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AML Model Validation: A Critical Need in the New Regulatory Environment

Wednesday, May 10, 2017 at 10:00AM - 1:00PM

Online Event

  • May 2017

    10 Wed

    10:00AM

  • May 2017

    10 Wed

    1:00PM

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AML Model Validation: A Critical Need in the New Regulatory Environment

Wednesday, May 10, 2017 at 10:00AM - 1:00PM

Fremont, CA

No tickets available

Description
This training program will discuss the history and origin of a model validation. It will also discuss the requirements by the OCC for a model validation, and what exactly a model validation should include. The session will also cover the elements of a model validation in-depth to know what to look for in an RFP.

Objectives Of The Presentation
  • Learn the history and origin of a model validation
  • Discuss the requirements by the OCC for a model validation and what exactly a model validation should include
  • Where we're seeing the regulatory pressure to complete a model validation
  • What a sample project plan should look like
  • Cover the elements of a model validation in-depth, to know what to look for in an RFP
  • Discuss the importance of statistical data analysis and its importance in the final report
  • Discuss vendor due diligence - how to select a vendor familiar with the in-depth nature of the project and being able to recognize their independence
Why Should you Attend
  • According to the Office of the Comptroller of the Currency (OCC), 'banking organizations should conduct a periodic review-at least annually but more frequently if warranted-of each model to determine it is working as intended and if the existing activities are sufficient.' This has become known in the industry as a model validation, system validation, independent verification and validation (IVV) or just validation. The challenge we've seen is interpreting this - what is a model, which models, what a review should include etc.
  • As such we've seen a number of organizations conduct one, either internally or independently, often missing elements to the model that couldn't possibly validate an institution's model without them. This webinar will cover a number of topics: The history of a validation - where it comes from, what it means according to the OCC, what elements should a model validation include, the importance of conducting one, how often one should be conducted, what to look for in an RFP and vendor due diligence.
Areas Covered
  • The definition of a model validation according to the OCC
  • How often a model validation should be completed according to the OCC
  • The origin of the term independent verification and validation and how that relates to today's model validation
  • Where the regulatory pressure has been to conduct an AML model validation
  • What elements should be reviewed during an AML model validation
  • What qualifies as a model validation, and what does not
  • What a sample model validation project plan would look like
  • Vendor due diligence - selecting a vendor for your AML/BSA projects
  • Definition of vendor independence
Who will Benefit
  • BSA/AML Officers
  • Compliance Officers
  • Sanctions Officers
  • AML Analysts
  • Risk Officers
  • Legal Departments
  • Risk Managers & CEOs/Presidents at Banks, Broker-Dealers, Money Services Businesses and Other Non-Bank Financial Institutions.


For Registration

http://onlinecompliancepanel.com/webinar/AML-MODEL-VALIDATION-505459/MAY-2017-ES-EZEVENT

Note: Use Promo code WE3PL and get 10% off on registration (Valid till MAY 31st 2017)

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