Data protection titled “Is Know Your Data (KYD) the new KYC”

 

22 November 2020 Sunday

09 AM – 3 PM

 
 
Program 1 KYD is the new KYC

This course is designed specifically for bank MLRO and Compliance teams to get a critical level understanding on the value of good data development and governance to ensure that their time and financial investment in KYC compliance protocols are effectively managed.

Any well-structured AML compliance program is enabled by the software used to review customers, analyze transactions as per protocols to identify suspicious activities, and provide analytical and research capabilities to support the filing, or non-filing, of suspicious activity reports (SARs). The Know your Customer program within financial institutions would be crippled without an insight into the expected transaction activity, the jurisdictional spread of transactional activity, customers’ personal and business activity data because all these factors go into the calculus of the risk the customer presents to our business. And all these critical processes rely on the quality and accessibility of data.

It has now become critical for financial institutions to attach another aspect to their standard KYC protocols for effective AML compliance – “know your data,” or KYD.

Objectives

Upon completion of this program, the participants will be able to learn the following:

  • Understand the importance of defining data across different product lines or lines of business, functions and business processes and invest wisely towards integrating data sets across the enterprise.
  • Build a strong governance and management structure of important master data and supplemental reference data
  • To use data to support well defined business processes, establish sensible controls and support generation of real time documentation and reports for the organisation and the regulatory oversight
  • Create a source environment where accurate business/technical metadata exists to verify and confirm source/ lineage/ traceability and dependability of data store on the customer and his business
  • Identify and establish a corporate structure for stewardship and control of data and information who have accountability and responsibility for the data quality assurance throughout the data life cycle.
Target Audience

While this programme is mainly designed for data users such as

  • MLROs
  • Compliance Managers
  • Internal Audit
  • Regulatory Audit

We believe that attendance by corporate IT support will be of great value to the teams in the session as well.

Methodology

The structure of the course has been designed to support data governance and protection from the grass root level of obtaining and developing information as essential components of software for KYC and transaction monitoring efforts. Master and reference data management projects are now an essential part of compliance responsibility and this programme is built to clean up the process of a clear path to effective data development, control and governance.

Course outline

Module 1:

Enterprise data development, governance design and implementation

Module 2:

Customer risk scoring, design and development of due diligence protocols

Module 3:

Master data and reference data management design and implementation. Governance issues

Module 4:

AML alert production testing and SAR analysis and Industry benchmarking

Class exercise and discussion:

When things go wrong: a real-world case study

Duration

1 Day – 6 Hours

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