- Don’t let your AML solution stagnate as changes occur around you
- Adjust your business-as-usual process to cover the identification of emerging risks
- Make sure your team are empowered to make changes as soon as they are needed
- And make sure your team knows how to make changes – and train them if they don’t
- A series of small changes is much better than one large project
- Use the definition of ready makes sure you know what to change
- Use the definition of done makes sure your change is ready to go live
- Understand your data especially its quality
- Test everything before you make it live
- Keep your changes documented
The podcast focus is from the point of view of transaction monitoring, but many of the concepts apply to other parts of an AML programme, including using transaction monitoring to detect fraud.
Rees has over 21 years’ experience working in risk management roles in financial services, 17 years of which were spent specialising in financial crime prevention in a number of senior roles including most recently as head of fraud and AML with a mortgage lender and service provider.