The landscape for financial crimes compliance is constantly changing with ever increasing demands on financial institutions to implement, maintain and fine tune their monitoring systems.
Charting a course
Program management and reporting is an essential factor for an effective financial crimes program. Many projects are innately under great scrutiny from steering committees and possibly other external factors so proper planning and execution is tantamount for a successful implementation.
Experienced professionals help drive deliverables and bring disparate resources together to help the financial institution resolve complex problems within a short period of time. This unique skill set can be leveraged to avert costly mistakes by the institution in terms of additional development time and mandatory or voluntary look backs.
Regulators have issued model risk management guidelines to financial institutions which also now apply to financial crimes programs. Traditionally, this guidance applied to credit risk models, but a greater emphasis is being placed on quantitative validation and rigorous risk assessments in order to remain compliant.