AML Conversations
The Solutions Series: Tuning and Optimization
Apr 3, 2024
Experts Josh and Jon discuss tuning and optimization in financial institutions, covering regulatory requirements, benefits, and transaction monitoring perspectives. They explore event-triggered tuning, challenges, customer segmentation, and alignment of monitoring scenarios for effective alert generation.
17:58
AI Summary
Highlights
AI Chapters
Episode notes
Podcast summary created with Snipd AI
Quick takeaways
- Tuning and optimization in financial institutions enhance risk coverage and compliance by identifying gaps in monitoring scenarios.
- Despite the benefits, institutions may avoid tuning due to its labor-intensive nature, requiring significant time and resources for optimal effectiveness.
Deep dives
Importance of Tuning and Optimization in Financial Institutions
Financial institutions benefit from performing tuning on monitoring systems to optimize outcomes and gain valuable insights into customers and data. Tuning enhances risk coverage by identifying gaps or redundancies in monitoring scenarios, improving system effectiveness, accuracy, and compliance overall. Regulatory expectations, such as those outlined in the FFIC BSA AML exam manual and the New York DFS Part 504 regulation, emphasize the need for periodic evaluation of filtering criteria, thresholds, and detection scenarios.
Remember Everything You Learn from Podcasts
Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
