In case you weren’t following our live updates on twitter last week (#FTFSecOps), I thought I would bring you up to speed on the issues discussed at our Securities Operations Seminar in Boston last week. The day got kicked off with a timely discussion on the impact of Dodd-Frank and other regulatory initiatives for securities firms and operations. The conversation really got interesting though when Jason Vazquez, Director of AML Compliance & Financial Crime Prevention at Babson Capital Management, spoke on how your firm can deal with financial crime and anti money laundering. One interesting point he made dealt with budgeting, which he believes shouldn’t be a big problem for you as the cost to set up an AML Compliance program for your firm is already somewhere in your budget. He also stated what some might think is obvious, “If you see something, say something.” Easy enough, right? Financial Crime & AML Compliance should be everyone’s job, not just the compliance department.
Another interesting session during the seminar was a technology update where the latest advancements in vendor solutions were debated. A topic that was prevalent during this panel was the many opinions on whether or not to outsource your compliance features. Chris Young of Berkery Noyes said we’ve entered the period of outsourcing, though its cost can be a big deterrent. So, is the cost worth it? Michael Alexander from Smarsh says firms may have the infrastructure today but will they in 3 years? You might want to consider handing info over to the experts now.
Along with these issues, other items discussed throughout the day were corporate actions and automation, SWIFT’s ISO 20022 messaging standards and operational due diligence. One of the last but not least thoughts from the day was whether or not financial technology could be the next bubble. What do you think? Dodd Frank has been and continues to be a major factor of vendor compliance solutions; can anyone be sure what that final impact will truly be?
Overall, it was another great seminar and our thanks go out to all the attendees for their enthusiasm and participation in the open forum discussions. Special thanks also go out to all the knowledgeable speakers and event sponsors who included Smarsh and Ernst & Young!
For more in-depth coverage on what was discussed at the event look for upcoming highlights in the FTF Newsletter.
Dayle Scher, Vice President at State Street, leading her panel on corporate actions and automation.
Jason Vazquez, Director, AML Compliance & Financial Crime Prevention at Babson Capital Management, speaking on financial crime and AML.
Alan Swersky, CPA, Director at Duff & Phelps, LLC, speaking on operational due diligence.
View of beautiful Boston from the conference room