THE POWER OF AI
INTELLIGENT FINANCIAL CRIME DETECTION GETTING AHEAD OF FINANCIAL CRIME WITH AI THE POWER OF AI BUSINESS SITUATION CRIME-DETECTION AND COMPLIANCE CAPABILITIES ARE STRAINED Financial crime is a major threat
More informationMarkets Surveillance Enterprise Solution Overview. December 3. Financial Markets Compliance Solutions
Markets Surveillance Enterprise Solution Overview December 3 Financial Markets Compliance Solutions Table of Contents Executive Summary... 3 Solution Overview... 4 Coverage Areas... 4 Key Features... 4
More informationHOW DATA SCIENCE CAN REDUCE AML FIFTH PILLAR RISK
HOW DATA SCIENCE CAN REDUCE AML FIFTH PILLAR RISK New Technologies Including Artificial Intelligence (Ai), Machine Learning And Big Data Enable Banks And Financial Institutions To Surpass Kyc Regulatory
More informationANTI-MONEY LAUNDERING SERVICES EXPERTS WITH IMPACT
ANTI-MONEY LAUNDERING SERVICES EXPERTS WITH IMPACT FTI Consulting Anti-Money Laundering Services F TI Consulting provides end-to-end Anti-Money Laundering consulting services to financial institutions.
More informationRiskTech Quadrant 2016
Independent research by RiskTech Quadrant 2016 Watchlist monitoring solutions May 2016 About Chartis Chartis is the leading provider of research and analysis on the global market for risk technology. It
More informationThomson Reuters SCREENING RESOLUTION SERVICE
Thomson Reuters SCREENING RESOLUTION SERVICE Benefits Reduce the compliance burden and maximize existing staff resources Demonstrate a complete audit trail to regulators Improve regulatory compliance Adopt
More informationCrowe Consumer Compliance Consulting Services
Crowe Consumer Compliance Consulting Services How Well Is Your Organization Managing Regulatory Risk in Consumer Banking and Financial Services? Audit / Tax / Advisory / Risk / Performance Smart decisions.
More informationRisk Based Approach and Enterprise Wide Risk Assessment Edwin Somers / Inneke Geyskens-Borgions 26 September 2017
Risk Based Approach and Enterprise Wide Risk Assessment Edwin Somers / Inneke Geyskens-Borgions 26 September 2017 Contents I. Risk Based Approach 3 II. Enterprise Wide Risk Assessment 11 II.1. Introduction
More informationContextual Monitoring: Enabling banks to reduce false positives while catching the bad guys
Contextual Monitoring: Enabling banks to reduce false positives while catching the bad guys Executive summary The need for a new approach The current approach to Anti-Money Laundering (AML) Transaction
More informationIndependent research by. Chartis RiskTech Quadrant Financial Crime Risk Management Systems Watchlist monitoring solutions 2014
Independent research by Chartis RiskTech Quadrant Financial Crime Risk Management Systems Watchlist monitoring solutions 2014 February 2015 In this research paper This Chartis research paper covers the
More informationBALANCING COMPLIANCE WITH CUSTOMER SATISFACTION
BALANCING COMPLIANCE WITH CUSTOMER SATISFACTION AGENDA Cost of compliance ID fraud stats On-boarding challenges Passing a FIC inspection Characteristics of a good RMCP CDD & RegTech Conclusion COST OF
More informationInfo paper Is your sanctions filter working?
Info paper Is your sanctions filter working? How regular testing and tuning can help you achieve peace of mind. Contents How regular testing and tuning can help you achieve peace of mind. Executive Summary
More informationRC & TACKLING TRADE BASED MONEY LAUNDERING (TBML) risk compliance RISK & COMPLIANCE MAGAZINE. risk & compliance REPRINTED FROM: APR-JUN 2018 ISSUE
R E P R I N T RC & risk compliance & TACKLING TRADE BASED MON LAUNDERING (TBML) REPRINTED FROM: RISK & COMPLIANCE MAGAZINE APR-JUN 2018 ISSUE RC & risk & compliance Visit the website to request a free
More informationERP Package Selection A Well Rounded Evaluation
ERP Package Selection A Well Rounded Evaluation Session ID#: 105250 Selection should consider many factors. Align the selection with your long term strategy. Prepared by: Stephen Coco Managing Director
More informationIDC MarketScape: Worldwide Anti Money Laundering Solutions in Financial Services 2018 Vendor Assessment
IDC MarketScape IDC MarketScape: Worldwide Anti Money Laundering Solutions in Financial Services 2018 Vendor Assessment Karen Massey Steven D'Alfonso THIS IDC MARKETSCAPE EXCERPT FEATURES FICO TONBELLER
More informationCan You Spot Fraudsters?
Can You Spot Fraudsters? CACUBO Workshop March 22, 2018 Eric Conforti, CPA, CFE 1 Who Are We? A One-Firm Firm: Over 2,200 industry experts to partner with when specific industry knowledge is needed during
More informationAdvisory Services for Financial Institutions Creating value through collaboration
Advisory Services for Financial Institutions Creating value through collaboration Fiserv is committed to delivering technology solutions and expertise that create value for your financial institution and
More informationinvestigative consulting services
investigative consulting services AN INTRODUCTION: a sharper point of view INSIGHT IS AN INDEPENDENT CONSULTANCY SPECIALIZING IN THE AREAS OF DUE DILIGENCE, INVESTIGATIONS AND LITIGATION SUPPORT. We provide
More informationAML Investigations. Understand the Challenge of AML Investigations and How to Meet Them
AML Investigations Understand the Challenge of AML Investigations and How to Meet Them This in-house course can be presented in-house either on your premises or via live webinar for a group of 3 or more
More informationCombining all relevant and new data sources to create one complete risk management offering
Combining all relevant and new data sources to create one complete risk management offering Kelly Love Experian Christopher Briggs Experian Experian and the marks used herein are service marks or registered
More informationRole of Operational Risk in the Product Lifecycle Presented By: Chris Nestore, SVP Head of Operational Risk Management, TD Bank
Role of Operational Risk in the Product Lifecycle Presented By: Chris Nestore, SVP Head of Operational Risk Management, TD Bank Product Governance Overview Regulatory agencies have increased interest and
More informationFINANCIAL SERVICES FLASH REPORT
FINANCIAL SERVICES FLASH REPORT New York Department of Financial Services Final Transaction Monitoring and Filtering Program Regulation July 6, 2016 On December 1, 2015, the New York Department of Financial
More informationANTI-MONEY LAUNDERING, SANCTIONS & ANTICORRUPTION SOLUTIONS EXPERTS WITH IMPACT
ANTI-MONEY LAUNDERING, SANCTIONS & ANTICORRUPTION SOLUTIONS EXPERTS WITH IMPACT About Anti-Money Laundering, Sanctions & Anti-Corruption Solutions F Our professionals offer comprehensive solutions to financial
More informationINTRODUCTION WHY DO YOU NEED VETTING SERVICES?
INTRODUCTION Thank you for the opportunity provided by you for URED to submit a proposal for the services that we can render to your organization. URED specialises in vetting services for prospect new
More informationStrategies for Success: Focus on Five Method to Achieving Functional Balance
Strategies for Success: Focus on Five Method to Achieving Functional Balance CUSTOMER PERSPECTIVES Presented By: Colleen Rudio, Chief Strategist 406.239.3547 colleen.rudio@cascadiabusiness.com Review:
More informationRiskTech Quadrant 2017 Watchlist Monitoring Solutions
Independent research by RiskTech Quadrant 2017 Watchlist Monitoring Solutions August 2017 About Chartis Chartis Research is the leading provider of research and analysis on the global market for risk technology.
More informationThird Party Risk Management ( TPRM ) Transformation
Third Party Risk Management ( TPRM ) Transformation September 20, 2017 Internal use only An introduction to TPRM What is a Third Party relationship? A Third Party relationship is any business arrangement
More informationMERCURY PROCESSING FRAUD OUR WAY OF FIGHTING FRAUD
MERCURY PROCESSING OUR SERVICES WAY OF INTERNATIONAL FIGHTING FRAUD OUR WAY OF FIGHTING FRAUD Grozdana Marić, Fraud Product Manager Ljubljana, 31 st May 2017 Mercury Processing Services International is
More informationHeightened standards for compliance risk management. Lines of defense compliance s role
Heightened standards for risk management Lines of defense s role Post-financial crisis, the Office of the Comptroller of the Currency (OCC) developed a set of heightened expectations to enhance the risk
More informationBuilding a Successful Anti-Counterfeiting Strategy
Building a Successful Anti-Counterfeiting Strategy Camilla Herron, Sr. Brand Protection Consultant MarkMonitor Inc. August 27, 2014 2014 MarkMonitor Inc. Building A Successful Anti-counterfeiting Strategy
More informationComprehensive Enterprise Solution for Compliance and Risk Monitoring
Comprehensive Enterprise Solution for Compliance and Risk Monitoring 30 Wall Street, 8th Floor New York, NY 10005 E inquiries@surveil-lens.com T (212) 804-5734 F (212) 943-2300 UNIQUE FEATURES OF SURVEILLENS
More informationIDC MarketScape: Worldwide Know-Your-Customer Solutions in Financial Services 2018 Vendor Assessment
IDC MarketScape IDC MarketScape: Worldwide Know-Your-Customer Solutions in Financial Services 2018 Vendor Assessment Steven D'Alfonso Karen Massey THIS IDC MARKETSCAPE EXCERPT FEATURES: FISERV IDC MARKETSCAPE
More informationA Case Study: How Effective Risk Management Drives Global Supply Chain Optimization.
A Case Study: How Effective Risk Management Drives Global Supply Chain Optimization JLL Maureen Ehrenberg Executive Managing Director Hiperos Michele Flynn Founder & Vice Chairman DENVER FALL 2014 SU MMIT
More informationModernizing Anti-Money Laundering Practices
Conclusions Paper Modernizing Anti-Money Laundering Practices How Financial Institutions Can Use Predictive Analytics to Pinpoint Suspicious Activity Insights from a presentation at the ACAMS AML & Financial
More informationDefining and promoting excellence in the provision of mobile money services
SAFEGUARDING OF FUNDS DATA PRIVACY AML/CFT/FRAUD PREVENTION STAFF AND PARTNER MANAGEMENT CUSTOMER SERVICE TRANSPARENCY QUALITY OF OPERATIONS SECURITY OF SYSTEMS Defining and promoting excellence in the
More informationAML Regulation in 2014: The New Culture of Compliance. Webinar Participant Poll Results. Copyright 2016 NICE Actimize. All rights reserved.
AML Regulation in 2014: The New Culture of Compliance Webinar Participant Poll Results TABLE OF CONTENTS Overview... 3 Polling Methodology & Respondent Demographics... 3 Key Findings... 4 Area of Greatest
More informationCustomer Due Diligence Risk-Based Approach. Dan Soto CCO Ally Financial
Welcome Customer Due Diligence Risk-Based Approach Megan Hodge CCO RBC Bank Dan Soto CCO Ally Financial Agenda Risk Based Approach Customer Risk Scoring Enhanced Due Diligence Case Studies Evolution of
More informationEmployee Dishonesty: Prevention and Detection
Employee Dishonesty: Prevention and Detection Frontline Risk Management Series Welcome to this session on Employee Dishonesty, a risk management module presented by CUMIS General Insurance s Risk Solutions
More informationOVERVIEW MAPR: THE CONVERGED DATA PLATFORM FOR FINANCIAL SERVICES
OVERVIEW MAPR: THE CONVERGED DATA PLATFORM FOR FINANCIAL SERVICES 1 BIG DATA PUT TO WORK IN THE FINANCIAL SERVICES WORLD The strong interlock between digital transformation and big data is driving change
More informationGlobal Expectations for Addressing Fraud Risk and the Investigative Process
Global Expectations for Addressing Fraud Risk and the Investigative Process Waheed Alkahtani CFE, CISA, and CCEP-I Saudi Aramco Internal Auditing Special Audits Division Copyright 2014, Saudi Aramco. All
More informationBenefits of Investing in Digital Onboarding for Small-Business Banking
Benefits of Investing in Digital Onboarding for Small-Business Banking OCTOBER 2017 Prepared for: 2017 Avoka. All rights reserved. Reproduction of this white paper by any means is strictly prohibited.
More informationFinancial Institutions Consulting. Quality service. Personal attention.
Financial Institutions Consulting Quality service. Personal attention. Why Weaver? With more than 65 years of experience and a commitment to our financial institution clients, Weaver is established as
More informationHow to discover ways to sustainable anti-money laundering operations*
Banking and Capital Markets How to discover ways to sustainable anti-money laundering operations* *connectedthinking Table of contents Situation 5 Perspective 6 Common components of a successful integrated
More informationEnterprise-wide Risk Case
Enterprise-wide Risk Case December 4, 2013 Management Categorizing Costs and Savings for Clearer Return on Investment (ROI) Executive Summary Greater losses from financial crime incidents, pressure to
More informationA quest to boost accuracy in data reporting
A quest to boost accuracy in data reporting Introducing: Dorita Dawson Ally Bank Julie Moroschan Experian Michael Berard Experian Contents 1. Challenges data furnishers are facing today 2. FCRA regulatory
More informationFraud and identity verification consulting case study maximize bookings and reduce operational costs by using the right data
Fraud and identity verification consulting case study maximize bookings and reduce operational costs by using the right data Client Top-tier U.S. card issuer Chris Ryan Experian Experian and the marks
More informationFrom Dictionary.com. Risk: Exposure to the chance of injury or loss; a hazard or dangerous chance
Sharon Hale and John Argodale May 28, 2015 2 From Dictionary.com Enterprise: A project undertaken or to be undertaken, especially one that is important or difficult or that requires boldness or energy
More informationPrecise ID. A comprehensive approach to fraud detection and compliance
SM Precise ID A comprehensive approach to fraud detection and compliance The threats posed by fraud and identity theft demand a risk-based approach that employs accurate and broadreaching data assets;
More informationecap Health Check Evaluation
ecap Health Check Evaluation ECAP utilizes a multi-faceted engagement approach with our clientele to provide more efficient and effective services. There are 3 phases to the engagement: Phase I: Onsite
More informationSCCE Compliance & Ethics Institute. Agenda. Trust & Verify: Investigation and Compliance Forensic Tools. September 16, 2014
SCCE & Ethics Institute Trust & Verify: Investigation and Forensic Tools September 16, 2014 Martin Wolin Chief Risk & Officer Mercer North & Latin America Boston, MA Alan K. Halfenger Chief Officer Bain
More informationFinancial Services. turning. risk into. performance advantage. Your business technologists. Powering progress
Financial Services turning risk into performance advantage Your business technologists. Powering progress Many financial institutions see managing risk and assuring full compliance as a burden: an increasing
More information