iNFRont Magazine - Dec 21 - Jan 22 Edition

BACK TO BUSINESS

Adapting to the new normal

FINTECH LEADERS 2022

Which firms are setting the standards?

RISK EMEA

The return of in-person events

ESG

Why now is the time for action

MODEL VALIDATION

Focus on KYC/Fraud/AI/ML

INFOSEC

Analyzing the scale of the problem

TALKING HEADS

The emergence of hybrid working

FOREWORD WELCOME TO OUR NEW AND IMPROVED MAGAZINE

WELCOME TO iNFRONT

– OUR NEW AND IMPROVED MAGAZINE

Andreas Simou Managing Director Center for Financial Professionals (CeFPro) 6 RISK FOCUS THE CHANGING FACE OF CULTURE AND CONDUCT RISK 16 EVENT PREVIEW REGISTRATION NOW OPEN FOR ESG USA AND ESG EUROPE!

OUR MAGAZINE TEAM...

We welcome contributions. If you or your organization are interested in featuring in our next issue, please contact editor@cefpro.com

ADVERTISING & BUSINESS DEVELOPMENT

If you are interested in sponsorship and advertising opportunities, please contact: sales@cefpro.com

FINTECH LEADERS REPORT BUSINESS CONTINUITY TAKES CENTER STAGE

FINTECH LEADERS AWARDS CONGRATULATIONS TO OUR 2022 AWARD WINNERS!

20 EVENT REVIEW BACK WITH A BANG! THE RETURN OF RISK EMEA

MEMBERSHIP MATTERS MAKE THE MOST OF YOUR MEMBERSHIP

REPORT SUMMARY REAL-TIME PAYMENTS: HOW PREPARED IS YOUR ORGANIZATION? 7 EVENT PREVIEW STAY AHEAD OF THE OPERATIONAL RISK CURVE

DO MODELS DREAM OF VALIDATION?

ACCESS DENIED 18 WEBINAR REVIEW MAINTAINING RESILIENCE IN A CHANGING

25 TALKING HEADS ADAPTING TO THE ‘NEW NORMAL’

Following an extensive review, including conversations with CeFPro’s Advisory Board and feedback from our readers, we have overhauled our magazine. The focus, as the name iNFRont implies, is Non-Financial and Operational Risks. Still ‘for the industry, by the industry’, its remit is to keep our readers abreast of recent sector developments via regular features, articles, and insights around the latest challenges, future obstacles, and current opportunities.

Timely and thought-provoking items such as our ‘Big Conversation’ with key industry figures, topic-themed Q&As, and in-depth articles will continue to be regular features. However, iNFRont will also include more visuals and infographics, highlights of surveys and reports, summaries of events and webinars, and much more to ensure that our community is kept up-to-date with timely and informative news from all areas of the industry. It also offers a variety of commercial opportunities for companies to raise awareness of their brand and publicize key announcements direct to the market.

iNFRont will move from being a quarterly to a bi-monthly publication, providing more regular industry insight, news, reviews, and information for our readers. It is available to CeFPro members through our Members’ Hub at www.cefpro.com.

CeFPro welcomes industry professionals that wish to contribute to future issues. If you have an interesting case study, thought leadership article, or other item that can help to advance the industry, please feel free to contact us.

We trust you enjoy the first issue of CeFPro’s iNFRont magazine!

MAGAZINE ADVISORY BOARD

Oskar Rogg MD, Head of Treasury, Americas Credit Agricole CIB

Ken Wolckenhauer VP, Vendor Management Nordea Bank, New York Branch

Michael Jacobs Lead Quantitative Analytics and Modeling Expert PNC

Angela Johnson de Wet Head of Risk for IT Change and New Technologies Lloyds Banking Group

Dominique Benz Head of Business Controls Mizuho

Sabeena Liconte Deputy COO and Chief Legal Counsel Bank of China International (USA) Holdings Inc., member of Bank of China Group

HEAD OF CONTENT & EVENT PRODUCTION

To participate in our research and forthcoming conferences, please contact Alice Kelly: alice.kelly@cefpro.com

MARKETING INQUIRIES

To discuss media and marketing collaborations or to join us at our conferences, please contact Amy Greene: amy.greene@cefpro.com

PUBLISHER Andreas Simou andreas.simou@cefpro.com

MANAGING EDITOR Kate O’Reilly kate.oreilly@cefpro.com

HEAD OF DESIGN Natasha Marino www.cefpro.com

Alpa Inamdar Transformation Leader AIG

Ty Lambert CRO Bancorp South

Mike Guglielmo Managing Director Darling Consulting Group

ESG: WE’RE ALL IN THIS TOGETHER

HOW WOULD YOU DEFINE ESG (ENVIRONMENTAL, SOCIAL, GOVERNANCE) AND WHAT IT MEANS FOR YOUR ORGANIZATION?

David Glendinning: For me, ESG embodies the societal and sustainable objectives that a business has to consider, beyond just financial performance. It has particular meaning for my organization because, roughly two years ago, we officialized our corporate purpose for the first time. This included not just our own societal and environmental objectives but also supporting our clients to reach theirs, in order to achieve long-term financial results, as well as helping to build a better and sustainable future. In terms of risk management, we must ensure that we are looking at how to embody ESG in financial services and our product solutions, and not just process it as an ancillary topic.

Si-Yeon Kim: At our company, we’ve worked towards truly understanding our mission and figuring out our purpose, which is powering progress through travel. Let’s start with the environment, from the three pillars of ESG. I was part of a panel related to COP26 in Glasgow during the recent Climate Summit, and environment and sustainability are front of mind right now.

Sustainability in travel is a hugely important topic for anyone in the aviation, travel, or tourism industry because we all believe that travel is a force for good. We believe it provides economic empowerment, drives revenue, and propels economic progress. On the social side, it fosters personal connections as well as professional development. But the reality is that it also produces carbon. If we consider that travel per se is not the problem, but rather carbon emissions, the question is, how do we decouple the two so we can continue to promote and believe in travel as a force for good? Environmental sustainability is therefore

Si-Yeon Kim Chief Risk & Compliance Officer and Executive Chair of ESG

American Express Global Business Travel

critical to our business model and, like David said, it’s not just about our own footprint but also the products and services that we promote and sell to our customers.

On the social side, this may be where we see some geographical differences. We talk a lot in the US around diversity, equity, and inclusion, and this is meaningful for many reasons, not least because our customers and employees are diverse; the travel industry predominantly attracts female travel consultants, for example. When thinking about our company, we want people to be happy and comfortable; to come to the office and just be themselves, regardless of their gender, race, or sexual orientation.

Finally, governance to us is making sure that we’re always doing the right thing for our customers. The principle behind our decision making is to ensure that we’ve always got our customers’ backs and that we’re doing the right thing for them.

WHAT ARE YOUR MAIN PRIORITIES FOR ESG IN THE SHORT TERM?

Si-Yeon: Returning to travel in a greener way is front of mind. For business travel, our customers are corporations, and they are trying to rethink the carbon impact of their travel.

Providing the right products and services to help them on their decarbonization journey, without necessarily reducing business travel, is the aim, especially as they work towards publicly announced net zero targets or science-based initiative targets.

“Very bold and ambitious statements are being made about targets and goals but what’s really important is the execution strategy to meet them.”

David Glendinning Head of Risk UK

Société Générale

David: Regarding financial services, I’ll echo what Si-Yeon says in terms of climate. One characteristic of ESG is that we’re much more advanced on the E side of things, which I think is a reflection of the industry in Europe. We know where we’re going to a large extent on climate, and we and our clients have made a number of commitments; for example, we have publicly committed to reduce our funding of oil and gas by 10% by 2025. However, we still have a lot to do, and we are very much in execution mode. The priority now is to deliver on these commitments and help our clients to do the same.

Another priority running concurrently is continuing our research around ESG more generally. We are thinking about taxonomies, and about how to frame the S and the G. We need a more holistic framework, recognizing that the E is more advanced than the others.

WHAT DATA CHALLENGES

HAVE YOU ENCOUNTERED OR FORESEE MOVING FORWARD?

David: The immediate data challenge that I see relates to climate risk; in particular, to the comparability of climate data across companies and datasets. The challenge for me as a risk manager, in terms of being able to compare ratings, was something that we touched on at the recent CeFPro Risk EMEA conference. There’s a very large disparity among ratings agencies in terms of the correlation of their ESG ratings, so the issue is around availability of data and the harmonization of standards to ensure comparability for investors and risk practitioners. Looking a little further ahead, I think we’ll also have huge issues around the sorting of data for the S and G areas. There needs to be a harmonization of standards.

Si-Yeon: agree with David. When we think about ESG as a whole and not just sustainability, we want to use our position within the value chain to create a positive influence on our

suppliers, vendors, and partners. As part of the RFP process, we send out various questions related to diversity, equity, inclusion, and sustainability, around their commitments, targets, and achievements. We receive a lot of responses, including the type of certifications or accreditations that David is referencing. But it’s difficult to compare and deduce any useful analytics from them because this field is not as developed when it comes to robust data sets or recognised and accredited ratings agencies. It’s very hard to make comparisons without that standardization.

WHAT ARE SOME OF YOUR KEY TAKEAWAYS FROM COP26?

Si-Yeon: It was very exciting to be in Glasgow for COP26. The energy and excitement that I felt meeting with industry players, NGOs, and government officials was just unprecedented. Very bold and ambitious statements are being made about targets and goals but what’s really important is the execution strategy to meet them. The targets look towards 2030, 2040, and even 2050, not because these issues aren’t important now but because they are complex and the solution cannot be created by one party. It’s about transforming the entire industry by working towards a collaborative solution, not just one player behaving differently. So, now that we have set these ambitious targets and goals, working to find the solutions to meet them is going to be critical.

David: For me, it’s still slightly too early. We haven’t done our due diligence, but we will as a result of what comes out of COP26. Perhaps just a point to note though, is that the world has moved on. What I mean is that we, as an industry, have gone beyond even Paris Accords. Off the back of that we were already making commitments; for example, to stop financing certain polluting industries, or to accompany their energy transition (Société Général is one of the founding members of the Poseidon Principle, which sets out the path to decarbonization in the shipping industry), and to make positive contributions. There can be some controversy around the numbers, but but the appetite and investment is there. This is real, we can see the transition happening. Now it’s about taking action to achieve those long-term targets – it’s not just about getting investors interested, it’s about the execution.

Si-Yeon: That’s a really important point, David. A lot of sustainable solutions and technologies have existed for over 10-15 years. For example, we’re working on a project to promote sustainable aviation fuel that has the potential to reduce aviation related carbon by 80 percent. This technology has existed for over 15 years, but it hasn’t scaled enough to make an impact because the demand to garner the investment into sustainable aviation fuel facilities hasn’t been there. Without demand signals, sustainable solutions will always be more expensive than non-sustainable solutions.

WHAT DO YOU SEE AS THE BIGGEST TREND AND STRATEGIC DIRECTION FOR INSTITUTIONS WITHIN ESG?

David: I think the biggest trend is execution. ESG is becoming central to business; in terms of our dialogs with clients, we try to make it a differentiating factor. Now it’s about acting on that and frankly, it’s a win-win. If we do it well, we fulfil our purpose, serve our clients, and stand out as an institution. However, we need to have a direction that is consistent. The biggest danger, in terms of execution on ESG, is that we have different countries and different jurisdictions pulling in different directions. We need to make this a global effort, or nobody stands to win.

Si-Yeon: Exactly this. For large organizations like David’s and my own, we can tackle this from a slightly more sophisticated perspective. But many small and medium companies are also trying to do the right thing. This is an industry-wide challenge that requires everyone to work together. We can all contribute and provide value in different ways, and I think that is what we are seeing now. Previously, when it came to sustainable aviation fuel, for example, people may have argued that the oil and gas companies just need to sell different products; or that the airlines just need buy more sustainable aviation fuel, no matter the cost. Now, we’re talking about the entire ecosystem collaborating and working together. That, I feel, is a change from past conversations around ESG.

THE CHANGING FACE OF CULTURE AND CONDUCT RISK

concentration of conduct risk) are now required back in the office full-time.

In light of an increase in homeworking and hybrid working models, culture and conduct risk are undergoing a profound shift. With traditional methods of oversight no longer possible, how are organizations adapting to ensure the integrity of their offering? And how difficult is it to maintain a strong corporate culture with a dispersed workforce?

Jeremy Arnold: Conduct risks have changed over the last two years, as a result of the pandemic prompting an increase in the number of people working from home. While it is still too early to tell if this has translated into increased instances of poor behaviour, the inability to supervise in the traditional way definitely gave cause for concern. In the near-term, it is unlikely that we will see industry standards set for homeworking, given the very different situations that most firms find themselves in. Furthermore, the longterm effects are debatable, as many colleagues in the front office (where you might expect to see the highest

As we move forward, what’s important is ensuring that everyone – regardless of their working situation – has an equal opportunity to progress. Simply putting in facetime at the office will no longer be enough to impress the boss if he or she works from home. Companies must focus on potential and talent and ensure that the correct and appropriate tools and training are provided to allow all who want to progress to do so.

Regarding working culture, I do not think that cultures per se have changed, rather that ways of working have altered. Organizations must ensure that no-one is left behind by continuing to try and fully embed their culture among all colleagues, whether they are based at home, in the office, or a combination of the two.

Soren Agergaard Andersen: At the outbreak of the pandemic, we entered an unprecedented situation where most people were suddenly mandated to work from outside the office. It now looks as though working from home, for at least part of the week, is an option that many will continue long term. Besides the challenges this presents to processes and controls, we must also consider the impact of prolonged homeworking on staff. There is a risk that company culture will start to fade or change and conduct risk could be the first victim. As people spend more time alone, sitting in thousands of different places with only phone or videoconferencing apps to maintain contact with their colleagues, their commitment to the company and to a common culture may

start to diminish (even though this may not be deliberate). I would argue that this brings an increased risk of conduct breaches.

Moving forward, I believe that WFH arrangements will become an important parameter for attracting and retaining staff. I expect that we will see a move towards a new equilibrium with unofficial standards for certain types of jobs, albeit different from sector to sector and country to country.

Against this backdrop, it is important for organizations to ensure consistency around progression opportunities for all employees, whether based at home or the office. Provided a company has a structured process around succession planning, this should not pose a significant challenge. However, I would argue that those based outside of the office are at greatest risk, and regardless of the pandemic, the less technologically engaged will also face challenges as companies continue the transition towards digital.

What is clear is that the pandemic presented us with a unique set of challenges, and this was also the case for culture and conduct. In my view, companies with a strong culture are the ones with the best chance of success, despite these challenges. But there is no doubt that the new working environment has altered many companies’ culture and the risk picture. A new culture – both risk and work – will automatically emerge; as risk managers, we have an important role to play in nurturing this process to ensure we remain on the right path.

GENERATION OPERATIONAL RISK EUROPE

CeFPro’s New Generation Operational Risk Europe event returns to London on March 29-30, 2022. Covering the most pressing industry topics including climate risk, conduct risk, emerging technology, and cybersecurity vulnerabilities, it aims to help delegates enhance their business processes and leverage technology to further advance operational risk management.

This live event is divided into two streams: Technology & Innovation, and Strategy and Business Processes. Our unique format allows attendees to tailor the agenda for more in-depth analysis of their preferred area, as well as providing the chance to move freely between streams to increase their learning across multiple topics.

With over 30 industry experts set to share their wealth of knowledge across a range of panel discussions, presentations, and live Q&As –as well as multiple networking opportunities – New Generation Operational Risk Europe is the perfect chance to gain practical insight and communicate with like-minded peers.

Soren Agergaard Andersen Chief Risk Officer

Nordea Asset Management

FINTECH LEADERS 2022

CeFPro has devised one of the most comprehensive surveys and reports on the status and direction of the implementation of financial technology in financial services. Through the votes and opinions of nearly 2,000 industry professionals, including CeFPro’s expert panel of Advisory Board members, the Fintech Leaders 2022 report provides a clear guide on key opportunities, challenges, threats, priorities, and future direction, including:

Investment priorities

Fintech opportunities for 2022 and 2027

Obstacles and benefits to adoption of fintech

Regtech investment areas

Impact of Covid-19 and whether it has been a help or hindrance

Role of incumbent financial institutions and consumer expectations

Cryptocurrencies and their future role

Cybersecurity in the digital mobile age

Rankings: individual categories and overall Fintech Leaders placement

CeFPro’s Fintech Leaders report is a substantial annual study, which has shown significant shifts in investments, priorities, opportunities, threats, and benefits over the years. The 2022 report marked a shift away from advanced analytics, AI, and machine learning

as the global pandemic took hold, with phrases such as ‘resilience’ and ‘business continuity’ often being cited. This shift, which was felt not only in financial services but across many other industries, centered around the ability to work remotely. Suddenly, mobile and

[Fintech Leaders] offers both the direct answers as well as the broad scope that decision makers

the latest developments in the field, with insights on technology trends and innovation-specific spend over the forseeable future, as well as the difference between priority areas and those which may just be a ‘nice to have’.

Alessia Falsarone, Managing Director, Portfolio Strategy and Risk DMFI, PineBridge Investments, Fintech Leaders Advisory Board

Member, CeFPro

digital services became key to survival as firms tried to maintain ‘business as usual’. Fortunately, a more flexible, remote office working environment had been in the planning for many years; Covid-19 merely accelerated the transition.

Now, well into the second year of the global pandemic and moving towards a third, attention has shifted once again. Remote working has shown that financial institutions can operate successfully outside of the office, although security – and more specifically, cybersecurity –has had to grow exponentially. Remote working could not be supported by the same security measures as when in the office, as the increased use of third parties, changes to infrastructures, enhanced data protection, and cloud services all offered criminals new

opportunities to take advantage of an unprecedented situation, and continue to do so.

The Fintech Leaders report also addresses an array of other areas, which will inevitably mark their place once the global pandemic passes. ESG is one such topic that, while not viewed as an immediate action, is anticipated to rise up the rankings amid increased investment and regulatory scrutiny. Advanced analytics, AI, and machine learning also continue to be key areas and will inevitably be aided by tools such as quantum computing. Cryptocurrencies, both from private and central banks, also featured heavily as a future option or simply a topic of interest, rather than an immediate priority.

Covid-19 has accelerated changes already taking place, with fundamental shifts and consequences. Increased mobile and digital services have raised cybersecurity concerns to new levels, just as customer expectations have increased in a remote working environment. At the very least, the events of the last two years have accelerated the changes already taking place, which may otherwise have taken several years to implement; a new order and path have been carved, with much uncertainty and ‘new’ fintech areas around the corner, such as cryptocurrencies and ESG.

Andreas Simou, Managing Director, CeFPro

FINTECH LEADERS 2022

CeFPro’s Fintech Leaders report is unlike other fintech studies and reports, which focus on capital investment, technology rankings, or expert opinions of analysts within the research company. Instead, CeFPro has devised a painstaking methodology that reflects the true voice of the industry through:

1. Online survey with 1,953 responses from industry professionals.

2. Insight and opinion from the CeFPro Fintech Leaders Advisory Board, consisting of 60 industry professionals.

3. Direct one-on-one interviews with industry leaders.

4. CeFPro’s analysts and industry know-how, including hundreds of independent reference checks.

The Fintech Leaders report is the most comprehensive study of its kind, examining the business requirements and status of financial technology in financial services, and the key solution providers.

The rankings in the report reflect the views, opinions, and experiences of industry professionals, specifically the end-users of solutions and services. In addition, CeFPro undertakes extensive research, gathering the insight and opinions of the 60+ Fintech Leaders Advisory Board members, whose votes and opinions are both incorporated within the overall ecosystem, and used as a benchmark and validation process. In addition, CeFPro’s research and analysis team also undertakes an extensive review of all votes, data, and report drafting. Best in categories are determined by eligible votes cast on a ‘first past the post’ voting system. Rankings of the overall Fintech Leaders ecosystem are taken predominantly from the weighted scores of each of the categories, plus the open text responses within the survey, and are ranked accordingly.

Understanding the KYC/Fraud/AI/ML models and the challenges of validation

WHERE DO KYC MODELS FIT IN THE SCOPE OF MODEL VALIDATION?

DO MODELS DREAM OF VALIDATION?

Ayan Mukherjee Senior Product Owner Model

KYC as an area has garnered a lot of attention within the banking industry. With regulators and supervisors keen on the development, deployment, and continued use of KYC models, it has also become a focus area for model risk management.

In the second model line of defense, we want to ensure that models within KYC (Know Your Customer) are appropriately identified and classified, and that there is strong governance around their lifecycle. Model validation is an important component of model lifecycle, therefore each of the identified KYC models needs to be independently validated by a second line validation team. This team should ensure that the model risks related to validation dimensions such as input, design, performance, use, compliance, and implementation are addressed, and that proper governance is in place around the continued use of these models.

within the local entity. This poses a challenge as the local model risk management team often has a large backlog of Pillar 1 and 2 models with ECB timelines, preventing them from prioritizing other models. As a solution, we guide the local validation teams by making them aware of the global model validation standards and how they can follow a similar structure for their local KYC validations. This makes the process leaner and more effective.

• Rule-based KYC models. Some KYC models are rule-based, either developed within ING or containing vendor tools/software. These models comprise a group of rules, or a simple weighted average of rules, which are derived from KYC policy. Our procedures and standards were developed for machine learning models and it was a steep learning curve for us to validate such rulebased models. Currently, we are working on developing standards and guidelines around the validation of rule-based models in general.

HOW DO YOU THINK THE CURRENT MODELS CAN BE IMPROVED AND DEVELOPED?

Rule-based models are derived from KYC policy by experts from the first line, along with compliance as the second line. However, more documented evidence for activating or suppressing rules, and continued back testing to check the performance of the models, would instil greater confidence.

Also, with new AI draft regulations from the EU being published and widely shared, KYC could become a potential high-risk area for banks, leading to increased regulations and checks. A focus on model ethics will be key in the near future; model owners/ developers need to concentrate their efforts on developing models which are ethically viable.

WHAT

HAS BEEN THE IMPACT OF COVID-19 ON THE USE OF MODELS WITHIN FRAUD AND KYC?

One of the biggest impacts of the pandemic was homeworking, which led to more online transactions and a higher incidence of fraud events such as mule and phishing. In fact, within ING, external fraud is considered one of the new and emerging risks.

Cyber-related crime has also significantly increased, leading to cybersecurity risk becoming a crucial element of nonfinancial risk. The Q4 2020 EBA quarterly dashboard stated: ‘Phishing attempts and other types of cyber-attacks are becoming more common. Due to the increase in remote customer onboarding and a substantial share of employees working remotely, technology-related disruptions might have a more significant impact. Risks of new types of misconduct and of potentially fraudulent activities related to Covid-19 support measures are still present.’

WHAT ARE THE THREE BIGGEST CHALLENGES ASSOCIATED WITH MODEL VALIDATION AND HOW CAN THEY BE COMBATTED?

In my view, the three biggest challenges are:

• Global and local models. Many of the KYC models are developed globally and then deployed in local countries. The global model owner/developer does not own the data within the local countries where the model is deployed. It therefore becomes difficult to share this data and perform validation of the local use of the global model. During validation, we might request access to data to test the efficacy of the model, so having access to that information will be very useful.

• Global and local validation. Local regulations in some countries prevent us, as the global model validation team, from validating the KYC models due to requirements from regulators to validate the models

ADVANCED MODEL RISK

MARCH 22-23 |

HIGHLIGHTS INCLUDE

MODEL DEFINITION

Managing expanded scope of models including AI and qualitative

AI & MACHINE LEARNING

Controls to manage proliferation of AI/ML models

EVOLUTION

Reviewing the evolution of model risk and future scope

QUANTIFICATION

Quantifying model risk and managing increased volatility

ETHICS & BIAS

Managing ethical decision making and mitigating risk of bias

MODEL ALGORITHMS

Challenges and solutions of model algorithms in broker dealer

COMPUTER VISION

Leveraging technology advances in digital banking

Modeling climate risk and ESG exposure

ACCESS DENIED ACCESS DENIED

INFOSEC - WHY IT PAYS TO PROTECT YOUR COMPANY’S GREATEST ASSET

Information security remains a top priority for banks and financial institutions as they seek to protect business-critical sensitive data from exploitation and theft by criminal entities. The list of ever-evolving cyber threats includes phishing, spyware, ransomware, and DDoS, with attacks being traced to nation states, ethical hackers, and even disgruntled employees. With the rise in homeworking exposing networks’ vulnerabilities like never before, many firms are adapting their cybersecurity policies to focus more on end-point protection, such as biometric authorization for laptops. However, with most attackers gaining entry as a result of human error, improving employee awareness and putting in place robust training programmes are also key protection strategies. Equally important is carrying out due diligence on your third, and even fourth, parties; as the recent Solar Winds hack demonstrated, the risk to systems from third-party software cannot be underestimated. Finally, ensuring that your organization has in place not just cyber protection strategies but also plans for detection and response, can help to mitigate the fallout from an attack. Here are just some of the key figures surrounding this invisible threat…

Ransom payments by quarter

Sorce: Coveware’s Q4 2020 Ransomware Marketplace report

Source: Purplesec

REGISTRATION NOW OPEN FOR ESG USA AND ESG EUROPE 2022!

Seeking to address critical challenges in their respective jurisdictions as the industry transitions towards new products, services, and regulations, ESG USA and ESG Europe return in Spring 2022. These live events will cover the full remit of financial services across banking, insurance, asset management, investment management, and more.

Join peers from across the industry to gain practical insight and hear real-world examples on how financial organizations are managing best practice in the area of environmental, social, and governance (ESG) amid the transition beyond regulation, as experts and thought leaders share their knowledge and experience at ESG USA (March 15-16, New York City) and ESG Europe (April 27-28, London).

NETWORK WITH THE INDUSTRY

A unique event format allows for a tailor-made agenda at ESG USA, enabling attendees to build a bespoke program reflecting their personal preferences.

Day one delivers strategic direction and insight on broad reaching challenges, including regulation, reporting, convergence, and business strategy. Day two divides into two streams, offering the chance to deep dive into environmental and climate risks in stream one, as well as understand more about social and governance considerations and opportunities in stream two. Attendees can move freely between the two streams to gain an in-depth view of their chosen area or increase their learning across the whole ESG spectrum.

PRESENTATION THEMES

ESG | REPORTING | DISCLOSURES | REGULATION CONVERGENCE | BUSINESS CHANGES METRICS & RATINGS | SUSTAINABILITY

Si-Yeon Kim EVP, Chief Risk & Compliance Officer and Executive Chair of ESG American Express Global Business Travel

James Norman Managing Director, Sustainability & Impact Goldman Sachs

Romina Reversi Head of Sustainable Banking, Americas Credit Agricole CIB

Karl Pettersen Chief Sustainability Officer Société Générale

Simon Gadd Group Climate Change Director Legal & General

Maciej Lewandowski Head of Poland Risk Natwest Group

Evgeny Tyurin Director, Head of Corporate Bank Financial Planning & Analysis and ESG Finance Deutsche Bank

Maria Lombardo Head of ESG Advisory Sustainable Finance Standard Chartered Bank

20+ SPEAKERS

21

ESG USA

2 INDIVIDUAL WORK STREAMS

INCREASE YOUR LEARNING

ESG Europe will bring together industry experts from across the UK and Europe to review the ever-evolving regulatory landscape. As well as providing an opportunity for delegates to benchmark themselves and their organization against industry peers, the two-day summit will consider how regulations are developing and help attendees understand what compliance might look like moving forward.

Targeting a broad range of financial services institutions, the event will showcase a diverse range of views from both the buy and sell side, featuring insight from 20+ industry experts. With topics such as climate risk, stress testing, and risk management practice high on the agenda, ESG Europe will examine the outlook for the industry over the coming years and advise on best practice to help attendees stay one step ahead.

7

6HOURS OF

16+ SPEAKERS

12

7

4

MAINTAINING RESILIENCE IN A CHANGING WORLD

CeFPro, supported by IBM, recently hosted a webinar on proactive risk management strategies to achieve resilience, including a review of the current trends and challenges. Here, we summarize the key takeaways from the virtual event…

THE SCALE OF THE CHALLENGE

Discussions began with an overview of the scope of resilience, setting the scene for what operational resilience means to institutions from a best practice and regulatory requirements perspective. Many organizations are grappling with the change from business continuity and disaster recovery to resilience, not least because of the nuances that those changes demand and the requirement to maintain products and client base.

Resilience, unlike other capital regulations, impacts all institutions, large and small, with many of the challenges centering around data. Grasping the complexity of data requirements within operational resilience is pushing firms towards enhanced data capabilities and the need to look beyond single components and silos. Organizations are beginning to future-proof their planning and implementation strategies by moving beyond just a tick box exercise,

aligning risk across their entire enterprise with one common goal: to maintain service.

As many institutions have some level of engagement across jurisdictions, challenges also lie in understanding resilience expectations on a more global scale, including where to build the standard as a cross-territory organization. Nick Diieso, Director, Global Head of Operational Risk (ICG Ops, Markets and Securities Services), Citi posed the question: “Do you build for the high watermark, or do you build to the lowest common denominator and try to have add-ons based on higher rigor in certain jurisdictions? I think that is an area the industry is still feeling out...the regulators have a view of ‘we will know good practice when we see it’.”

REFLECTING THE NEW NORMAL

The discussion then moved onto the importance of compiling a foundational set of risk management tools. As the landscape continues to evolve with increased working from home and hybrid working models, it is clear that governance processes must be updated to better reflect changes to control environments.

Resilience should therefore sit at the core of diligence and technology planning processes, and not as a response to crisis, as has previously been the case. As processes evolve, organizations and leaders must review

RISK GOES DIGITAL

In conversation with Nick Diieso, Director, Global Head of Operational Risk (ICG Ops, Markets and Securities Services), Citi; John Bree, Chief Evangelist & Chief Risk Officer, Supply Wisdom; and Ian Francis, Senior Product Manager, IBM OpenPages.

How are organizations’ risk and resilience strategies shifting with the acceleration of digital initiatives?

the solutions already in place and ensure they are optimized to deal with catastrophe, considering how they would have fared over the last year. As Ian Francis, Senior Product Manager of IBM OpenPages commented: “We don’t want to see resilience as another silo of a non-financial risk discipline. We should think of it potentially as another lens, or another way of looking at the enterprise or integrated risk management.”

INTERSECTION WITH ESG

The conversation then moved onto the increasing impact of ESG, which has joined resilience as one of the key areas keeping the CRO up at night. As a result, governance aspects of ESG are being looked at more vigorously than ever before, having real impacts on organizations in respect to investment decisions and ratings.

ESG must now be considered not only throughout a company’s internal ecosystem but also across its supply chain: if it is reported that a firm is using materials that are conflict minerals or involve child labor, for example, the media implications are profound. Resilience across the supply chain is therefore critical to mitigate the risk of service failures. As regulators demonstrate a view of inter-regulatory co-operation, with requests to comment on new guidelines from OCC, Federal Reserve, and FDIC combined, organizations can expect increased emphasis on ESG and resilience, and on the intersection between the two.

For organizations operating across jurisdictions, the areas of data privacy and security highlight another crosssection between ESG and resilience. Transparency and security across supply chains are key priorities, both as a resilience concern with retention of critical services and as an ESG focus regarding maintaining ethical and social minimum standards. Although ESG risks can increasingly be a cause of a resilience failure, resilience activities are providing a much better way of managing and controlling ESG events to maintain services and protect customers.

Nick: In financial services, digital initiatives were seen as a way to expand business; now we’re looking through multiple lenses. We want to improve the customer experience and build in strong cybersecurity and data privacy outlines, ensuring architecture is resilient and that any vendors receiving data are compliant with regulatory and client expectations.

John: When we first started online banking, we thought we had completely changed the industry, but the bad guys were one step ahead. We had to become agile, assess things quickly, and come up with solutions. The challenge now is the overwhelming volume of information. Systems are becoming more sophisticated so we must continue to put control and governance groups at the front of the design lifecycle.

How can AI and analytics help firms achieve their business and operational resilience goals?

John: We’ve seen our efficiency quadruple since using robotics to pull information, and algorithms to remove the noise. Increased use of AI will mean the ability to get more information that is actionable. The other side is, can you automate it? We’ve done this in credit for years; if we see a credit profile change, we can automatically adjust the line. Those are the things we will have to start doing in operational risk and resilience.

Nick: We need to question revenue generating groups and first-line support functions by asking, does it make sense to automate some of this? We could add more layers of control or we could ask, are there certain activities where it simply doesn’t make sense to rely on human judgement? That’s an important distinction that needs to be weighed against ethical and societal considerations; there are certainly critical areas where more automation and platform-based analytics would be helpful.

Adapt to an uncertain world

Planning for the future means effectively managing disruption.

Today’s business leaders have inherited a turbulent market landscape where an inability to adapt to changing regulations can result in significant fines.

To stay ahead of the turmoil, organizations like yours need a proactive Governance, Risk and Compliance (GRC) approach—with tools to help you respond quickly and protect your business holistically.

See how IBM OpenPages with Watson provides a fully integrated GRC platform infused with AI to deliver a single view of risk across your entire organization.

ibm.biz/OpenPages-overview

What are some best practices on establishing controls and policy standards to continuously monitor and detect risk early?

John: One is to look back on incidents, or near-incidents, to uncover the surrounding issues that led to them happening. We investigated a ransomware attack for a major bank and looked back three years to find changes in senior management, sanctions, lawsuits, high staff turnover, etc. If we start to notice similar issues with a vendor, we should pay attention.

Ian: The industry needs to adapt to more scenario-driven approaches and break down barriers around thinking ‘that could never happen’, because it did. While we can’t see everything on the horizon, we can test our control environment, map our critical processes and ecosystems, define a solid methodology for rating those controls and their effectiveness, test them, and analyze the results.

TO VIEW THE FULL WEBINAR AND FINDINGS, PLEASE CLICK HERE

Discover more about IBM OpenPages

BACK WITH A BANG! THE RETURN OF RISK EMEA

After a tumultuous 18 months, Risk EMEA returned to the City of London for its 10th annual edition. Held on 3-4 November 2021, it saw industry experts from across Europe gather again in person to deep dive into a range of topics and take advantage of the numerous networking opportunities on offer.

AGENDA HIGHLIGHTS

KEYNOTE SESSIONS

MANAGEMENT

4KEYNOTE SESSIONS

THE NEW NORMAL

Top of many minds was reconnecting, with attendees making the most of the chance to meet with peers old and new. In a concerted effort to address the elephant in the room, the Summit began with a CRO panel on the lessons learnt from Covid-19 and how we can start to pave a new way forward; a theme that resonated with the audience and continued throughout the two days.

The focus remained not on the past, but rather on ways to move forward to drive business and profitability across all aspects of financial services. The ‘new normal’, as it was frequently referred to, appears to be inching closer to life pre-pandemic, with many workforces shifting back to the office. However, for some firms, a hybrid approach is striking the right balance for current times, while others are continuing to operate entirely remotely. All options pose their

Operational Resilience |

&

|

External Cyber Risk | TPRM | Fraud | APP Fraud | Remote Working RCSA Sustainable Business | Operational Risk

FINANCIAL RISK

Government Stimulus | Credit Risk | Debt Markets | Interest Rate Risk | Inflation Stress Testing | Climate Change Green Finance | Intraday Risk Management | Financial Resilience | FTP | LIBOR

“It’s

5HOURS OF NETWORKING

own unique challenges and it was clear from the panel that controls must be embedded to enhance any long-term strategies.

A FOCUS ON ESG

Another key trend seen throughout the two days and reaching across all risk silos was that of ESG, with a more specific focus on climate change and the associated risks for financial institutions. It was quickly apparent that across

Europe, much emphasis has been placed on the ‘E’ in ESG, with a long road still ahead to ensure that social and governance goals are achieved.

Alongside the direct implications on institutions of transitioning to meet targets – including updating business models and investment decisioning – is the risk to individuals. Many industries face extensive threats which could result

3INDIVIDUAL WORK STREAMS

in job losses and increased societal impacts. Industry experts highlighted the need for a holistic view of ESG risks and the importance of adopting strategies to understand and manage the far-reaching implications.

UNITING THE INDUSTRY

In its 10th year, Risk EMEA once again brought together the industry’s key players, providing a platform to share ideas, knowledge, and experiences. And most importantly for 2021, it offered a much-needed opportunity to network and interact in a safe environment. It’s good to be back!

Risk EMEA 2022 will return June 13-14 in London.

To be kept up to date on the agenda and presenters, click here

SPEAKERS INCLUDED

Wei Shi Chief Risk Officer Bank of China UK

Limited & Bank of China London Branch

Jeff Simmons Chief Risk Officer

MUFG Securities (Europe) N.V.

Ebbe Negenman Chief Risk Officer and Member of the Executive Board Knab

Fabrice Brossart Chief Risk Officer, General Insurance and International AIG

David Glendinning Chief Risk Officer and Head of Risk UK

Société Générale

Michael Sparks Chief Risk Officer, Issuer Services

BNY Mellon

Carole Avis Chief Risk Officer, Legal & General Insurance

Legal & General

Jeremy Arnold

Chief Risk Officer

NatWest Markets

Soren Agergaard Andersen

Chief Risk Officer

Nordea Asset Management

“This is one of the first conferences I’ve been to post-lockdown and it’s great seeing people face to face. I’ve been to other virtual events, but you can’t beat having everyone in the same room, networking and sharing ideas. It’s a great venue – there’s a real buzz and energy in the room.”

Tim Le Mare

Integrated Risk Director

Workiva

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• Key considerations, challenges, and pitfalls of fourth and nth party risk

• Spotlight on customer onboarding and entity verification

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• Intraday liquidity management in the post-pandemic environment

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• Operational resilience strategy and framework at FNZ – practice and application

• Liquidity optimization: managing high volume & high velocity at SEB

• Ensuring system resilience to adapt to the evolution of the new payment landscape

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REAL-TIME PAYMENTS: HOW PREPARED

IS YOUR ORGANIZATION?

TAKEAWAYS FROM THE NEW CASH AND TREASURY MANAGEMENT BEST PRACTICES REPORT

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• Priority access to early bird rates Look out for more info coming soon.

CeFPro, in partnership with Infor®, has conducted a detailed research study to review the current situation in cash and treasury management within North American financial institutions. The survey examined treasury banking systems within financial systems, with a particular focus on treasury management systems maturity, intraday liquidity monitoring, and core financials maturity. Here, we summarize the key findings and results from the report…

TREASURY MANAGEMENT SYSTEMS

The survey explored the level of preparedness of Treasury Management Systems (TMS) for the degree of change on the horizon. The results proved surprising, with only 12.3% of respondents stating that they are fully satisfied with their current TMS.

PREPARING FOR REAL-TIME PAYMENTS

The introduction of the new payment service has created a wave of uncertainty as organizations prepare for changes to the treasury and liquidity functions, and explore security concerns to mitigate increased fraud risks. The survey explored the impact of instant payments and the how the significant reduction in advance warning may affect an organization.

CASH VISIBILITY AND AUTOMATING CONNECTIVITY

With 79.4% of respondents stating that their liquidity forecasting quality is either good or excellent, it appears apparent that the importance of this issue is understood. But without a TMS platform in place, many organizations are still relying on manual processes that could result in huge disruption with the introduction of real-time payments.

INTRADAY LIQUIDITY

The second section of the survey investigated intraday liquidity and the impact of changes on an organization’s ability to monitor and track liquidity on an intraday basis. When reviewing exposure to FX, 55.9% of respondents operate in multiple/ international currencies. When considering their exposure in terms of the percentage of transactions involved in FX, 54% reported over 40% exposure to foreign exchange.

IMPACT OF REAL-TIME PAYMENTS ON INTRADAY LIQUIDITY

Respondents were asked to quantify the impact they expect faster payments to have on their organization. 47.2% saw faster payments having a 41% or higher impact. As outlined above, it is clear that real-time payments are set to cause significant disruption, particularly as 70.4% of institutions are not mandated to change to faster payments.

CORE FINANCIAL SYSTEMS MATURITY

The final section of the survey explored the maturity of core financial systems and how they may impact the abovementioned systems, organizational challenges, and readiness for upcoming change. Respondents were questioned on the current state of their core ERP platform; 66.9% are either still on original mainframe technology, have gone 5+ years without an update, or are looking to modernize.

TIME TO UPDATE YOUR INFRASTRUCTURE

The industry is evolving and with regulation in the spotlight after a turbulent few years, monitoring cash and liquidity positions is vital. The introduction of a new payments system increases the challenge here. Technology and automation must be leveraged to drive the transition and increase predictability in data and systems. Real-time data is critical to mitigate the risk posed by the increased unpredictability of real-time payments and tracking changes to inflow and outflow.

For more information, visit www.infor.com

Only 12% of respondents are fully satisfied with their TMS

Despite a lack of efficient systems, 79% rate their overall view of liquidity as good or excellent

51% often end the trading day with unused cash at their correspondent bank before faster payments are in place

47% of respondents expect faster payments to have a 40% or greater impact on their organization

86% see faster payments having some level of disruption to their organization

REPORT BY: IN PARTNERSHIP WITH:

A SEISMIC SHIFT IN CORPORATE BANK POSITIONING

FINDINGS FROM THE NEW REPORT, WORKING CAPITAL FINANCE IN A POST-COVID WORLD

CeFPro, in partnership with Finastra, undertook an extensive research project to review working capital finance in a post-Covid world. The survey explored advances in trade finance with a focus on progress towards end-to-end digitization, changing business models, and the impact of Covid-19, particularly in regard to the acceleration of digital platforms. Here, we summarize the report’s key conclusions…

BANKS PREPARE TO REPOSITION

Corporate banking is changing. The need to fully embrace the power of digital – to deliver greater value-added services – is more urgent than ever before. Business lending in the UK, for example, is estimated to have surged by 14% in 2020 as a result of Covid-19 and is predicted to grow by more than 7% in 2021(1)

The way that corporate banks interact with their clients can be categorized into three core models, or pillars:

• Product Provider – providing high volume and low margin products;

• Relationship Builder – establishing wider banking relationships with clients;

• Platform Player – utilising platforms to leverage market opportunity.

By 2025, relationship management in Europe will drop from being corporate clients’ top priority to a medium-level priority. This is a slip that sees online banking portals and value-added services become more important to clients in Europe than relationship management(2) In order to deliver faster, more agile, and tailored trade finance solutions, banks in Europe will prioritize shifting their model to enable them to become a platform player and utilize digital transformation.

DIGITAL TRANSFORMATION PRIORITIES

There are three key transformation priorities banks feel they need to address through digital technology in the next five years. The vast majority

(70.8%) ranked regulatory compliance as a priority; two-thirds (69.1%) selected account validation (onboarding and KYC); and more than half (53.8%) listed risk management(2)

According to Finastra’s Iain MacLennan, these insights highlight a difficult challenge for banks: while they want to direct their focus towards customer service and meeting clients’ needs, investment is having to be channelled towards risk and regulatory challenges, such as anti-money laundering (AML) and know your customer (KYC) requirements.

“While value-added services are supposed to be investment priorities, the main focus is still on regulation and compliance,” he says. “The question is whether that will enable financial institutions to remain relevant over the next five years, or whether it will allow them to only focus on and meet immediate challenges.”

A ROADMAP FOR TRANSITION

Investment requirements, regulation, and data security are always the top three obstacles for banks globally. With the evolution of cloud computing and digitally based networks, regulation around these systems is constantly changing, making it difficult for banks to keep pace.

Despite these potential barriers, appetite to change clearly exists. Over the next five years, digital transformation annual budgets are expected to increase by around 29%(2). And, as Iain MacLennan explains, many corporate banks are already partnering to achieve their digital transformation process.

“Almost 70% of banks are either already engaged with or planning to engage a fintech partner to help them achieve the required transition,” he states. “Most banks have realized that, in order to access the required expertise and capabilities to stay relevant and meet

clients’ future expectations, they need to work with these partners – to provide clients with the ability to self-serve via digital banking channels, with compliant solutions that integrate front-to-back, 24 hours a day, seven days a week.”

Iain continues: “The cost of tech is prohibitive for many, but large platforms enable fast innovation through relatively small investment. That really is the definition of disruption – taking something that was complex and expensive, and making it simple. Corporates need an omnichannel experience that delivers truly connected corporate banking, leveraging market leading solutions through a pre-integrated ecosystem. That is something that fintechs, with their agile nature and expertise, can help banks deliver,” he adds.

“Banks must also minimize total cost of ownership to deliver solutions to clients efficiently and to surprise and delight customers, and must be ready for truly open finance,” concludes Iain. “They need solutions that can be upgraded in a modular way, without the need to start again from scratch every time. Many will want to evolve one step at a time, implementing solutions that connect to their existing bank ecosystem, enabling them to grow their offering incrementally.”

For more information, visit www.finastra.com

1. ‘Bank lending to firms surges to a 13-year high as COVID-19 leads to UK businesses borrowing more’, EY: https://www.ey.com/en_uk/news/2020/08/bank-lendingto-firms-surges-to-a-13-year-high-as-covid-19-leads-touk-businesses-borrowing-more

2. Finastra Trade finance: the departure from relationship models: https://www.finastra.com/ viewpoints/white-paper/trade-finance-departurerelationship-models

A WORD FROM THE INDUSTRY...

ADAPTING TO THE ‘NEW NORMAL’

With the world emerging from the grip of the Covid pandemic and lockdowns being lifted in some countries, many businesses are adopting a new hybrid model, combining a mixture of office and home-based working. We asked attendees at CeFPro’s London-based Risk EMEA, Vendor & Third-Party Risk, and Fraud & Financial Crime events what the ‘new normal’ looks like for them…

Kevin Newe Assistant Director, IF Threats Lead Her Majesty’s Revenue and Customs

Thanks to an agreement brokered by HMRC’s Executive Committee, we’re able to work two days at home and three days in the office. There is no doubt the pandemic has fundamentally changed our business model but that doesn’t mean it has compromised our outcomes. We delivered record asset recovery results back to the Exchequer last year, so with the right intelligence feeds and the right technology, I believe that new hybrid ways of working are the future..

Shruthi John Director – Operational Risk MUFG Bank

Having returned to the office two to three days per week, it’s a welcome change. It is a great balance enabling collaborative activities in person such as team meetings, 1-1s, and interactions with key stakeholders including senior management. Ensuring that you schedule your week in a beneficial way is of utmost importance in order to make the hybrid working model most effective.

Gary Kalish

Head of Financial Crime Investigations & Intelligence

Clear Bank

We are a remote first organisation while still providing a flexible approach, where staff that would like to go into the office have the option to do so.

Jonathan Hughes Head of Procurement and Estate

Shawbrook Bank

It’s definitely a hybrid model, although more focused on home at the moment. My team is based 300 miles away from where I work so it’s a lot of collaboration on Zoom, but it worked really well during the pandemic. I’ve started going back into the office and am really enjoying engaging again with colleagues that I would have collaborated with on a daily basis pre-pandemic. I’m embracing the opportunity of working from home while also getting the benefits of being back in the office, namely collaborating and engaging with people.

Joe Bakowski Director of Procurement and Supplier Risk Metro Bank

We’re still quite heavily home-based. Remote working has continued throughout the pandemic, but I’ve noticed a real boost and uplift that comes when people do get together in the office. I can’t wait to get more back to normal.

Sean Miles

Associate Risk Director

Comparethemarket.com

As we emerge from the pandemic, we are working in a hybrid situation of two or three days in the office and two or three days out. I think we’ve proved it’s possible to work effectively from home, but we are also missing that human contact and the ability to catch up with people to get things sorted in person, instead of having to book TEAMS and Zoom calls. If we can make it work, then the current hybrid approach really is the best of both worlds.”

EVENTS CALENDAR 2022

US EVENTS

Reviewing the evolving landscape and future of regulation, ESG USA looks to bring together industry experts from a diverse range of financial institutions across banking, insurance, assets, and investment management. See p16-17 for full details.

Fraud & Financial Crime USA returns as a live event in 2022, once again uniting the industry to share insight into topics including AML, sanctions, cyber risk, identity theft, scams, and much more.

Treasury and ALM USA boasts keynote sessions on areas including regulation and US recovery, before dividing into two streams, allowing attendees to build a tailor made agenda.

Back by popular demand as a live event after the success of the 2021 virtual event, Advanced Model Risk USA delivers insight on the evolution of model risk and the future of technology.

CeFPro’s flagship event, Risk Americas, returns May 10-11 in NYC. Boasting over 100 speakers, three individual streams, closed-door breakfast briefings, case study dedicated track, and three workshops over four days, it also features extensive networking opportunities and an agenda that can be tailored to attendees’ individual needs.

Vendor & Third Party Risk USA brings together industry thought leaders to advance the ever-evolving regulatory and technical landscape. Join us as we deep dive into key challenges and innovations within vendor and third-party risk.

EUROPEAN EVENTS

The highly anticipated New Generation Operational Risk event returns for its 7th year, boasting a new format with keynote sessions opening each day and two individual streams. See p7 for full details.

New for 2022, CeFPro is excited to launch Credit & Counterparty Risk Europe, bringing together industry thought leaders to unpack market volatility and impacts on credit risk within financial institutions.

ESG Risk Europe will address the latest challenges and opportunties within ESG, including managing an influx of regulation. See p16-17 for full details.

CeFPro’s flagship European event will boast over 70 industry thought leaders sharing their views across keynote sessions and three individual workstreams. See p20-21 for a review of Risk EMEA 2021.

Now in its 7th year, Vendor & Third Party Risk Europe addresses key challenges and opportunities within vendor risk and provides insight on evolution and best practice moving forward.