Welcome the 6th Australian Financial Crime Summit 2020

17 - 19 February, 2020 | Parkview Melbourne, Melbourne, VIC

Pre-conference Workshops: Monday, 17 February 2020

Workshop A

8:00 am - 9:30 am Insurance & FinCrime: Championing Industry Action To Collaborate And Refocus On Serious Organised Fraud

Glenn Rowe - Manager Counter Fraud & Investigations, RACQ
Detection rates of fraud across general insurance product lines is 5% in the UK, however based on ASIC’s report is lies at 0.04% in Australia, so why is this the case for what should be similar jurisdictions? At the heart of it, one of the main differences can be dialed down to a coordinated industry response. Glenn has had significant experience back in the UK with the Insurance Fraud Register, a formalised bureau and industry database for all proven frauds to be shared across industry with a view to prevention. With this background, he will be well placed to discuss the opportunity for this kind of approach within Australia, to establish the kind of collaboration capability the industry is starting to mobilise towards:

Includes RACQ Case Study: Counter Fraud Process And Team Excellence To Triple Detection, Raise Strike Rates, And Lower False Positives
With a member-centric approach, RACQ is ensuring that they are identifying the right instances of fraud to protect genuine member’s money, achieving one of the lowest false positive rates in the industry at 30% and on the way down. Beyond that, their focus right now is to implement technology, network analysis, and control triggers to improve their fraud mitigation and investigations:
  • Minimising interference with genuine claims by lowering false positives through more advanced fraud detection
  • What fraud indicators need to look like in a modern scenario and where new technology identifies and fills in the gaps
  • Cultivating the expertise required within a counter fraud team

Key Benefits and Takeaways:
  • What can we learn from the international arena in regards to joint mobilisation against FinCrime?
  • What technology can bridge the gap to pull in social network analysis, and deep learning to combine industry data into a central system?
  • Who is key to joining up the network and how does this reflect on competition vs coopetition?
  • Learning lessons and the future capabilities required to make this kind of network possible

Glenn Rowe

Manager Counter Fraud & Investigations

Workshop B

9:30 am - 11:00 am Cybercrime 101 For Financial Crime Risk Management

Anthony White - Fraud & Counterfeit Manager Oceania, Canon Australia
No matter where you sit within Risk & Compliance or Financial Crime mitigation, cybercrime is now an element that is only becoming more sophisticated and far reaching and now has to be incorporated into your plan of action. Drawing on the unique perspectives from Canon’s heavy risk management frameworks (given US parent companies and regular audit), Anthony will lead a workshop through the ins and outs of the growing need for FinCrime Specialists to take ownership of cybercrime threats:

Includes Canon Case Study: Robust Risk Management And Best-Practice Partner Trading In Line With The Complexities Of Domestic And US Compliance

With parent companies listed on US exchange, Canon is subject to US government policy and on the frontline of changing sanctions. Accomplishing fast implementation and regular audits from overseas in Oceania requires heavy compliance, KYC, and counter fraud mechanisms. In this session, Anthony will share how Canon is excelling momentum in B2B partnerships where FinCrime risk is involved:
  • Developing watertight KYC and AML programs that can adapt to indirect sanctions compliance
  • Enhancing gateway security for payments to establish stronger mechanisms between approved entities and minimise risk exposure through partners
  • Solving data capabilities to integrate extensive pattern identification

Key Benefits and Takeaways:
  • Fitting cybercrime into proactive Financial Crime risk management frameworks
  • How to practically implement capability milestones
  • End to end considerations to identify the consequences of compromise across supply chains and wider business mechanisms
  • Framing key conversations with Senior Leadership Teams to disseminate cybercrime awareness and effective strategy
  • Fluidity of risk and the key bridges between cybercrime and fraud

Anthony White

Fraud & Counterfeit Manager Oceania
Canon Australia

Workshop C

11:00 am - 12:30 pm How HSBC Is Keeping Control: Operational Risk Strategy To Re-Define Frameworks, Compliance, And Mindsets

Lee Ashmore - Global Head of AML Technology & Regional Head of Financial Crime Risk IT APAC, HSBC (HK)
Emphasis on an effective control framework is now integral to both of the high level roles Lee oversees at HSBC. The key transition has been from firefighting to plug problems of the past, towards maturing frameworks and assessment enough to identify the causes at the core of the issue. From there, a robust action plan has to be in place to ensure ownership and track an effective response. Lee will lead a workshop, drawing on the experience HSBC has had working internally with monitors and skilled person teams, to share the top learning lessons required to take control processes to the next level:

Key Benefits and Takeaways:
  • Curating the visibility to properly identify risk and raise issues through systems and accompanying risk frameworks
  • Translating red flags into concise action plans that can be assessed by risk stewards and ensure escalation
  • How to make action plans achievable and sustainable and being able to demonstrate this oversight and governance to boost compliance
  • Instilling this kind of mindset culturally so that teams can proactively monitor controls with the implementation of new projects without relying on audit and assurance

Lee Ashmore

Global Head of AML Technology & Regional Head of Financial Crime Risk IT APAC