David Schneiderman is a compliance professional with over 30 years of experience in regulatory compliance, surveillance, risk management, investigations, and AML. He has held leadership roles at various futures and commodities trading firms, working to develop policies and procedures to reduce risk and bring organizations into regulatory compliance.
1. The Business Model of Banking and how institutions will have to adapt themselves to the new regulatory environment
2. Investments in capital and human resources
3. Changes/improvements to the Banks’ technology capacity and structure
4. Business Profitability, Staff Compensation and Competitiveness
Operational risk management and measurementRahmat Mulyana
a short description in mixed English and Bahasa Indonesia on Operational Risk Management and Measurement, in particular value at risk calculation using Monte carlo Simulation. Another method using EVT (Extree Value Theory) will be delivered shortly. regards
Nelito's FinCraft offers State-Of-The-Art Anti-Money Laundering and Anti-Fraud solution with real time monitoring and surveillance of operations to protect your assets.
FinCraft – AML covers a broad range of asset classes & transaction types by monitoring current transactional data, non-transactional or know your customer (KYC) data and historical data for suspicious trading patterns. Our extensive library of analytical foundation & detection models helps organization to be compliant with anti-money laundering (AML) regulations.
Features
1) Integration with Master tables/Reference Data
2) Sophisticated Scoring mechanism based on KYC, historical patterns, etc.
3) Integrated learning mechanism for refined alerts
4) Case Management and Multi Source Data
5) Inbuilt ‘Foundation Models’ for entity risk profiling
‘6) Scrutiny Models’ for suspicious / Unusual activity identification
7) Daily, Weekly, Monthly, Adhoc compliance Alerts
8) Visual link representation among multi-entity transactions
1. The Business Model of Banking and how institutions will have to adapt themselves to the new regulatory environment
2. Investments in capital and human resources
3. Changes/improvements to the Banks’ technology capacity and structure
4. Business Profitability, Staff Compensation and Competitiveness
Operational risk management and measurementRahmat Mulyana
a short description in mixed English and Bahasa Indonesia on Operational Risk Management and Measurement, in particular value at risk calculation using Monte carlo Simulation. Another method using EVT (Extree Value Theory) will be delivered shortly. regards
Nelito's FinCraft offers State-Of-The-Art Anti-Money Laundering and Anti-Fraud solution with real time monitoring and surveillance of operations to protect your assets.
FinCraft – AML covers a broad range of asset classes & transaction types by monitoring current transactional data, non-transactional or know your customer (KYC) data and historical data for suspicious trading patterns. Our extensive library of analytical foundation & detection models helps organization to be compliant with anti-money laundering (AML) regulations.
Features
1) Integration with Master tables/Reference Data
2) Sophisticated Scoring mechanism based on KYC, historical patterns, etc.
3) Integrated learning mechanism for refined alerts
4) Case Management and Multi Source Data
5) Inbuilt ‘Foundation Models’ for entity risk profiling
‘6) Scrutiny Models’ for suspicious / Unusual activity identification
7) Daily, Weekly, Monthly, Adhoc compliance Alerts
8) Visual link representation among multi-entity transactions
Operational Risk Management Under Basel II & Basel IIIEneni Oduwole
In this introductory presentation on the subject, salient features that changed in approaches adopted for Operational Risk Management under Basel I and Basel I were highlighted.
Danske Bank — Version and strategy
The Risk function in Personal Banking
Building an Oprisk framework
How do you influence the risk culture
Improving risk culture through 1:1 risk attention
Improving risk culture through measurement
Improving risk culture — Empowerment & consequences
Operational Risk Management under BASEL eraTreat Risk
Operational risk have always ignored by Banks as they thought Credit and market risks can cause catastrophe. But history of misfortunes taught us different lessons. Controls and internal audit have long been construed as guard till BASEL II dictates forced banks to look with insight. Understand the dimension of ORM in this presentation.
This presentation was made by PAMP during the session "Conflict-affected and high-risk areas as indicators for enhanced due diligence" of the 9th Multi-stakeholder Forum for Responsible Mineral Supply Chains, held in Paris on 4-6 May 2015.
Find out more at http://mneguidelines.oecd.org/icglr-oecd-un-forum-paris-2015.htm
This presentation was delivered at the ISO 37001 & Anti-Bribery PECB Insights Conference by Serge Barbeau, Senior Advisor and Project Director at Gestion Jean Bourdeau Inc. in
Canada.
Risk assessment and management seminar presented 18 March 2015 for Nepali bankers and government officials. Basel III compliance issues addressed with recent examples from Thailand, US, and Nepal.
Deloitte has been at the forefront of providing services to help clients - especially for some of the leading financial institutions - to help deal with myriad business and compliance issues presented by financial crime. See More : https://www2.deloitte.com/in/en/pages/finance/topics/forensic.html
Operational Risk Management Under Basel II & Basel IIIEneni Oduwole
In this introductory presentation on the subject, salient features that changed in approaches adopted for Operational Risk Management under Basel I and Basel I were highlighted.
Danske Bank — Version and strategy
The Risk function in Personal Banking
Building an Oprisk framework
How do you influence the risk culture
Improving risk culture through 1:1 risk attention
Improving risk culture through measurement
Improving risk culture — Empowerment & consequences
Operational Risk Management under BASEL eraTreat Risk
Operational risk have always ignored by Banks as they thought Credit and market risks can cause catastrophe. But history of misfortunes taught us different lessons. Controls and internal audit have long been construed as guard till BASEL II dictates forced banks to look with insight. Understand the dimension of ORM in this presentation.
This presentation was made by PAMP during the session "Conflict-affected and high-risk areas as indicators for enhanced due diligence" of the 9th Multi-stakeholder Forum for Responsible Mineral Supply Chains, held in Paris on 4-6 May 2015.
Find out more at http://mneguidelines.oecd.org/icglr-oecd-un-forum-paris-2015.htm
This presentation was delivered at the ISO 37001 & Anti-Bribery PECB Insights Conference by Serge Barbeau, Senior Advisor and Project Director at Gestion Jean Bourdeau Inc. in
Canada.
Risk assessment and management seminar presented 18 March 2015 for Nepali bankers and government officials. Basel III compliance issues addressed with recent examples from Thailand, US, and Nepal.
Deloitte has been at the forefront of providing services to help clients - especially for some of the leading financial institutions - to help deal with myriad business and compliance issues presented by financial crime. See More : https://www2.deloitte.com/in/en/pages/finance/topics/forensic.html
Compliance Risk Assessment Fall 2016 Class 4 Stephen Paine.docxaryan532920
Compliance Risk Assessment
Fall 2016 Class 4
Stephen Paine
Compliance Risk Assessment
Overview
Recap of Class 1
Pfizer Case Study and Compliance Risks
Legal and Regulatory Incentives/Conflicts of Interest
Political Failure of Controls
Reputational Recidivism
Point of Sale/Distribution
Definitions
Compliance Risk is the risk of failing to comply with applicable legal or regulatory requirements resulting in a material loss (financial or reputational) or legal/regulatory sanction
A Compliance Risk Assessment is a framework to enable the evaluation and analysis of the overall Compliance risk (both inherent risks and control effectiveness) associated with a particular business area
Recap of Class 2
The Five Elements of an Effective Compliance Program
Tone at the Top
Enron Chronology: July 1985 Enron established through merger and by November 2006 entire senior management team has either been indicted or convicted with Enron and Arthur Andersen no longer operating
Corporate Culture and Communication
Codes of Conduct set the values for employees to follow and those values are based on Compliance Risk.
3. Compliance Risk Assessment
4. Testing and Monitoring
5. Chief Compliance Officer
Case Study: HSBC
Financing drug cartels
Permitting sanctioned regimes to process dollar payments
Claw back of compensation (including Compliance Officers)
Criminal charges for “failure to maintain an effective AML program”
Recap of Class 3
Compliance Tools/Controls
Advisory Function
Coverage of Front Office and Technology, Finance and Operations
Conflicts of Interest -- A Deep Dive
Conflicts of interest are inherent in the financial services business
Historical success of the industry has been managing these conflicts by eliminating or disclosing them
Top to bottom review of business operations to address conflicts of interest of every kind
Risk Assessments
Follow-Up
Policies and Procedures
Education and Training
Compliance Surveillance and Business Unit Review and Testing
‹#›
In the News This Week
The Wells Fargo Cross-Selling Matter
Consent Order
Unauthorized Deposit Accounts and Simulated Funding
Unauthorized Credit Cards
Unauthorized Enrollments into Online Banking
Unauthorized Debit Cards
Independent Consultant’s Remit
Pay Redress Costs to Customers
$185 Million in Civil Penalties and Fines
Compliance Monitoring (page 23)
John Stumpf, Wells Fargo CEO, Appears before Senate Committee on Banking
http://www.cnn.com/videos/cnnmoney/2016/09/21/elizabeth-warren-wells-fargo-ceo-cnnmoney.cnn
‹#›
Our Journey So Far
Class 1
Class 2
Class 3
Tonight . . . finally
Compliance Risk
Compliance Program
Compliance Controls
Compliance Risk Assessment
Compliance Risk Assessment
A Compliance Risk Assessment is a framework to enable the evaluation and analysis of the overall Compliance risk (both inherent ri ...
Don’t let the title fool you. Establishing a comprehensive AML Program may involve “Five Steps” – but the steps are giant. We’ll break them down, but each area is time-consuming and takes a focused mindset.
We don’t suggest holding someone new to the AML profession solely responsible for implementing an AML Programme. Senior Management needs to understand that there are significant financial and reputational risk exposures if you have an underdeveloped AML Programme. Seek the input of an experienced advisor rather than trying to build a programme alone if you don’t have the experience.
1. DAVID SCHNEIDERMAN
3 Old Quarry Road • Englewood, NJ 07631 • 201-417-5885 • dschneiderman@nj.rr.com
CAMS Certified • Compliance • Trade Surveillance • AML • Risk Management
SUMMARY
Compliance professional with extensive experience in surveillance, risk management, AML, KYC, investigations,
and overall process improvements. Adept at detecting reputational and economic risks caused by inconsistent or
substandard practices. Strong track record of bringing organizations into regulatory compliance. ACAMS Member,
Certified Anti-Money Laundering Specialist (CAMS Certification March 2015 through March 2018).
AREAS OF STRENGTH
Investigations Futures Project Management
Policies and Procedures Operational Risk Management Operations
AML and KYC Regulatory Risk Management Technology Integration
Training and Development Trade Surveillance Error Prevention
Securities Risk Avoidance
PROFESSIONAL EXPERIENCE
Consultant, Navigant Consulting, NewYork, N.Y. September – October 2014
Reviewed and analyzed Actimize alerts to detect Insider Trading and Market Manipulation.
Investigated alerted securities to detect potential Money Laundering and Trading Ahead.
Prepared reports to recommend closure or RFI for possible SAR (Suspicious Activity Report).
Reviewed World Check records.
Proprietary Futures Trader, Englewood, NJ 2008 – 2016
Established this private trading practice in the midst of the global economic downturn and maintained the
business through the downturn and the recent turnaround.
Stay current with Dodd-Frank modifications since enactment in 2010 as well as all industry regulatory changes.
Newedge USA, LLC (Formerly Fimat USA, LLC), NewYork, NY 2007 – 2008
Vice President, Derivatives and Futures Products, Reviewand Development
Provided regulatory, surveillance and supervisory support for seven New York commodities trading desks and
branch offices in Chicago, Houston, and Kansas City.
Worked directly on the trading floor to provide a proactive “First Line of Defense” against regulatory and
operational risks; provided regulatory support in realtime.
Reduced by 20% the total time from error detection to correction by developing and implementing a series of
procedures to provide traders and supervisors with immediate access to electronic trade records.
Developed and initiated a non-intrusive program of trade level surveillance and procedural reviews to detect
inappropriate or suspicious trading activity, allocation schemes,record keeping irregularities, unusual P&L,
money movements or reallocation of trades, and other “rogue trader” activities.
Reduced by 40% the number of errors committed by the most active trading desks by conducting scheduled and
ad-hoc meetings to review and clarify trading procedures causing errors or raising red flags.
Streamlined procedures for responding to inquiries and complaints to ensure a consistent process.
Represented front office Management as a liaison between account executives and the compliance, internal audit,
operational risk, clearing, and operations departments.
Developed, implemented and monitored policies and procedures regarding error trades, order handling, trade
confirmations and access to electronic records of verbal and written communications.
Put in place a set of comprehensive surveillance procedures to monitor electronic and voice correspondence.
2. DAVID SCHNEIDERMAN Page 2 of 2
NewYork Mercantile Exchange (NYMEX), NewYork, NY 2006 – 2007 and 1993 – 2004
Senior Director, Compliance (2006 – 2007)
Held direct supervisory responsibility for staff of 18.
Maintained daily direct interaction with members on the trading floor; NYMEXstaff.
Director, Trade Practice Surveillance (1993 – 2004)
Oversaw all trade practice investigations.
Oversaw approximately 100 open investigations at any given time; 95% of cases presented to Business Conduct
Committee resulted in immediate action.
Reduced settlement complaints by 75% with an initiative to modify procedures in energy contracts.
Composed and modified NYMEXrules to address changes in trading environment and regulatory trends.
Implemented unique staff reorganization and analyst training program.
Served as liaison with CFTC, NFA and other Exchanges.
Worked directly with CFTC staff in Washington and New York on investigations, and surveillance matters.
Represented NYMEXon the Joint Compliance Committee, a regular committee consisting of compliance
representatives from all major US Exchanges and the CFTC Divisions of market oversight and enforcement.
Represented NYMEXcompliance at all Futures Industry Association (FIA) functions.
Testified as expert witness at NYMEXand CFTC hearings.
Created policies and procedures manuals for trade practice programs and ACCESS electronic trading.
Developed and maintained disaster recovery procedures.
Responded to regulatory inquiries and coordinated internal and external audits and inspections.
Supervisory responsibility for four managers and ten analysts.
MBF Clearing Corp., NewYork 2004 – 2006
ChiefOperating Officer
Supervised staff of 12.
Supervised all Compliance related activities including Onboarding of accounts,AML (Anti Money Laundering)
procedures, KYC,CDD and FinCen 314(a) checks.
Responsible for all Clearing and IT procedures.
Implemented Compliance policies and procedures for BSA/AML including FinCen 314(a) checks, KYC
procedures and Short Sale (Reg SHO) monitoring.
Responsible for 24-hour trading desk and customer relations.
Developed and implemented early warning risk management procedures; reduced daily turnaround time on
clearing runs and customer statements enabling management to manage market exposure and risk.
Reduced required margin deposits with the Exchanges by quickly identifying and rectifying clearing errors.
Developed and implemented redundant back up procedures for disaster recovery.
Documentation of Policies and Procedures for key company operations.
Maintained direct contact with CFTC, NYBOT and NYMEX regarding regulatory and compliance inquires.
PRIOR PROFESSIONAL EXPERIENCE
COMEXMember,Independent Commodities Trader 1984 – 1992
Mel Schnell and Company,Manager of COMEX Floor Brokerage Company 1982 – 1984
CERTIFICATIONS
Certified Anti-Money Laundering Specialist,CAMS March 2015 through March 2018
EDUCATION
Executive MBA, Concentration in Finance, Rutgers University, Newark,NJ 1992
BBA, Finance, The George Washington University 1982