During this period of Congressional gridlock, much of the activity in Washington DC impacting the financial services industry remains focused on the development and implementation of new regulations. As FICO’s premiere client conference, FICO World 2016, heads to the nation’s capital at the end of next month, it is not surprising that regulatory compliance strategies and solutions will be a hot topic of discussion.
This year’s compliance sessions complement an action-packed FICO World, which will showcase 80+ breakout sessions grouped into 12 subject matter tracks. The Regulatory Compliance track will feature an impressive list of industry experts sharing best practices that address a diverse range of high-priority regulatory challenges. Here’s a very brief overview of what we’ll cover:
- Stress testing is a key area of emphasis for regulators around the globe. A panel of experts will discuss how an institution’s stress testing activities should go beyond just meeting regulatory compliance requirements and help to drive business planning and risk management policies.
- Financial crime poses one of the most significant threats to financial institutions. In recognizing this growing challenge, FICO expanded its regulatory compliance offerings with the acquisition last year of TONBELLER, a full service, risk-based financial crime prevention and compliance firm. At FICO World, two senior FICO leaders, experts in the areas of fraud and financial crime prevention, will engage in a lively discussion of how best to approach some of the top global compliance threats in the areas of anti-money laundering, know your customer (KYC), tax and business due diligence.
- Model management continues to present financial institutions with new compliance obstacles. In Washington, we will feature a session that highlights a use case from a leading APAC-based bank. The bank’s Head of Retail Risk Models will share how the institution managed the risk of a large inventory of decision rating models.
- Successful customer communications through the use of modern technology has been elusive in the United States in the shadow of an outdated 1991 law – The Telephone Consumer Protection Act (TCPA). In July 2015, the Federal Communications Commission tried to bring clarity to this area by issuing an order providing interpretations of some key grey areas in the law and accompanying regulations. Since then, unfortunately, the regulatory landscape has become even more challenging for those hoping to use automated voice or text messages with customers. In a fast-paced session, FICO experts will discuss best practice strategies for sending customers effective debt collection and fraud alert messages via mobile phones.
- Global privacy and information security topics are dominating global headlines. For those interested learning about the latest developments related to the new data transfer framework called the Privacy Shield, the soon-to-be adopted EU General Data Privacy Regulation, as well as a growing list of data security challenges, you won’t want to miss this session. FICO’s Chief Information Security and Privacy officers will provide tips for how to respond in this new and rapidly changing environment.
- Risk Data Aggregation and Reporting are quickly becoming hot-button regulatory issues both in the US and abroad. At FICO World, experts will discuss compliance and business strategies that address new international accounting requirements for recognizing loan losses (IFRS 9), as well as the Basel Committee’s framework and processes associated with risk data governance (BCBS 239).
Please join us in Washington DC April 26 -29!
