Driving Operational Resilience in Financial Crime
With the dramatic increase in transaction volumes and regulatory complexity related to Financial Crime, financial institutions are facing a significant increase in operating costs as they try to remain within risk appetite whilst managing costs and headcount.
The burden created by the number of alerts across all Financial Crime domains is continuing to increase. Detection is not the end of the story, it’s just the beginning. Banks are looking for solutions that empower end-users to better manage the continued high volume of alerts, as well as deploying analytics techniques that can ease the post qualification of those alerts as false or true.
With increases in regulatory requirements, organisations are having to show proof that they are executing efforts to understand the effectiveness of their scenarios, provide documented tuning results of the scenario parameters, evaluate below the line and above the line simulations, and maintain ongoing robust documentation that outlines the process and results of these efforts.
SAS and EY explore innovative initiatives focused on using AI and Machine Learning to boost the accuracy of your AML programs.
Data Assurance: Building Block for Effective Transaction Monitoring
Discuss the key elements for effective data assurance including:
- Anatomy of Data Architecture & Reference Architecture
- Defining and Cataloguing Data Sources & Business Taxonomies
- Data Governance approaches & methods
- DataOps and processes for designing & building data pipelines with fault-tolerance, automation of data validation and data quality and failure alerting
Automation: The Framework for Streamlined Financial Crime Operations
Getting the data right remains a critical step for uplifting operational capability.
What is the next step in evolving operational capability?
- Techniques and methodologies for designing rules and scenarios
- Creating libraries that can be refactored to meet new events and typologies
- Using advanced analytics such as AI and ML to improve detection performance and quality
- Alert triage and case management automation
Intelligent Analytics: Enabling and Supporting Your Primary Detection Engine
How can you use intelligent analytics to improve the effectiveness and efficiency of transaction monitoring and sanctions screening?
- Improve recognition and detection of events, entities, and transaction activities in support of rules and scenarios design, deployment, and operation
- Visualise risk holistically with complete customer network activities to rapidly uncover complex, hidden relationships
- Enhance and optimise end-to-end decision fabric for financial crimes management.
About the speakers
Paul Franks
Director, Financial Services
SAS, Australia & New Zealand
Paul Franks
As the director of financial services for SAS Australia and New Zealand. Paul is responsible for sales and industry strategies for banking customers and risk management solutions. He has over 30 years of professional and commercial experience in financial services, covering banking, insurance and wealth management. Previously, he was a partner at Deloitte and at Ernst & Young. Paul is a member of the Global Banking Council for SAS.
Keith Swanson
Regional Director, Fraud Financial Crimes & Security Intelligence
SAS, Asia Pacific & Japan
Keith Swanson
Keith is the regional director for fraud, financial crimes, and security intelligence at SAS Asia-Pacific & Japan. He and his team work extensively with customers to develop strategies and apply solutions to combat financial crime, fraud, waste, and abuse, and to develop security initiatives, including public security, intelligence and cyber. Keith has worked across North America and Asia in industries including financial services, government, and communications, both globally and regionally. Prior to joining SAS in 2010, he held several senior positions with a longstanding SAS customer in the financial services sector in the USA. He also worked in management, business process and analytics consulting with organisations including IBM Global Business Services.
Dima Katchalov
Risk Technology Lead
EY Australia
Dima Katchalov
Dima has 20 years’ experience in the Australian Financial Services industry. He leads EY’s Oceania Risk Technology Consulting Practice, specialising in Financial Crime and Fraud. Prior to joining EY, Dima held executive Technology and Transformation roles at major Australian banks, specializing in Risk and Payments capabilities. His most recent role prior to EY was as Head of Risk Technology at a Big 4 Australian Bank, responsible for delivering end-to-end technology services for enterprise Financial Crime, Fraud and Credit Risk capabilities.
Nick Davison
Financial Crime Partner
EY Australia
Nick Davison
Nick has more than 24 years’ experience working with financial services clients with more than 20 years spent in Asia Pacific. His work experience has taken from the UK, where he qualified as a Chartered Accountant. Nick has advised multiple global financial institutions across a range of businesses, including Retail and Commercial, Corporate and Investment Banking and Correspondent Banking on the design and implementation of target state operating models for AML/KYC. He has undertaken reviews of AML surveillance and transaction monitoring systems and performed regulatory assessments of AML compliance against local and international regulatory standards.
David Burgess
Principal Solutions Manager
SAS, Australia & New Zealand
David Burgess
David Burgess has almost 20 years of experience in Asia Pacific regional roles, with over 10 years’ experience leading analytics teams covering Marketing, Credit Risk, and AML/Fraud.
His current role covers NZ/AU customer advisory activities with a focus on advanced analytics and FSI.
Alphins Vijay Rayan
Senior Business Solutions Manager, Fraud & FinCrime
SAS, Australia & New Zealand
Alphins Vijay Rayan
Alphins has recently joined SAS as a Fraud and FinCrime Risk domain expert with over 22 years of experience across diverse organisations including large global banks, leading technology companies and a start-up. His multi-faceted experience spans across Financial Crime Risk Management, consulting, operations, process efficiency, Fraud Risk Strategy, Management and Analytics.
Prior to SAS, he was the Global Fraud Risk Operations head for a UK-based global bank. He has led complex consulting engagements, spearheaded enterprise-wide risk mitigation framework and strategy including global risk assessment for products and channels.
He holds a master’s degree in business administration from Binary University, Malaysia and has many certifications to his credit in his journey of self-investment. He believes that a cohesive eco-system (people, process and technology) is crucial to protect organisations, customers, and the community against financial crimes.
Resources
EBOOK
AML Staying the Course to Operational Resilience
The accelerated consumption of digitised services has not only changed the banking landscape – it’s impacted anti-money laundering risks and defenses. This ebook discusses the new compliance landscape, the new emerging risks and treats and the tools and technologies available to enable faster, more effective responses.
EBOOK
Intelligence-Driven Approach to Financial Crimes Management
Financial crimes against financial institutions have become more significant. These risks now represent one of the biggest areas of concern for the industry and one of the largest drivers of IT and compliance costs. This ebook discusses new drivers in financial crime analytics, the technology solution deployment trends and the growing role of advisory services in financial crime management.
WEBCAST
Intelligence-Driven Approach to Financial Crimes Management webcast
In this webcast SAS & EY discuss changes to regulatory rules and what this means for financial institutions, how financial institutions are transforming and what the role technology plays in this evolving landscape.
WHITEPAPER
AML Modernisation: Embarking on the Journey
Financial crime prevention leaders confront challenges on many fronts. This white paper explores current organisational challenges, outlines the benefits of new AML technology adoption, and identifies how to embark on a journey of discovery and modernisation.
ANALYST REPORT
SAS has been named a Leader in this report. The content for this excerpt was taken directly from IDC MarketScape: Worldwide Responsible Artificial Intelligence for Integrated Financial Crime Management Platforms 2022 Vendor Assessment. IDC notes that "SAS is at the forefront for investing in AI/ML-powered solution innovations.”
SOLUTION BRIEF
Modernise your anti-money laundering program with AI and machine learning in the cloud
Is your anti-money laundering program generating too many false positives? Are you inadvertently overlooking truly suspicious transactions by relying on rule-based approaches to detection? Learn how to modernise your anti-money laundering program with AI and machine learning in the cloud.
About SAS® Financial Crime Analytics
With SAS’ advanced analytics, cloud-based compliance solution, financial institutions can leverage AI and ML to enhance their existing AML monitoring program. The solution seamlessly interfaces with any AML platform to optimise monitoring, reduce compliance costs and false positives numbers, and detect more “true positives”. By embedding advanced analytics in the software, FCA helps financial institutions substantially improve the effectiveness of their transaction monitoring programs. SAS AML solution is also backed by domain experts with extensive experience delivering advanced analytic capability to a vast number of organisations.