FSI regulatory talk series

With the rise of highly damaging misconduct scandals within the global financial services industry over the past decade, how do banks manage their conduct risk effectively given the scale and size of their banking operations?

On 10 May 2019, our Malaysia Risk Advisory (RA) team organised two sessions on conduct risk, as part of the 7th session of the FSI Regulatory Talk Series. In the morning, the talk was held exclusively for banks’ Chief Internal Auditors (CIAs), Chief Compliance Officers (CCOs) and Chief Risk Officers (CROs). 28 participants from 8 different banks, securities commissions and delegates from the Malaysia Digital Economy Corporation (MDEC) gained further insights into the use of technology and analytic tools in combating conduct risk.

On the same day, the team also had the opportunity to conduct a similar session with Bank Negara Malaysia and share insights to assist the regulators in policy making and supervision of the banking industry.

The talks were led by Justin Ong (FSI Financial & Regulatory Risk Leader), Mark Woodley (Deloitte Australia Partner and Deloitte Asia Pacific Risk Analytics Leader), and Chris Neale (Deloitte UK Risk Analytics Director). Mark highlighted how analytics can help identify, quantify, remediate and prevent conduct risk issues, as well as practical use cases. On the other hand, Chris presented and emphasised the importance of employing analytics-enabled tools and solutions in combating conduct risk. The sessions also served as a launch of two of our latest business intelligence tools, TrueVoice and Surveillance Grid. These tools will assist banks in keeping up with the ever-changing risk landscape and improve their operational efficiency in conduct risk management.

Both sessions was well-received by the attendees, with Elysia Tan from CIMB citing that, “to build a sustainable compliance practice, Analytics and Tech tools are a necessity.” Given the timeliness and importance of the topic, similar sessions will be organised throughout the year as part of the Malaysia RA’s team ongoing FSI Regulatory Talk Series.