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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

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.
  • 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

Dr Khoo Guan Seng

PhD in Computational Physics (NUS)

GS Khoo has over 30 years of AI, data-mining, management and startup 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. He has 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 computer-aided drug design. In academia, he published over 30 journal papers on financial engineering, artificial intelligence (AI) applications in financial markets and materials science.

He has also published chapters on sovereign investing in “Sovereign Investments” (Riskbooks/IncisiveMedia, 2013), enterprise risk management for financial institutions in “Operational Risk 2.0”, (Riskbooks/IncisiveMedia, 2007), investment management in “Sovereign Asset Management for a post-crisis World”, (Riskbooks, 2011). Other publications included articles in Investment & Pensions Asia (IPA) magazine (Sept/Oct issue, 2010) where he demonstrated a deficient frontier outcome (instead of efficient frontier), entitled, “Rethinking Investment Decision-making post-GFC (Global Financial Crisis)” as well as on “Strategic Risk Allocation” in IPA Magazine (Sept/Oct 2011 issue). He has also been a speaker on ICAAP, Stress Testing, Model Validation and Economic Capital at RISKMINDS (Geneva, 2008) and RISKCAPITAL (Brussels, 2009), panelist on “Investing Beyond BRICs” at the 2013 Taft-Hartley Pension Fund Forum in Los Angeles, “Long-term Investing” & “Hedge Fund Investing” at the Asia & Middle East Govt. Funds Roundtable, (Institutional Investors, 2012-2015) and on “Emerging Markets and FX Risks” at the Asian Pension Funds Roundtables (Pacific Pension Institute, 2010-2015). He has also presented a paper on “Valuation & Risk Issues in Illiquid Investments”, in Seoul, S. Korea for Korea’s pension fund association in 2012.

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 Enhanced 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.

Digital Skills - Digital Risk Management

IBF-STS

S$ 1,200

Course Features
  • Duration
    1 Day
  • CPD
    8 Hours
  • RRCE
    4 Hours
  • Job Role
    Relationship Manager
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