• Comparing differences between traditional audit approaches and those that are data-driven to delineate opportunities for greater operational and review efficiencies
• Developing strategies to transform legacy audit testing methods to analytic control tests in order to determine adequacy of quality controls
• Overcoming practical challenges in developing and implementing data-driven audit functions such as proper analysis and visualization of outputs to optimize value to institutions
• Compiling progress reports in easy-to-read format and creating centralized repository for relevant documents to illustrate fulfillment of order provisions and goals
• Crafting a post-order master plan to sustain compliance reforms going forward with tools such as AML strategic plans, human capital assessments and strengthened risk management
• Teaming with internal audit to formalize post-order audit timetables, enhance oversight in areas such as transaction testing and monitoring and validate culture of compliance
Presented by KPMG
Presented by Oracle
• Discussing strategic approaches and opportunities to partner and leverage investigative and analytics resources to more efficiently and effectively combat financial crime
• Fostering a collaborative environment between key stakeholders to improve information sharing through existing venues such as SARs, 314(a), 314(b) and innovative/non-traditional means.
• Reviewing information sharing initiatives across the world, such as JMLIT in the UK, to better understand the collaborative initiatives under way.
• Outlining how distributed ledger technology (blockchain) works to illustrate its growing role in financial innovation and products such as cryptocurrencies
• Leveraging blockchain analytics to enhance data integrity, elevate accuracy of AML functions such as KYC/CDD and OFAC filtering and promote improved transaction monitoring
• Crafting AML models to mitigate unique risks of crypto currencies and digital exchanges such as illicit funds conversion, Dark Web market and discordant global regulation