Food for Thought: Trends in Surveillance & Financial Crime

“Food for Thought” is a series showcasing insights and best practices from attended events, where senior financial services professionals and industry thought leaders come together to discuss the latest industry developments over a bite to eat.Request an invitation  Exiger’s Avigyan Das was invited to moderate a breakfast roundtable at Credit Suisse on current market practices and automation in relation to Employee and Market Surveillance. It was a great opportunity to hear from senior professionals from financial institutions such as HSBC, Fidelity, RBS and MUFG. Our key takeaways from this event? Here’s what you need to know: The current state of play in surveillance is evolving – The roundtable attendees were most interested in the constant innovation around technologies, best practice for implementation and current challenges around the available platforms in the market, in addition to the efficacy of the current generation of lexicon-based systems and progress on model-based systems. Monitoring requires data governance – Integration of separate monitoring tools into one solution multiplies the efficiency of monitoring, but this is increasingly difficult where data quality and legacy system issues persist. Culture is key – The culture and risk appetite of financial institutions typically play a critical role in implementing an all rounded solution. Honour system based controls such as for PAD and OBIs provide little actual audit value  – However, as they are perceived as key controls they nonetheless are the focus of reviews.*The topics on financial crime – like transaction and financial screening – were also covered as part of the discussion. Please feel free to contact Vlad and Avi to find out more about the existing market trends in surveillance and financial crime and how analytics can be leveraged to bring efficiency and integrity to this process.