Welcome

The Cost of Non-Compliance: How are Firms Leveraging Data to Reduce Risk and Keep the Regulators Happy?

Sponsored by ibi
Tuesday 20 October 2020, 12:30
Zoom

The rise in remote working has put the spotlight on companies knowing where their data is and who is using it. But as compliance teams rush out new information governance strategies, regulators also expect financial services firms to remain vigilant over the risks of fraud and financial crime - and the cost of non-compliance remains high.

From Anti-Money Laundering directives, Know Your Customer, Strong Customer Authentication, and PSD2 to the Basel III reforms or General Data Protection Regulation, it is crucial for a firm’s reputation and bottom line to have the right systems and processes in place.

To overcome this compliance challenge, nimble digital challengers are turning to automation, AI and machine-learning led processes to leverage the insights within their data and ensure speed and transparency in regulatory reporting. However, many firms are struggling under the weight of legacy IT systems, with data stuck in siloes and their compliance risk rising exponentially.

This roundtable will focus on how best to tackle modern data challenges in a heavily regulated environment and assess best practice in data management as well the risks and opportunities of automation in compliance.


Topics for discussion:

• Which area of compliance are you focussed on and how has remote working changed your approach to data management?
  
  
• How are automation and AI changing the customer onboarding and KYC process?
  
  
• How are firms dealing with the rising data demands of Anti-Money Laundering (AML) processes?
  
  
• What impact have Open Banking and GDPR had upon information governance?
  
  
• How can data management support compliance with Basel III regulation, including data quality and traceability for audit and reporting?
  
  
• Are financial organisations ready for the Strong Customer Authentication deadline– and how can processes like two-factor authentication add value for the customer?
  
  
• How can banks manage ethical as well as regulatory risks related to the use of AI and automation?
  
  
• What can legacy institutions learn from FinTechs’ use of data, and which type of organisation has the compliance advantage? 
  
  
  

Timings:

12:30 – 12:40   Editor’s Welcome 
12:40 – 14:00   Topic Discussion

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