Contributed by Jarret Tham, Head of Compliance
On August 23rd, 2023, CYS Global Remit participated in the prestigious "Risk Ready 2023" Event, hosted by the Singapore FinTech Association. The event served as a critical platform for examining the evolving landscape of risk management within the financial sector. It convened industry professionals, regulatory authorities, and technology innovators to collectively strategize on robust risk management practices while adhering to stringent regulatory mandates.
Amidst the ever-evolving financial landscape, risk management has emerged as a paramount concern for financial institutions. "Risk Ready 2023" sought to foster comprehensive discussions encompassing the latest trends, exemplary practices, and innovative solutions in risk management. The Event's agenda delved into various dimensions of risk, ranging from operational and compliance risks to cybersecurity and market-related risks.
A standout feature of the event was its unwavering focus on leveraging technology and innovation to elevate not only risk management processes but also regulatory compliance practices. Many distinguished speakers highlighted instances of how cutting-edge tools such as data analytics and machine learning have played pivotal roles in aiding financial institutions, regulators, and authorities in identifying emerging trends related to fraud, money laundering, and terrorist financing.
By harnessing advanced technologies like artificial intelligence, machine learning, data analytics, and blockchain, financial institutions stand to enhance the accuracy of risk assessment, streamline reporting procedures, and proactively detect potential vulnerabilities.
Participating in "Risk Ready 2023" has provided CYS Global Remit with the invaluable opportunity to glean insights from industry experts. For instance, LexisNexis Risk Solutions shared advanced tools and unique approaches to detecting and mitigating transaction-related activities.
Moreover, the event served as a nexus for networking amongst professionals hailing from diverse sectors, including banking, insurance, fintech startups, regulatory bodies, and technology providers. The collaborative environment facilitated the exchange of ideas, sharing of success stories, and forging of partnerships capable of catalyzing the implementation of inventive risk management solutions.
"Risk Ready 2023" played a pivotal role in equipping financial institutions with the tools, insights, and collaborative connections requisite to navigate the intricate realm of risk management and regulatory compliance. Embracing the wisdom and innovative solutions conveyed by the Event positioned CYS to enhance our risk readiness, fortify regulatory compliance endeavors, and contribute to the overarching stability and advancement of the financial ecosystem. Links: singaporefintech.org