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

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Online Compliance Panel   

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BSA/AML Officers, Compliance Officers, Sanctions Officers, AML Analysts, Risk Officers

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Seminar Summary:

Participants will learn practical strategies to comply with the ADA while protecting the workplace from the negative impact of drug and alcohol abuse of its employees. (see full course description)

 

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Training Course Syllabus:


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 analyze the elements of a model validation to know what to look for in an RFP, and detail the requirements included in Final Rule 504.

Objectives of the Presentation

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, so you know what you 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
Review the model validation requirements in Final Rule 504

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. Further, pushing regulators to require that institutions repeat their model validation.

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, vendor due diligence and the requirements included in Final Rule 504.

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
Outline the additions in Final Rule 504 as they relate to AML model validations

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

Seminar Summary:

Participants will learn practical strategies to comply with the ADA while protecting the workplace from the negative impact of drug and alcohol abuse of its employees. (see full course description)

print this agenda print agenda for the AML Model Validation: A Critical Need in the New Regulatory Environment training seminar

 view dates and locations for this seminar

 

 

 

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