Kkskjnwijsiiqokxn❤

Short Summary for [Why Regulation and Compliance is Fundamentally a Data Science Exercise](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html) by [Merlin](merlin.foyer.work/) Title: Evolution of Compliance: Data Science Perspective [00:02](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=2) Regulations and compliance are a data science exercise [02:13](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=133) Evolution of compliance over the last decade [06:55](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=415) Regulation and compliance is a data science problem [09:13](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=553) Compliance officers of the future need to act more like product managers with expertise in regulations. [13:18](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=798) Roles in regulation and compliance are becoming more cross-functional and complex [15:32](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=932) Importance of risk-based approach to compliance [19:39](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=1179) Challenges in accessing and cleaning compliance data [21:14](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=1274) Adapting fast to evolving cyber threats is crucial. [24:57](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=1497) Challenges in information sharing due to regulatory barriers [26:39](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=1599) Financial institutions must collaborate with law enforcement for effective AML practices. [30:40](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=1840) AI and machine learning changing landscape of investigations [32:31](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=1951) Utilizing data science can enhance efficiency and enable proactive risk management strategies. [36:25](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=2185) Compliance should focus on understanding underlying mechanics for effective regulation. [38:03](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=2283) Compliance and responsibility towards financial institutions and economic system. --------------------------------- Detailed Summary for [Why Regulation and Compliance is Fundamentally a Data Science Exercise](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html) by [Merlin](merlin.foyer.work/) Title: Evolution of Compliance: Data Science Perspective [00:02](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=2) Regulations and compliance are a data science exercise - Panelists discuss their backgrounds in risk, compliance, and RegTech - Emphasis on the importance and interesting aspects of regulations and compliance [02:13](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=133) Evolution of compliance over the last decade - Compliance transitioned from legally driven to technology-focused post-financial crisis - Technology has become a must-have in compliance due to increasing complexity and digitization [06:55](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=415) Regulation and compliance is a data science problem - Regulatory reporting and examinations are about proving adherence to rules and trustworthiness. - Data science can help in reading and analyzing complex regulatory reports to build trust in financial services. [09:13](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=553) Compliance officers of the future need to act more like product managers with expertise in regulations. - Regulations exist to protect people and keep bad actors out of the financial system. - Compliance teams equipped with data and technology can prove the results of their methodologies. [13:18](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=798) Roles in regulation and compliance are becoming more cross-functional and complex - The evolution of banking practices, such as moving online, has increased the complexity of compliance requirements - Efficient compliance and risk management now rely on learning, enabling, and using technology, rather than simply adding more personnel [15:32](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=932) Importance of risk-based approach to compliance - Using data science for effective risk management by integrating different data sources - Shifting mindset to focus on reducing fraud rates rather than just basis points [19:39](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=1179) Challenges in accessing and cleaning compliance data - The complexity of cleaning and unlocking compliance data from various sources like spreadsheets and SharePoint can hinder machine learning model development. - Not having in-house engineering and data science resources may result in long-term dependency on external vendors for compliance data management. [21:14](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=1274) Adapting fast to evolving cyber threats is crucial. - Regulations like New York DFS 504 are helping the financial crimes industry to adapt with transaction monitoring and sanctions training. - Challenges with machine learning models for transaction monitoring on the EML side include explainability and adapting to new technologies. [24:57](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=1497) Challenges in information sharing due to regulatory barriers - Difficulty in sharing information on suspicious activities across subsidiaries and organizations - Lack of standard in regulatory environment creating obstacles for compliance professionals [26:39](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=1599) Financial institutions must collaborate with law enforcement for effective AML practices. - Open source solutions can aid in AML efforts, fostering transparency and innovation. - Regulators lack technical expertise, industry leadership is pivotal in guiding and supporting them. [30:40](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=1840) AI and machine learning changing landscape of investigations - AI empowering investigators & changing role of investigators in complex environment - Intelligence units crucial in analyzing complex connections, networks, behaviors [32:31](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=1951) Utilizing data science can enhance efficiency and enable proactive risk management strategies. - Implementing anomaly detection using multiple data sources can uncover suspicious activities, such as fraudulent account sign-ups with mismatched time zones. - Utilizing AI technology, such as large language models like Chat GPT, can assist in detecting and combating malicious actors in the ongoing arms race for customer protection. [36:25](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=2185) Compliance should focus on understanding underlying mechanics for effective regulation. - Risk of only catching less sophisticated criminals due to limited resources. - The need for AI to improve compliance efficiency by tackling root issues. [38:03](kzfaq.info/get/bejne/oaiRmteSyt-anKs.html&t=2283) Compliance and responsibility towards financial institutions and economic system. - The need to do the right thing for the larger economic landscape. - Using data science and AI to improve outcomes for consumers, businesses, and society.

The story of Fintech Nexus is the story of the early days of the disruptors who promised to upend traditional banks on democratising digital credit. The regulators got into the act and steered this industry back to the traditional banks, turning the disruptors into credit and risk IT vendors. That’s what we saw at the last Fintech Nexus in 2023. DeFi will recreate digital credit in the future but for now the traditional banks have won, protected by legislation, and the phases relived in this conversation were the phases that the industry itself went through and I salute you that as entrepreneurs you were riding a tiger and defining an age in the history of banking.

I remember attending the 2015 Larry Summers speech!🙂Good luck on your next endeavor guys.

Good work over the past 11 years guys. And a very classy way to go out: a retrospective discussion by both of you.

Great Discussion

So many great friendships developed in the past decade through LendIt and FinTech Nexus! Thank you for all the core memories.

Good interview, even though I couldn’t hear Peter’s questions most of the time bc of audio issues

This is some really dope stuff, Inspirational what they have done with Legalist. Salute to Eva, Christian & the team, keep up the good work and goodluck with the evolution of your platform.

bullshit. Yes, can happen for clean borrowers. I have 30 years of mortgage underwriting. It can happen. Just approve everybody and roll the dice. Nothing matters, borrowers lie, will not want to make payments. This is the reality.

LOL this aged like milk

Vishal gets a bad rap because of the zoom video but better imo is a sleeping giant when the market turns. Great interview wouldve like a bit more on the current challenges

Thanks very much. Excellent interview

This guy is a complete scam so is chime 90 days waiting for a dispute when you get told no because they don't know what they're doing not one person speaks English or understand it if it was Cash app or PayPal it won't take 90 days it would take only 5 days customer's always right

Such great content! Yet appreciated very little by the algorithm, looking at the views that is, how could these types of content reach a wider audience?

Great interview!

Why has Quantstamp been delisted from all major exchanges? I bought 5k worth of Quantstamp tokens and now I don't know how to sell them cause it's not listed anymore. Feels like I've been scammed.

It will be very exciting to see where fintech goes from here on out ! This presentation is exciting news!

Listened to 3 interviews from this year and noone mentions the QSP token. Do you have any thoughts about it?

hi @FintechNexus, Thank you for such a great explanatory video. I actually want to get in touch with them for discussing business, where can I contact you/them? There are too many people in Discord and I don not know who is authentic and who is not...

Incredible conversation! 🎙 Henry Yoshida's journey from building a multi-billion dollar RIA business to co-founding Honest Dollar and now Rocket Dollar is truly inspiring.

🤔...This is a good conversation.! My daughter loves her Step card and being able to budget her own money. I hope they are here to stay and never sell out to a bigger company!

great interview

The CEO skirted many questions. And when he answered some, he was unintelligible, NOT cos of his accent but he was incapable of composing comprehensible answers! I think he should do some English Language courses before he tries to explain AI. 😢

It's over $6B AUM currently

gr8 interview

Brian Brooks for new SEC chairman I hope

10:52 interesting 🍻

Greate idea for all small businessman. Keep going bro

With due respect sir XRP is a instant payment settlement

Oh ini Pinjol Amerika Pantesan di Indonesia jadi Virus

Great episode!

me doing a presentation in school:

Is the presentation available?

Poor sound quality

Great pod, thank you!

Upon further reflection, Georgia Felty provided good insight into my preferred customer experience, that is to avoid a store card altogether and have my credit through a bank or credit union with a local branch who issues their own cards. Domingo Guerra rather affirms this by his excitement over the business model of a centralized and largely unaccountable biometric data clearing house. He believes that deferred interest and additional discount percentages are the sugar that helps the medicine go down. I admit I fell for it, in part, but stopped short of adding to a biometric database. Now with biometric data farming, it simply makes no sense to agree to a 20+ % interest rate store card, no matter the incentives, when my own credit union has me at a 7.99% fixed rate high limit card and zero friction. I got greedy. I wanted to avoid interest charges at all (by using my Lowes card's deferred interest deal) but now I know it's just a sand trap. Thank you Mr. Domingo, for being clear about the sugar and the medicine. Now I can make the better choice of avoiding those inducements. I'd much rather pay the 7.99% fixed with zero friction than the deferred interest scheme with tons of friction now and ahead.

Oh, and by the way, I was not a new customer, having had my account for years. After the "friction" felt twice, I got the distinct impression that Synchrony's implementation of biometrics hurts Lowes. Both Home Depot and Lowes look evacuated these days, their in-person business is so slow. Staff reductions only add to the effect. All the departments requiring staff assistance (Cabinets, appliances, installations and deliveries and so on) are vacated now by staff reductions. So, as a customer, when I finally get to the point of checkout only to hit a wall of personal verification (I'm already a long term established customer), it is a process that is both baffling and beyond irritation. As a customer I am immediately thinking of shopping alternatives because of the lack of assistance, and that sense is anchored in my mind when I hit a personal verification wall in checkout. Fortunately, my local area appliance store meets my needs of both personalized service and efficiency. As the Affirm rep in this video says, biometric identification has the advantage of scalability. Perhaps that's the problem, from a customer standpoint, the trade-off of personalized service and efficiency for scalability would likely have the customer seeking better experiences. Even as I write this, I am realizating that warehouse-style shopping may not be a good fit for me and my projects. That is the end result for me and my experience with Lowes' and Synchrony's implementation of biometric personal identification. As a loyal Lowes customer I can endure staff reductions to a point, but that I can't make a purchase at all rather forces me elsewhere. I want to work with people I know and trust, with people who know me by my established business relationship, with people who answer to me for delays, not an algorithm that can't explain itself, not with a customer service call center whose inputs factor in very little. Lowes' reductions in overhead, cutting staff in all the departments requiring direct assistance (Home Depot the same), all point to a response to overcapacity. That is a scalability problem. Rather than addressing the problem of scale in ways meaningful to the customer, Lowes has doubled down on increasing scalability by further reducing personalized service and efficiency in their personal verification process at checkout!

No thanks. The "friction" discussed by the Affirm rep, can best be described as humiliation felt by the legitimate customer. Both Lowes and Synchrony lost a customer as well as a sale that day. I went into my nearest Lowes loaded with Federal and state ID, surrounded by a plethora of cameras in the store, and yet could not complete my purchase. I had to provide a video of myself to Synchrony's gotcha squad. Huh??!! Not only could I not complete my purchase at the register, they saw fit to CANCEL my incoming deliveries to the store for pickup making my 30 mile drive pointless. Could they tell me the cancellation ahead of time to save me the trip? Oh of course not. I suppose they had an added interest to see me in the store. So, my DIY kitchen remodel project is now delayed by weeks, cancelling the various contractors (a scheduling nightmare). Yeah, the "friction" is better described as the humiliation a legitimate customer feels, not just once or twice with the vendor (staff and surrounding onlookers), but the ripple effect of embarrassment and discord with my scheduled contractors, many of whom will put me on the back burner from now on I suppose, since their time is valuable too. Of course my small balance on my Lowes/Synchrony card will be paid in full once returns and payments are settled, then I will promptly cut the card up and close the account. I refuse to add my biometric data to a framework fraught with breach vulnerabilities. Lets face it, they're all vulnerable. So, no thanks. I'll pass.

New subscriber.

Nice conversation.

Thanks for sharing.

Fake no credit check bkht singko WALA.

May adgente kanina wa fake Yan lng wag maniwa d ako Yan sa 😈

Peter, you asked great questions and helped the listener gather more clarity on exactly how this works. Not a lot of Pinwheel youtube information. Great interview! Really nice questions.

Love it, Peter. Another great recap!

🎶 "Promosm"

Thanks for the video.