Anti-Money Laundering (AML) Model Risk Management
With greater regulatory scrutiny driving more organizations to adopt quantitative models as part of a comprehensive AML monitoring strategy, financial institutions are taking a close look at whether their current AML models are delivering the results needed to both support the business and meet examiners’ expectations.
Protiviti’s Model Risk practice works closely with our AML Compliance practice to offer a full-range of AML-related services. Our focus is on ensuring clients’ realize the return on investment in developing and administering an inclusive model strategy that seamlessly integrates with their organization’s broader AML programs.
The Protiviti View
Our AML Model Validation methodology links directly with each client’s model validation framework and accommodates OCC 2011-12, SR 11-7, New York DFS 504, FFIEC BSA/AML Examination Manual 2014-12 and other regulatory requirements.
Click on the below link to learn more about Protiviti’s complete scope of AML-related services.
Our areas of expertise:
We will validate your Transaction Monitoring (TM) model, along with model input data validation, including Model Governance Review, Scenario Coverage Analysis, Model Input Data Quality Assessment, Model Rules & Logic Validation, and Model Configuration Evaluation.
Our Model Risk experts will validate your Watch List Model, including assessment of model methodology and algorithms against industry standards, and benchmarking with altering name matching algorithms.
AML Risk Scoring or Customer Risk Rating
Our validation methods assess whether AML/CRR effectively determine the risk level each customer presents to your organization, including Model Governance review, Model Methodology Assessment, Model Scoring Logic Validation and Model Input Data Evaluation.
New York DFS Part 504 Model Validation
New York state-regulated financial institutions have specific requirements related to Part 504 regulations. Our AML Model validation and performance calibration processes can be easily put in place to assure compliance.