Power Panel: Third-Party Risk Management - How Should Fintechs, Cryptocurrency Businesses & Sponsor Banks Manage Risks And Regulatory Expectations Related To Third Parties?

Power Panel: Third-Party Risk Management - How Should Fintechs, Cryptocurrency Businesses & Sponsor Banks Manage Risks And Regulatory Expectations Related To Third Parties?

22 May 2024|Finovate
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Jas Randhawa Jas Randhawa Managing Partner at StrategyBRIX

Jas is the Managing Partner at StrategyBRIX, a boutique Risk and Compliance Consulting firm. Before StrategyBRIX, Jas served as the Head of FinancialCrimes and Compliance at leading fintechs, including Stripe and Airwallex. In addition, at PwC, Jas built and led the firm’s Financial Crimes (Fintech) practice across the US West Coast.

He has over 18 years of experience with building and managing programs in the Compliance space. In his role, Jas works closely with CCOs, CROs, and product leaders to solve complex risk,compliance, and monitoring problems. Additionally, as a part of the Bank Secrecy Act Advisory Group (BSAAG), he advised the Financial Crimes Enforcement Network(FinCEN), a bureau of the United States Department of the Treasury, in areas of Digital Identity Verification, KYC, and using advanced technologies to solve financial crimes.

Jas is a regular speaker at industry events, a member of the Association of Certified Anti-Money Laundering Specialists (ACAMS), and an executive committee member of theWest Coast AML Forum (WCAML)

Tiffani MontezTiffani MontezPrincipal Analyst at EMARKETER

Tiffani Montez is Principal Analyst leading the Banking vertical at Insider Intelligence. She oversees the content across Banking, which provides actionable insights on advancements in how value is stored, managed, transferred, and spent, for an audience of top banks and neobanks. She is a frequent media contributor and speaker at banking events, including Money 20/20, Finovate, and Mobile Payments Conference. Previously, she was a Senior Advisor at Aite-Novarica Group, an advisory services firm and has held executive-level roles at Wells Fargo and Terafina. Her unique blend of experience as a practitioner, analyst, and vendor solution provider gives her the foundation to be able to provide thought leadership to clients through all lenses of the financial services ecosystem.

Matt StreisfeldMatt StreisfeldGeneral Partner at Oak HC/FT

Matt Streisfeld, a General Partner at Oak HC/FT, joined the firm in 2015 and focuses on growth equity and early-stage venture opportunities in fintech.

Matt currently serves on the Boards of AU10TIX, Black Ore, CLARA Analytics, Highnote, Justt, Namogoo and ZenBusiness. He is also a Board Observer at Ocrolus and is actively involved with Pagaya Technologies (NASDAQ: PGY) and Paxos. His prior investments include Blend (NYSE: BLND), FastPay (acquired by AvidXchange), Groundspeed (acquired by Insurance Quantified), Kryon (acquired by Ninte😆 and Urjanet (acquired by Arcadia).

Prior to joining Oak HC/FT, Matt was a Vice President with LLR Partners, a middle-market growth equity firm, where he focused on investments in financial services technology companies. Matt was previously at Lightyear Capital, a private equity firm focused on middle-market financial services companies, and before that, was in the investment banking group of Keefe, Bruyette & Woods.

In 2023, Matt was included on Insider's Rising Stars of Venture Capital list.

Matt received a Bachelor of Business Administration, summa cum laude, from The George Washington University.

Donna M. MurphyDonna M. MurphyDeputy Comptroller For Compliance Risk Policy at OCC

Donna Murphy is Deputy Comptroller for Compliance Risk Policy at the OCC, where she oversees the development of policy, guidance and examination procedures for AML/CFT, sanctions, consumer protection, fair lending, and Community Reinvestment Act issues. She is also currently serving as Acting Deputy Comptroller for the Office of Financial Technology where she oversees the analysis and evaluation of financial technology innovations, trends, emerging risks, and potential implications for OCC supervision and OCC-supervised banks. She serves as a key advisor to the Comptroller and OCC Executive Committee on these issues. Previously, Donna served as Director of the OCC’s Community and Consumer Law Division and as a Deputy Chief in the Civil Rights Division of the United States Justice Department. She received her degrees from Yale Law School and the American University in Washington, D.C.

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Description

Research shows that 75% of global banks intend to connect to an average of three fintechs or service providers within the next 18 months to achieve digitization – what are the risks associated with these arrangements? The new Interagency Guidance on Third-Party Relationships is more prescriptive than previous versions and provides details on how banks should perform due diligence on the legal and regulatory compliance of third-party vendors by comprehensively evaluating their ownership structures, exposure to sanctions and responsiveness to compliance issues. How can banks achieve this? You can outsource the activity but not the responsibility: what tools and technologies are available to help banks do an assessment of their third-party risk management programme to see if there are any gap or pitfalls against the guidance? Should fintechs expect increasing requests from their partnering banks and heightened scrutiny from these regulatory bodies in the coming months? Will we see a a growing number of banks terminating their fintech partnerships due to the substantial cost of compliance?

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