No Result
View All Result
SUBSCRIBE | NO FEES, NO PAYWALLS
MANAGE MY SUBSCRIPTION
NEWSLETTER
Corporate Compliance Insights
  • Home
  • About
    • About CCI
    • Writing for CCI
    • Career Connection
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Download Whitepapers & Reports
    • Download eBooks
    • New: Living Your Best Compliance Life by Mary Shirley
    • New: Ethics and Compliance for Humans by Adam Balfour
    • 2021: Raise Your Game, Not Your Voice by Lentini-Walker & Tschida
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
    • On-Demand Webinars: Earn CEUs
  • Subscribe
  • Home
  • About
    • About CCI
    • Writing for CCI
    • Career Connection
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Download Whitepapers & Reports
    • Download eBooks
    • New: Living Your Best Compliance Life by Mary Shirley
    • New: Ethics and Compliance for Humans by Adam Balfour
    • 2021: Raise Your Game, Not Your Voice by Lentini-Walker & Tschida
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
    • On-Demand Webinars: Earn CEUs
  • Subscribe
No Result
View All Result
Corporate Compliance Insights
Home Featured

Q&A with Paul Taylor of SWIFT

by Corporate Compliance Insights
January 25, 2018
in Featured, Leadership and Career
Q&A with Paul Taylor of SWIFT

Global Head of Product Marketing, Financial Crime Compliance Division

Maurice Gilbert: How did you get started on a career in compliance?

Paul Taylor: My initial exposure to compliance processes came about during my time in settlement-related roles, which naturally required elements of AML and sanctions control.

The decision to specialize in compliance, however, came in 2013 when SWIFT made the move of creating a dedicated Financial Crime Compliance business unit, providing a set of forward-thinking products and solutions to our members.

This was an easy decision for me at an exciting and critical time in the compliance industry, with firms seeking new, cost-effective and scalable solutions to meet the increasing demand of regulators and to offset growing budgetary pressures.

MG: Who helped shape your views?

PT: I am lucky to have a number of mentors and peers that I can turn to, both internally at SWIFT and externally as a result of the relationships I have established throughout my career.

I firmly believe that considering a variety of different viewpoints and listening to opinions from trusted advisors is crucial to forming your own opinions and views on topics and that we should use these feedback loops to shape the future evolution of our business.

MG: How do you stay current on ethics and compliance issues?

PT: It’s a huge and ever-evolving topic, but engagement with a wide variety of clients on a daily basis helps us keep abreast of the most pressing challenges and latest issues directly from those on the frontline.

We also meet regularly with regulators and other authorities around the globe, ensuring we know about all forthcoming legislative changes and requirements and can help our clients stay one step ahead.

MG: What are some of the significant issues facing CCOs, Risk Managers, etc?

PT: Cost is currently a huge issue. Viewing compliance as the responsibility of the banks is no longer sufficient and corporates face growing pressure to implement their own effective financial crime controls – but this can be expensive.

As a result, we are seeing corporates adopting the types of compliance solutions which have traditionally been used by banks, but with a particular focus on automation and process optimization to achieve the subtle balance between cost-efficiency and effectiveness.

We are also seeing a growing appetite for innovation amongst corporates. Many firms are looking to cutting-edge technology to address critical compliance processes, but in a measured manner so as not to expose themselves to unnecessary risk.

In particular, there is a move towards technology that enables a shift from transaction and pattern monitoring to a state of near intent monitoring, helping firms spot risks before they materialize.

Cybersecurity is also currently a key consideration. Learning about the threats, the risks, and which actions need to be taken to stay ahead of criminals is critical for any corporation operating in today’s environment.

MG: What do you believe is the optimal reporting structure for the CCO and why?

PT: The CCO performs a critical function and should be established in the culture and fabric of a company, ideally reporting to the CEO or at a minimum someone at managing board level.

It is also important for the CCO to maintain close links and contact throughout the organization, whether on the business side to help manage risk and profitability, or with their technology counterparts to assist in the drive to further automation and risk avoidance techniques.

MG: How do you see the CCO role evolving within the next 3 years?

PT: The CCO needs a deep level of technical knowledge and practical experience of compliance, as well as appropriate relationships across the firm and with relevant regulatory bodies. They need to be able to create a vision, oversee compliant solutions for the business and seek new technological innovations to move their business and control environment forward.

As we move into the future it will become even more critical for CCOs to understand new and emerging technologies, whether that is artificial intelligence, robotic-led cyber resilience or further evolution in the cryptocurrency space. The crossover of these technologies with more traditional compliance methods will be a major theme in the coming years.

In addition, the ability to join forces and collaborate with peers across the industry will remain important to facilitate dialogue on shared concerns and challenges as a group, as opposed to an individualistic firm-by-firm approach.

MG: How does your company help its clients mitigate risk?

PT: We offer a set of innovative and trusted technology solutions for sanctions, KYC and AML purposes, and will soon expand into fraud prevention. We build these solutions with our clients to ensure they take the most present and pressing challenges into consideration, and because of SWIFT’s cooperative, not-for-profit status, we can deliver them at scaled economy value.

This means that even the smallest of corporates can benefit from the same technology gains as the largest banks at minimal cost, thereby strengthening financial crime resilience across the industry as a whole.

MG: What new service offerings do you have in the queue?

PT: We have just released the latest version of our Name Screening solution, which allows millions of names in categories such as accounts, suppliers and employees to be screened against watchlists including counter terrorist financing and politically exposed persons, amongst others.

This is an important release for us, and we expect that over time this technology will achieve the same widespread usage as its sister product – Transaction Screening – which is one of the top platforms in the industry by user number.

Later this year we will also roll out our inflight fraud solution, which has been designed to help firms control the indicators of compromise we have identified and further bolster their fraud controls.

Working together to tackle financial crime has never been more critical. As the threats continue to evolve and grow, we will continue to collaborate with corporates, banks, regulators, authorities and industry bodies to develop more standardized, innovative solutions to the increasingly complex challenges faced by in our industry.

 

Paul Taylor is Global Head of Product Marketing for SWIFT’s Financial Crime Compliance division – focused on sanctions, know-your-customer (KYC), fraud and anti-money laundering (AML) analytics solutions. His career in financial services spans over 20 years and, prior to joining SWIFT in 2012, he worked in a number of senior positions in global investment banks such as Credit Suisse and Deutsche Bank. Paul is based in London.


Previous Post

TRACE: Understanding Suspension, Debarment and Blacklisting

Next Post

FCPA Investigations Without Breaking the Bank

Corporate Compliance Insights

Corporate Compliance Insights

Corporate Compliance Insights

Related Posts

Forcepoint Acquisition

Investment Group Completes Acquisition of Forcepoint Governments Division

by Corporate Compliance Insights
October 2, 2023

Global security provider Forcepoint has announced the completed acquisition of the company’s global governments and critical infrastructure (G2CI) cybersecurity business...

TrusTrace logo

TrusTrace Joins EU-Focused Sustainable Textiles Program

by Corporate Compliance Insights
October 2, 2023

TrusTrace, a global SaaS product traceability and compliance provider, is the latest company to announce its participation in the Trace4Value...

megaphone digital art collage

Building or Enhancing Your Whistleblower Program? Do These 5 Things.

by Susan Divers
October 2, 2023

In the wake of SEC-record award, now’s the time to beef up your reporting channels

sec headquarters in washington dc

SEC Adopts Sweeping New Private Fund Adviser Rules

by Eversheds Sutherland
October 2, 2023

Some requirements take effect immediately, and if they hold up in court, compliance will require extensive planning

Next Post
calculator and piggy bank

FCPA Investigations Without Breaking the Bank

Available SQ
New call-to-action

Jump to a Topic

AML Anti-Bribery Anti-Corruption Artificial Intelligence (AI) Automation Banking Board of Directors Board Risk Oversight Business Continuity Planning California Consumer Privacy Act (CCPA) Communications Management Corporate Culture COVID-19 Cryptocurrency Culture of Ethics Cybercrime Cyber Risk Data Analytics Data Breach Data Governance DOJ Download Due Diligence Enterprise Risk Management (ERM) ESG FCPA Enforcement Actions Financial Crime Financial Crimes Enforcement Network (FinCEN) GDPR HIPAA Know Your Customer (KYC) Machine Learning Monitoring RegTech Reputation Risk Risk Assessment Sanctions SEC Social Media Risk Supply Chain Technology Third Party Risk Management Tone at the Top Training Whistleblowing
No Result
View All Result

Privacy Policy

Founded in 2010, CCI is the web’s premier global independent news source for compliance, ethics, risk and information security. 

Got a news tip? Get in touch. Want a weekly round-up in your inbox? Sign up for free. No subscription fees, no paywalls. 

Follow Us

Browse Topics:

  • CCI Press
  • Compliance
  • Compliance Podcasts
  • Cybersecurity
  • Data Privacy
  • eBooks Published by CCI
  • Ethics
  • FCPA
  • Featured
  • Financial Services
  • Fraud
  • Governance
  • GRC Vendor News
  • HR Compliance
  • Internal Audit
  • Leadership and Career
  • On Demand Webinars
  • Opinion
  • Resource Library
  • Risk
  • Uncategorized
  • Videos
  • Webinars
  • Well-Being
  • Whitepapers

© 2023 Corporate Compliance Insights

No Result
View All Result
  • Home
  • About
    • About CCI
    • Writing for CCI
    • Career Connection
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Download Whitepapers & Reports
    • Download eBooks
    • New: Living Your Best Compliance Life by Mary Shirley
    • New: Ethics and Compliance for Humans by Adam Balfour
    • 2021: Raise Your Game, Not Your Voice by Lentini-Walker & Tschida
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
    • On-Demand Webinars: Earn CEUs
  • Subscribe

© 2023 Corporate Compliance Insights

Welcome to CCI. This site uses cookies. Please click OK to accept. Privacy Policy
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT