Comments
Why Your Next Compliance Hire Should Be a Software Programmer
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Nathan Golia
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Nathan Golia,
User Rank: Author
10/19/2014 | 10:59:47 PM
reporting
With reporting a major component of compliance, of course software developers are key — someone has to figure out a way to get the right data out to the regulators quickly.
AndyIGreenawalt
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AndyIGreenawalt,
User Rank: Apprentice
10/19/2014 | 11:26:24 AM
Re: Automation
Thank you both for your comments.  Kathy, you're spot on that insight still plays a huge role, but that's why automation needs to find it's way out of the last decade and into this one.  We see smarter systems emerging for personal financial management, tax preparation and other areas.  Scenarios where, to use the over used, big data is brought to bare to shead the light of context on a problem.  Previous generation technology was fairly primitive in it's decisioning support with basic if-then logic, but today we have the data, the technical architecture and the examples to faciliate far more nuanced logic - in real time.  It's this gap between last generation solutions, and current state of the art that is the opportunity for our industry.
KBurger
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KBurger,
User Rank: Author
10/13/2014 | 3:53:21 PM
Re: Automation
Absolutely -- still, I think there is a need to understand the business problem. Ideally these programmers get education about banking as well as specific compliance issues, as this is not just "any" kind of automation issue. Much can be automated but there is still a need for analysis and investigation. The automation needs to account for that, not just volumes handling.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
10/13/2014 | 3:49:31 PM
Re: Automation
If you look at a lot of the big compliance fines over the last few years, especially around AML and sanctions screening, they really have to do with meeting the most basic requirements in monitoring and compliance. It's just that the volume of trasnactions that have to be screened is too much for many banks to keep up with. So there seems to be room to leverage automated processes and better deploy staff to get a handle on that volume and gain compliance.
KBurger
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50%
KBurger,
User Rank: Author
10/13/2014 | 2:25:12 PM
Re: Automation
Your argument makes sense, Andy. I would argue, though, that domain knowledge still matters -- that is, the programmer or developer may have great insights into how to automate or change processes, but of course compliance (or lending, or account opening, etc.) is not just about transaction processing. Insight, context, analysis and problem solving also need to factor in, especially where banks are involved in a new or evolving area (think, subprime loans). That said, by taking an automation (software) approach to compliance, many of those people hired to push paper could perhaps be doing the necessary analysis and investigation into compliance issues.
Byurcan
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Byurcan,
User Rank: Author
10/13/2014 | 9:28:07 AM
Automation
Interesting article, Anfy. It's surprising that "only" 5% of the banks think the way you describe, but I suspect that's tru in very industry. It's why the Google's, Amazon's etc of the world stand out.


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