AML Model Validation: A Critical Need in the New Regulatory Environment

Duration: 60 Minutes
This training program will discuss the history and origin of a model validation. It will also discuss the requirements by the OCC for a model validation, and what exactly a model validation should include. The session will also cover the elements of a model validation in-depth to know what to look for in an RFP.
AML Model Validation
Instructor: Frank Masi, Ph.D.
Product ID: 505459
Objectives of the Presentation
  • Learn the history and origin of a model validation
  • Discuss the requirements by the OCC for a model validation and what exactly a model validation should include
  • Where we're seeing the regulatory pressure to complete a model validation
  • What a sample project plan should look like
  • Cover the elements of a model validation in-depth, to know what to look for in an RFP
  • Discuss the importance of statistical data analysis and its importance in the final report
  • Discuss vendor due diligence - how to select a vendor familiar with the in-depth nature of the project and being able to recognize their independence
Why Should you Attend
  • According to the Office of the Comptroller of the Currency (OCC), 'banking organizations should conduct a periodic review-at least annually but more frequently if warranted-of each model to determine it is working as intended and if the existing activities are sufficient.' This has become known in the industry as a model validation, system validation, independent verification and validation (IVV) or just validation. The challenge we've seen is interpreting this - what is a model, which models, what a review should include etc.
  • As such we've seen a number of organizations conduct one, either internally or independently, often missing elements to the model that couldn't possibly validate an institution's model without them. This webinar will cover a number of topics: The history of a validation - where it comes from, what it means according to the OCC, what elements should a model validation include, the importance of conducting one, how often one should be conducted, what to look for in an RFP and vendor due diligence.
Areas Covered
  • The definition of a model validation according to the OCC
  • How often a model validation should be completed according to the OCC
  • The origin of the term independent verification and validation and how that relates to today's model validation
  • Where the regulatory pressure has been to conduct an AML model validation
  • What elements should be reviewed during an AML model validation
  • What qualifies as a model validation, and what does not
  • What a sample model validation project plan would look like
  • Vendor due diligence - selecting a vendor for your AML/BSA projects
  • Definition of vendor independence
Who will Benefit
  • BSA/AML Officers
  • Compliance Officers
  • Sanctions Officers
  • AML Analysts
  • Risk Officers
  • Legal Departments
  • Risk Managers
  • CEOs/Presidents at Banks, Broker-Dealers, Money Services Businesses and Other Non-Bank Financial Institutions
$300
Recorded Session for one participant
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How it works
Live Session - How it works
  • Login to onlinecompliancepanel with your registered username and password https://www.onlinecompliancepanel.com/login
  • The webinar joining link, username and password for joining the webinar will be updated on your OCP Account 24 hours prior to the webinar
  • Presentation handouts in Downloadable PDF format will be updated on your OCP Account 24 hours prior to the live session
  • Login to the audio conference on the scheduled date and time
  • Get answers to your queries through interactive Q&A sessions via chat at the end of the session
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account 24 hours after the completion of the session
  • Please let us know your thoughts and views at the end of the webinar, your valuable feedback will help us improve
Recorded Session - How it works
  • Login to onlinecompliancepanel with your registered username and password https://www.onlinecompliancepanel.com/login
  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor Profile:
Frank Masi, Ph.D. has over 25 years of business and technical experience and holds a doctorate in business and organizational management from Capella University. Over the last 10 plus years, Mr. Masi has worked in the BSA, AML, and OFAC regulatory environment and has consulted in the financial industry providing institutions with enterprise level regulatory software solutions and consulting services in BSA, AML, KYC, P.A.T.R.I.O.T. Act and OFAC.

During his time with FIS, Mr. Masi has worked in the roles of director of professional services managing implementation and consulting services, providing regulatory consulting and software services to the financial industry. He currently serves as the product manager for FIS Risk, Fraud, and Compliance Solutions, managing the AML Premier and AML Enterprise (Prime Compliance Suite) suite of products.

He is an adjunct professor at the University of Phoenix, teaching corporate audit and governance and corporate risk management and also teaches at PACE University the BSA/AML CCRP certification. Currently, Mr. Masi is the EVP operation manager/senior consultant for ARC Risk and Compliance, supporting the consulting services. He continues to manage and provide in depth consulting services in AML/BSA, OFAC, KYC and other regulatory services.
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