SGV held its 2023 Financial Crime Risk Management Forum recently at the SGV Makati office. The forum brought together professionals and executives from the banking industry and regulators to connect and discuss developments, emerging risks, and challenges in the different domains of financial crime risk management, and how financial institutions can transform their operations, processes and systems, and upskill people in managing financial crime risks effectively.
Panelists for the 2023 SGV Forum on Financial Crime Risk Management
The panelists for the forum shared best practices on how to combat financial crimes. The panelists were Bangko Sentral ng Pilipinas (BSP) Senior Directors Melchor Plabasan and Atty. Florabelle Santos-Madrid, Citibank N.A. Philippines Atty. Narlette Manacap-Jaravata, EY Hong Kong Partner on Regulatory Technology Utpal Patel, SGV Consulting Principal Philip B. Casanova, Forensic and Integrity Services Leader Roderick M. Vega, and Financial Services Organization (FSO) Leader Christian G. Lauron.
FSO Leader Christian G. Lauron, Consulting Principal Philip B. Casanova, Tax Principal Maria Margarita D. Mallari-Acaban, Assurance Partner Miguel U. Ballesteros Jr., FCRM AML/CTPF Partner Veronica Mae Arce Balisi, EY Hong Kong Partner on Regulatory Technology Utpal Patel, Forensic and Integrity Services Leader Roderick M. Vega, and Banking and Capital Markets Leader Janeth T. Nuñez-Javier award certificates of appreciation to the panelists
Dir. Melchor Plabasan detailed recent developments in the regulatory landscape and discussed the top three types of cyber incidents in 2022. In addition to outlining the BSP's Cohesive and Comprehensive, Agile and Balanced, Risk-based and Proportionate, Engaging and Collaborative (CARE) Approach to IT Risk Supervision, Dir. Plabasan also introduced Project Advanced SupTech Engine for Risk-Based Compliance (ASTERisC) — a pioneering cloud-based solution that automates BSP’s cybersecurity supervision.
EY Hong Kong Partner Utpal Patel discussed technological advancements like Natural Language Processing, AI/Machine Learning, Biometrics, and Blockchain/Distributed Ledger Technology in tackling financial crime.
SGV Consulting Principal Philip B. Casanova highlighted findings from an EY Global Cybersecurity Leadership Insights Study and its relevance in the Philippine setting, especially in facing similar cybersecurity challenges. He underlined the persistent need for technology adaptation, given the constant evolution of financial crimes and cybersecurity threats. Philip also advocated for the need to spread cybersecurity awareness in the home, raising the importance of educating families about the risks associated with online transactions.
Atty. Matthew David, Executive Director of the Anti-Money Laundering Council, gave his welcoming remarks via recorded video message, emphasizing the importance of staying informed of relevant AML/CTF/CPF Rules to maintain the country's financial integrity. Asia Pacific FSO Risk Management Leader Vicky Lee-Salas and Banking and Capital Markets Leader Janeth T. Nuñez-Javier also attended the event and gave their respective messages to the participants.
The forum was organized by SGV Financial Crime Risk Management (FCRM) Anti-Money Laundering/Counter Terrorism and Proliferation of Weapons of Mass Destruction Financing (AML/CTPF) Partner Veronica Mae Arce Balisi, Fraud and Forensics Partner Roderick M. Vega, SGV Consulting Principal Philip B. Casanova, FCRM AML/CTPF Director Anne Mariel M. Lagao, Associate Director Michael Ranz Luigi G. Tabar, and Senior Associates Damlouie R. Valladolid, Jacob Raphael T. De Quilla, Christian E. Labanda, Rubin S. Hollero II, and Coleen Mae D. Panuela.
According to Veronica, SGV recognizes the critical role that professionals play in combatting financial crime. She added that the SGV Financial Crime Risk Management Forum is set to be an annual event which will continue to provide relevant thought leadership and updates on SGV’s key Financial Crime (AML, cyber and fraud) Risk Management services.
