This is a special week in Innovation in Compliance, a special edition presented by FCPA Compliance Report and the Compliance Podcast Network, and hosted by renowned author, blogger, and speaker Tom Fox, who is also known as the Compliance Evangelist. Tom has sat down with Phil Fry, VP of Go-to-Market Strategy at Verint, and are releasing a conversation every day about the changes in the financial compliance industry.
The Future of Financial Compliance Part 1. – Challenging Accepted Wisdom
The first episode of an exclusive 5-part podcast series that runs throughout this week has just been made available. Today’s episode is where they’re giving an overview of everything that’s coming this week, and the principles behind them. Listen now!
As Phil says: “Verint are taking a unique approach to Financial Compliance. We do not accept that legacy solutions and methods are good enough for our client’s needs. As well as providing the most advanced capture and automation capabilities available within this space, we are also partnering with best-of-breed Regtech and Fintech organizations to provide customers with flexibility and options. Our approach is one of true partnership – we will be open, we will be honest, and we will share our customers’ objectives, working together to achieve them.”
The Future of Financial Compliance Part 2. – Capture
In this second installment of our 5-part series all about Compliance in Finance, Tom Fox is going to be talking with Philip Fry of Verint about the importance of capturing the information necessary to manage risk and compliance in a fast changing world. Listen now!
The current breed of regulations governing financial services and trading are much more comprehensive and stringent than their predecessors. In their drive to control how businesses and individuals behave, they typically require that extremely detailed information is captured and stored about every transaction. In fact, in the case of MiFID II, it is necessary to capture data about interaction that was intended to lead to a transaction – even if the final transaction did not take place. What these regulations have done is catch-up with the plethora of communication channels now available to bankers, traders, and customers when they communicate with one another.
The Future of Financial Compliance Part 3. – Control
What does control mean when we’re talking about compliance in finance? And how do you maintain it? That’s what Tom Fox and Philip Fry are talking about in this third installment of the 5-part Compliance and Podcast series on Innovation in Compliance. In this context, control means the tools and strategies we employ to prevent non-compliant actions from taking place or being alerted to them when they do. Listen now!
Control in the Verint Process relates to the tools and techniques employed to keep operations compliant “in the moment”. In the tripartite compliance formulation of prevent, detect and remediate, it is (1) preventing non-compliant actions taking place, (2) detecting them when they do so, and (3) taking immediate remedial action when they are uncovered. Tom and Phil are talking about the power of automation, and how it’s one of the powerful tools that allow companies to manage risk and compliance.
The Future of Financial Compliance Part 4. – Sustainability
In the previous episode Tom and Phil talked about the tools, strategies and importance of controlling the information its now possible to capture, and in the fourth show they are getting into making that kind of activity sustainable over the long term. Listen now!
Sustainability in this compliance context does not mean going green, an ESG initiative or something else along those lines. Rather this is managing constant change and moving your compliance organization; its resources, technology, practices, procedures, data, skills etc. to a place where they run effectively and efficiently, without undue drama, all the while as compliance risks are minimized.
The Future of Financial Compliance Part 4. – Oversight
Welcome to the last installment of this 5-part Compliance in Finance Series, where Innovation in Compliance host, Tom Fox, talks with Philip Fry, the VP of Go To Market Strategy for Verint. Today, Phil and Tom are talking about oversight – bringing together data and analysis from across an organization. Listen now!
Oversight in the Verint process is not the traditional compliance definition of ongoing monitoring or auditing but rather how to bring together data and analyses from across an organization. Companies have mountains of information available to them, there are two key problems that continually bedevil the compliance professional. First is that the data is siloed and therefore inaccessible but equally importantly it is useless without understanding. Part of the later problems that that the compliance function is largely populated by lawyers who have no professional training regarding transactional data.