BSA/AML Automated Systems Validation: Validation Insights
Reliance on BSA/AML Automated Surveillance Systems has become the accepted standard, but that doesn’t mean that the acquisition and implementation of a system is the ultimate solution. Most institutions are learning that these systems, while providing capacity to grapple with complex elements of BSA/AML, require their strong understanding, procedures and optimization efforts to promote compliance, reliability and efficiency. Model validation has been a significant requirement of the regulators over the past year and the expectation of validation is increasing. A key question is what must be validated? Is it the system’s accuracy in receiving information from the financial institution’s core? Is it accuracy in filing CTRs and SARs? Is it the alerts/red flags in identifying high-risk activities and/or customer/members? Are the parameters presented as it relates to rules and are they efficient in eliminating noise through qualified calibration? Yes, it is all these and more. An AML system is designed to be a tool or model, but no effective tool/model exists in a positive use without sound knowledge of how it is designed to be used and what is needed to keep the tool functioning effectively.
Sharpening the tool of a BSA/AML System is an ongoing exercise that combines both science and art. This webinar walks through the mechanics of proving the system’s accuracy and then establishing and reestablishing the system's efficiency. Both are needed for a model to meet guidelines such as OCC’s 2011-12. The webinar also presents the all-too-frequently missing component in most FI’s BSA/AML System arsenal and why that missing tool means that efficiency cannot truly be achieved. In a world where dependency on AML systems is ever increasing and finite resources must be efficiently utilized, the need for strong AML system validation and calibration has never been more important.
Please join Ken Agle, president, AdvisX, as he guides you through what you need to know and do to validate your BSA/AML Automated System, maximize its effectiveness, minimize the resources expended, and stay ahead of regulatory expectations.
WHAT YOU’LL LEARN
Join this webinar to learn:
- Why BSA/AML Systems are needed in today’s world and the terms that must be understood for those systems to work.
- What the systems are designed to detect and why many fail to connect selection and design to risk factors facing the financial institution.
- An overview on the systems in the market and the basic approach of those systems.
- Why understanding BSA/AML investigation and reporting concepts are critical to evaluation.
- Techniques for validation from the core system to the AML system and where internal validation is critical.
- Techniques for using statistics and modeling techniques for system calibration including the role of case management in the process.
- AND MUCH MORE!
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