Keith Furst and I discuss how data scientists working on compliance projects can work together better to avoid unintended consequences which prevent compliance from getting the data it needs.
It is almost impossible to have one person embody all the compliance and communication skills required in a data scientist that might allow that data scientist to understand easily and execute a data project for a compliance project. A better understanding by compliance that there may be communication gaps is essential. Collaboration between data scientists and compliance must occur throughout the data project.
For example, if information needs to be delivered to compliance to take next steps, assumptions can be made a substantial risk of non-compliance by leaving some information out. Also, communication between compliance and data needs to be maintained over time checks are not in place to react to planned changes. Changes can occur in systems, data, law or business that changes the significance of the data to compliance.
Keith Furst is a fraud detection expert with years of proven experience within a variety of financial institutions including Tier 1 wholesale banks, investment banks, foreign bank branches, commercial banks, retail banks, broker-dealers, prepaid card providers and merchant acquirers with a focus on implementing fine-tuning and validating financial crime systems. His forte relates to transaction monitoring, customer due diligence, fraud and market abuse systems and his work included custom data analytics resulting in the identification of suspicious activity outside of the traditional surveillance models.
Keith has experience effectively working with and reporting to a diverse range of stakeholders and senior executives in compliance, technology, operations, audit, and finance. He has managed global initiatives composed of cross-functional teams dispersed over the Americas, Europe, the Middle East and Africa (EMEA) and Asia Pacific (APAC).
He is well-versed on model risk management and has performed deep-dive assessments of banking institutions policies which resulted in enhancements to policies and model governance. With deep knowledge of Society for Worldwide Interbank Financial Telecommunication (SWIFT) message types and correspondent banking, he performed multiple risk assessments to ensure cross-border payment transparency aligns with both industry and internal policy guidelines.
Keith Furst holds an MBA from Baruch College, Zicklin School of Business.