How Cognitive Automation Can Help to Assess and Mitigate Third-Party Risk

On January 16, Mark Büsser, CEO of IMTF, spoke at the Compliance in Asian Wealth Management Forum organised by Hubbis in Singpore on the topic of “How Cognitice Automation Can Help to Assess and Migitate Third-Party Risk”. We are happy to present you a summary of this presentation: 

How Cognitive Automation Can Help to Assess and Mitigate Third-Party Risk

Mark Buesser, Chief Executive Officer of RegTech company IMTF, has a wealth of experience in the world of wealth management and digitisation. He addressed delegates at the Hubbis Compliance in Asian Wealth Management Forum to explain the need for intermediaries and advisers to understand relevant risks and then tailor risk assessment, leveraging enhanced technology with quality data sources. He told them how AI and Contextual Analysis provide the platform on which IMTF's 'I-match' and 'Find-it' are based.

Buesser began by explaining that KYC an Source of Wealth Protocols today at the Wealth Management firms remain stuck in a traditional approach of finding anomalies, exceptions and pointing towards financial crime, but with little precision.

'If you have the technology,' he noted, 'your systems will likely be generating hundreds or thousands of false positives alerts, while very often you have no clue why the alert arose. Moreover, the information flows are expanding all the time, and so do the demands of regulators, and in business, the products and services which you are offering are both growing and evolving all the time.'
How then do FIs cope, Buesser pondered, especially with layered concerns also about GDPR, reporting, consolidation and data management in general? 'Well actually,' he said, offering the audience some hope, 'technology can not only help you to find solutions to these actual and imminent problems but also to find solutions for the various stakeholders in your bank or your firm who have to be concerned with all of these issues, so that if risk is detected the right people are basically triggered to a decision or an action. Ultimately, the right technology should be able to help you achieve an excellent user and employee experience.'
However, Buesser warned that most technology is still not fit for the purpose, with probably 85% of algorithms employed being outmoded, and open source investigation (for example via 'Googling') is not in any way efficient for these tasks, and tend to also create other false positives. 'I have some numbers from one bank,' he said, 'reporting that it takes on average 2.5 minutes just to work out one false positive, so if you have 10,000 – and we have seen some banks that have hundreds of thousands a year – that would be 52 man-days of work. That is not an efficient use of time or money. However, I also know from research into private banking that while most would say technology is critical, they face significant budgetary constraints. That must change if they want to enjoy what technology truly can offer today.' […]

 

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    Compliance in Asian Wealth Management Forum 2020, January 16 – Singapore

    IMTF will be speaking at the Compliance in Asian Wealth Management Forum 2020 organised by Hubbis in Singapore on January 16, 2020. 

    Mark Büsser, VPR and CEO of IMTF, will be speaking on the subject of “Bringing Cognitive Automation into 3rd Party Risk Assessment”.The presentation will focus on:

    – Understanding relevant risks to tailor risk assessment
    – Combining enhanced technology with quality data sources
    – AI and Contextual Analysis as the base of IMTF’s I-Match and Find-it

    Join us in Singapore and learn more about our NextGen RegTech solutions!

    Future Events

    IMTF will also take part at the Compliance in Asian Wealth Management Forum 2020 in Hong Kong on June 11, 2020. 

    Thought Leadership: “Meeting the Regulatory and Compliance Challenges that Lie Ahead”

    On September 14th, Hubbis and IMTF invited a group of Malaysian wealth management, compliance, risk management and other experts to an exclusive event in Kuala Lumpur. Together, we discussed how financial institutions and wealth management firms approach challenges like intensified regulatory demands, ever stricter compliance requirements, internal and eternal supervision and how digital RegTech solutions can help with the myriad of vital tasks and processes involved.

    We are pleased to share the summary of our latest experts’ gathering with you, you can download it here. 

    Technical Consultant: RegTech Software Solutions

    IMTF Group, established since 1987 in Switzerland, is a global leader in software and IT services for banks and financial institutions, offering a comprehensive portfolio of solutions for Onboarding & Client Lifecycle Management, KYC, Secure Document Management, Anti-Financial Crime, AML Compliance and Information Protection. Our emphasis is on the automation of administrative processes and the management of corporate information and knowledge.

    To strengthen our Service Delivery Team based in Switzerland (Fribourg or Zurich), we are looking for a:

    Technical Consultant: RegTech Software Solutions

    Your Key tasks:

    • In charge of the technical integration of our RegTech Software Solutions
    • Technical requirements analysis, architecture design & sizing, product implementation
    • Unit testing, SIT/UAT support, problem solving and production support
    • As part of the project team – single point of contact for all technical questions
    • Provide technical expertise to project team (on databases, network, Java environment and web technologies) and to the customer during client sessions / Technical trainings
    • Deliver written responses to technical questions and RFPs/RFIs
    • Complete follow-up and successful resolution of project and post-implementation technical issues
    • Strongly collaborate with Project Managers and team to develop realistic implementation plans and actively contribute to the successful project delivery

    Your Profile:

    • Experience in software solutions implementation
    • Knowledge of Banking and/or AML/KYC Compliance solutions is a great plus
    • Degree in Computer Science or equivalent experience
    • Experience in software solutions implementation (financial sector is an asset)
    • Knowledge and hands-on experience in Operating Systems (UNIX, Windows, Linux), application servers (Tomcat, WebSphere, Jboss) and databases (preferred MS SQL Server and Oracle)
    • Knowledge in TCP/IP, LDAP, scripting is an asset
    • Strong ability to present and articulate the business value of the solutions to business users and technical subject matter experts
    • Languages: Fluency in English and French (or German). Other languages are a plus

    Our Offer:

    • Challenging but exciting environment and responsibilities
    • Very autonomous and client focused function
    • International and multi-cultural team
    • Performance-based compensation package

    Any interest to join a dynamic international team? 

    For further enquiries about the role, please contact: Hicham Hiddak, Co-Head of Service Delivery.

    We look forward to receive your full application to: human.resources@imtf.ch

    Informatique-MTF SA, Rte du Bleuet 1, 1762 Givisiez, Switzerland. TEL: +41(0)26 460 66 66

    Thought Leadership: “A Modular RegTech Platform for Holistic Compliance”

    Customer name screening and investigation within banks and financial institutions are undoubtedly time-consuming manual tasks that drastically affect productivity and the bottom line.

    Combined with the necessity to comply with rapidly evolving regulatory prerequisites to ward off money laundering and tax evasion while meeting customer preferences and increase expectations, automation emerges as the strategic initiative to transform the traditional regulatory landscape and facilitate efficient utilization of resources.

    Download the full article here.

    Top 10 RegTech Solution Providers 2019

    IMTF group has been ranked as among the Top 10 RegTech Solution Providers for 2019 in the APAC region by THE APAC CIO Outlook magazine.

    APAC CIO Outlook is one of most well-respected technology media organizations in the APAC region. The listing is based on independent research conducted by the magazine on our solutions for financial institutions, plus our innovating spirit to best support our clients in achieving compliance.

    In its September issue, the magazine has featured an interview with Dr. Andreas Wenger, APAC Managing Director for IMTF group.

    Wenger speaks about the various challenges faced by the financial industry and how our modular RegTech platform can help Financial Institutions overcome these challenges holistically.

    Read the interview here: APAC CIO Outlook Interview

    The full September issue is accessible here.

     

    Top 10 RegTech Solution Providers 2019

    IMTF group has been ranked as among the Top 10 RegTech Solution Providers for 2019 in the APAC region by THE APAC CIO Outlook magazine.

    APAC CIO Outlook is one of most well-respected technology media organizations in the APAC region. The listing is based on independent research conducted by the magazine on our solutions for financial institutions, plus our innovating spirit to best support our clients in achieving compliance.

    In its September issue, the magazine has featured an interview with Dr. Andreas Wenger, APAC Managing Director for IMTF group.

    Wenger speaks about the various challenges faced by the financial industry and how our modular RegTech platform can help Financial Institutions overcome these challenges holistically.

    Read the interview here: APAC CIO Outlook Interview

    The full September issue is accessible here.

     

    Sept 24: Paris Forum Conformité

    Rejoignez-nous mardi 24 septembre prochain, dès 9 heures, à notre Forum annuel dédié à la Conformité, pour échanger connaissances et expériences relatives à la conformité, ainsi que les meilleures pratiques et approches pour faire face aux défis posés par les normes actuelles, ainsi que les nouvelles.

    Les thèmes abordés durant les sessions du forum comprennent:

    – La numérisation au service de la prospection, EER, développement et fidélisation
    – L’Intelligence Artificielle (IA) pour une efficacité et satisfaction client maximisées
    – Les risques opérationnels et réglementaires réduits grâce à un KYC/EDD aux multiples algorithmes
    – Etude de cas : l’IA dans le processus de Screening

    L’inscription est gratuite pour vous et vos collègues. Les places pour cet événement étant limitées, nous vous invitons à vous inscrire d’ici au vendredi 20 septembre.

    Nous nous réjouissons de vous accueillir au Castille Paris, sis 33-37 rue Cambon, 1er arrondissement.

    Prochain événement

    17 octobre, Jakarta

    Indonesian Wealth Management

    Eröffnung der IMTF Filiale Luxembourg und neue GL Mitglieder

    IMTF hat am 1. August 2019 in Fentange/Luxembourg eine weitere Filiale eröffnet. Im Rahmen dieses Ausbaus der IMTF group hat der Verwaltungsrat auch eine Umorganisation des Unternehmens mit einem Generationenwechsel auf Stufe Geschäftsleitung eingeleitet.

    IMTF hat die bisherigen Business-Units in eine funktionale Organisation überführt und gleichzeitig jüngere Manager mit langjähriger Erfahrung in der IMTF an die Spitze geführt.

    Mit Gion-Andri Büsser als Head Products übernimmt auch erstmals ein Mitglied der Familie eine Führungsposition im IMTF Familienunternehmen. Gion-Andri Büsser ist seit 2018 im Unternehmen; zuvor hat er bereits mehrere Jahre im Verwaltungsrat der Gruppe mitgearbeitet.

    Mit Ausnahme der Führung von IMTF Luxembourg konnten alle neuen Geschäftsleitungsfunktionen mit internen Talenten besetzt werden:

    • Head Development: Nicolas Brasey
    • Delivery Co-Heads: Hicham Hiddack & Milisav Miladinovic
    • Head EMEA & Sales: Valeriy Voditchenski
    • Head Switzerland: Bahram Djavidan
    • Head Luxembourg: Bitte kontaktieren Sie unser Headoffice (+41 26 460 66 66)
    • Head APAC: Dr. Andreas Wenger
    • Head Customer Support & CIO: Kay Handte
    • Head Products: Gion-Andri Büsser
    • CFO: Michael Kramer

    Die neue Geschäftsleitung übernimmt per 1. September 2019.

    Mark Büsser, IMTF group CEO

    September 10: Dubai Round-Table

    Increasing domestic and international competition, evolving customer expectations, cost pressure and new regulations are challenging financial institutions around the world to implement RegTech solutions to fully automate KYC, Onboarding and client lifecycle management (CLM).

    Join us to learn more on how to digitize onboarding and client lifecycle management, integrating the advanced Emirates ID; enhance KYC with EDD incl. automated semantic search (Negative news, Social Media, www), and overcome Tax transparency regulations challenges and tight reporting deadlines in the GCC.

    Next Event

    September 24, Paris

    Regulatory Technology:
    Unique opportunity to get informed on latest trends
    FORUM 2019