The MRM/AML Peace Accords: Successfully Applying Model Risk Management to Anti-Money Laundering
About The EventModel Risk Management (MRM) has a crucial role in modern banking: to ensure our day-to-day processes and technological solutions — including compliance tools — don’t introduce hidden risk, or unforeseen consequences. Anti-Money Laundering (AML) teams have a job that’s just as important: to stop criminals from using the world’s financial markets to launder money, fund terrorism, and profit from human trafficking. Given their seemingly shared goals, why do so many financial institutions complain that MRM and AML are misaligned? Is there a way for these two critical banking functions to operate side-by-side? Or is there something fundamentally wrong about how the industry has tasked both, that all but guarantees there will be tension? In our upcoming webinar we’ve asked senior leaders in both AML and MRM to weigh in and share their own experiences, positive and negative. Our panelists include Harsh Singhal, Decision Science & Artificial Intelligence Validation, Wells Fargo; Rick Hamilton, SVP Quantitative Modeling & Analytics, PNC; and Angelena Bradfield, SVP AML/BSA, Sanctions & Privacy, Bank Policy Institute. Please join us Tuesday, November 30 at 1pm EST for an honest and lively discussion.
What you’ll learn:
- Why is setting Risk Tolerance so important?
- How can smaller banks field a successful program?
- What are the kinds of behaviors that lead to fines?
- Why fines aren’t the only costs of a weak AML program.
- What are the components of a good governance process for AML?