Digital Skills - Digital Risk Management
About This Course
This 8-hour course aims to equip private bankers with the appropriate awareness and knowledge of the right risk management tools and strategies to mitigate cyber risks and other digital issues in this age of the digital workplace and transformation. The course will also expose them to how technologies like blockchain, AI/ML and data analytics are harnessed to optimise the risk management process including in financial crime areas like AML, KYC, data and cyber-security.
Who Should Attend
- Relationship managers and senior relationship managers in private banks
- Covered persons under Private Banking Code of Conduct
Learning Outcomes
- Understand new risk paradigm and consequences of poor risk management in the digital workplace, minimize fraud risks through effective cybersecurity practices
- Aware of the growing demands of regulators to address digital risks and the use of technology by regulators
- Learn how technology are used by financial institutions to address both business and regulatory demands (AML / Blockchain)
- Develop awareness and increase sensitivity to developments in KYC/AML and cybersecurity,
- Understand the causes and consequences of data breaches and risks poses to bank;
- Know how to use of data analytics to enhance KYC/AML processes;
- Know skills to verify authenticity of information and spot fraudulent information
- Understand risk governance and how to protect data across tech platforms
About IBF Certification
This course addresses the following Technical Skills and Competencies (TSCs) and Proficiency Level (PL):
- B5. Customer Experience Management - Level 2
- C1. Cybersecurity - Level 3
- H8. Customer Acceptance Checking and Onboarding - Level 4
Participants are encouraged to access the IBF MySkills Portfolio to track their training progress and skills acquisition against the Skills Framework for Financial Services. You can apply for IBF Certification after fulfilling the required number of Technical Skills and Competencies (TSCs) for the selected job role.
Find out more about IBF certification and the application process on https://www.ibf.org.sg/certification/Pages/Why-be-Certified.aspx
Section 1 – Digital Evolution & The New Risk Paradigm
- Key Trends in Digitalization
- Digital evolution
- Advent of the digital workplace
- Reimagining the digital workforce
- Evolving Landscape
- Data being produced anytime, anyplace, anyhow, etc.
- Automate, automate, automate
- Collaborate, collaborate, …: working side-by-side with RPA tools and robots
- Enhanced dynamic outcome and performance management
- Challenges and Risks in the new paradigm
- Workshop
- Digital Risk Management: Building Blocks
- Case Study: Minimizing Fraud Risk
Section 2 – RegTech & SupTech to Address Digital Risks
- RegTech for Financial Institutions
- MAS FEAT Principles
- Cyber- and outsourcing risks
- Supervisory initiatives
- Other Aspects of Digital Risk Management
- Mitigating Risks Around Digital Enablers
- SupTech
- Current State
- Potential Use Cases & Outcomes
- Conceptual Framework
Section 3 – How Technology is Used by Financial Institutions to Address Both Business & Regulatory Demands (AML / Blockchain)
- Lessons: Challenges & Competition from BigTech
- Drowning in a deluge of data
- Data Analytics:
- Benefits of Data Insights & Analysis
- Platform enablement
- Harnessing a Digital Platform
- Data Considerations:
- What is the Data Telling You?
- Addressing Regulatory Demands:
- Quick overview of AML and Blockchain applications
- Case Studies
Section 4 – Causes & Consequences of Data Breaches & Risks posed to the Bank
- Cause of Data Breaches
- Data leakage taxonomy
- On reputation, brand and share value
- Impact on stock prices and customer losses
- Workshop Discussion: Financial impact
Section 5 – Data Value & Increased Sensitivity to Developments in KYC/AML & Cybersecurity
- The Value of Data
- Data Value as a Universe
- Understanding the State of Compliance and Maturity amid the rise of RegTech in KYC / AML and Cybersecurity
- Cybersecurity and Privacy Defined
- The CIA & N
- Sensitive Data
Section 6 – Using Data Analytics to Enhance KYC/AML Processes
- Risk Management & Data - Big Picture Overview
- Example of an AML System
- Lifecycle of FCC Monitoring & Control
- FCC Case Studies – Lifecycle
- Techniques of Fraud Detection using Machine Learning & Profiling
- Enhancement of Data Analytics with AI/ML
- Outlier & Anomaly Detection
- Further Case Studies
Section 7 – Verifying Authenticity of Information & Spotting Fraudulent Information
- Data Origins and Sourcing
- Understand strengths and limitations of:
- sources of data or information, e.g., Reuters/Bloomberg vs social media like Facebook, etc.
- types of data, e.g., structured vs unstructured data or quantitative-based vs qualitative (e.g., surveys)
- Document abuse, etc.
- Understand strengths and limitations of:
- Trend Analysis - aware of past trends incl.:
- stability of and / or constant behavioural profiles vs anomalies, unusual profiles / patterns or spikes,
- suspicious or non-mainstream transactional (STA) or behavioural patterns, e.g., from or in new geographies, relationships, etc.
- Risk-aware of cyber risk threats and profiles, e.g.,:
- phishing, spam, hacks, DDoS, etc.
- Working with Technology, Domain Experts & Specialists
Section 8 – Understanding Risk Governance & Data Protection Across All Platforms
- Background & Backdrop: Types of Data & Understanding Data
- Data Assertions
- Structured & Unstructured Data
- Data Lifecycle
- Common Data Loss Vectors
- The Changing Data Loss Risk Landscape
- Mega-Trends resulting in Data Risk
- Challenges in Managing Data Loss
- Data Loss Risk Types & Lifecycle
- Data Loss Protection across Platforms using a Holistic Approach
- Data Risk Governance in DLP Framework
- Data Governance
- Data loss prevention controls
- Support for information security processes
Assessment - MCQ
Dr Khoo Guan Seng
PhD in Computational Physics (NUS)
GS Khoo has over 30 years of AI, data-mining, management and startup global work-experience, focusing on risk and hedge fund analytics. He joined CAI in Feb 2016, after relocating back from Canada, where he was the Head of ERM with one of the largest Canadian pension fund managers, AIMCo, which he joined in 2011.
Prior to AIMCo, He was with Temasek Holdings, which he joined in 2009 from Standard Chartered Bank, where he was the Global Head/MD, Group Risk Analytics, heading the global team performing all global risk models validation for Basel & BIPRU compliance, and liaised with all the financial regulators in Europe, Asia, Africa and the Middle East, including the FSA (UK), the FSS (Korea), CBRC, HKMA and MAS (Singapore). At Temasek Holdings, he focused on developing novel investment performance and portfolio risk management metrics, applicable across the whole spectrum of investment asset classes and horizons.
In his other previous roles, he designed and managed an algorithmic hedge fund at Man Investment Products (Man Group plc.) in the 90s, was Head of Innovation (Strategy & Business Devt.) at the Singapore Exchange, was Group Chief Risk Officer at a SE Asian conglomerate (RHB Capital, Malaysia) and was based in Chicago and Denver in 2001-02 at American Bourses Corp (ABC, spun off from the Man Group), providing AI-based investment and trading analytics to clients trading on the ECNs in N America and in the Asia-Pacific. At ABC, he managed the launch and production of the financial portals of SPH, asiaonemarkets.com and zaobaofinance. com in 2000.
He also provided advisory services to the regulators, family offices, research institutes, global and Asian banks in the Asia-Pacific region on data-mining, ERM, Basel 2 and 3. In addition, he has also advised startup and IT companies in S’pore, Silicon Valley and Vancouver, B.C in BigData, FinTech, and Energy Farming using renewable energy.
GS Khoo holds a PhD in Physics, and has done post-doctoral work at Nagoya University, MSI’s (Molecular Simulations Inc.) research centers at Caltech (Pasadena, California), Boston and at Teijin-MSI in Tokyo, Japan on AI-based data mining and computer-aided drug design. He also speaks regularly at international banking conferences and published articles relating to holistic ecosystem enterprise risk management, AI, operational resiliency, ESG investing and sovereign investing, and published over 30 journal papers on financial engineering, artificial intelligence (AI) applications in financial markets, environmental and materials science.
He is a Board Adviser of the Global-SWF Corporation, Singapore Economic Forum, an affiliate organization of the Paris-based ESG Summit G7 Pension and World Pension Council.
IBF-STS
This programme has been accredited under the IBF Standards, and is eligible for funding under the IBF Standards Training Scheme (IBF-STS), subject to all eligibility criteria being met. Candidates are advised to assess the suitability of the programme and its relevance to participants’ business activities or job roles.
For latest development on the Funding Support for IBF-STS, please visit the IBF Standards Training Scheme site.
About the IBF Standards
The IBF Standards are a set of competency standards for financial skills. These Standards are developed in partnership with industry leaders and provide a professional development and skills roadmap for financial sector practitioners to excel in their respective job roles. They currently cover 12 industry segments in the financial sector.
About the Institute of Banking and Finance Singapore
The Institute of Banking and Finance Singapore (IBF) is the national accreditation and certification agency for financial industry competency in Singapore under the IBF Standards. Find out more on www.ibf.org.sg
Early Bird Discount
Enjoy 10% early bird discount when you register one (1) month before the course commencement date.
