solving financial regulatory compliance through crowd computing
TRANSCRIPT
1. What is crowd computing?2. Why is it the right approach for compliance?3. How does it work?
“We’ll get back to competing with each other, but right now we’re competing with regulations.”
Global Information ArchitectVery Big Bank (VBB)
@ FIMA 2014
-
Compliance sucks time from work that generates $$$ and competitive advantage.
AIFMD, EMIR, FATCA, LEI, MiFID, Solvency II, etc.
Data Operations
Build vs. buy isn’t much of a debate these days.
BUILD BUYHiring
is expensive and inflexible.
Outsourcing is expensive
and inflexible.
vs.
2012 2013 2014 2015 2016 2017 2018 2019 20200
10
20
30
40
50
60
70
300% increase
MM
16.9mm
The Internet changed how people do their jobs. Now it's fueling a generation of freelancers.“ ”
FREE
LAN
CE W
ORK
ERS
65mm
Crowdsourced and freelance workers provide a new world of capacity.
SOURCES: “The state of independence in America, 2012,” <http://www.mbopartners.com/state-of-independence/docs/2012-MBO_Partners_State_of_Independence_Report.pdf;
“Freelancers Get Jobs Via Web Services,” Wall Street Journal, May 29, 2013
VOLUME
COM
PEXI
TY
JUDGMENT WORK
REPETITIVE TASKS
HIGH VALUE
Crowd computing pairs these online workers with automation and SMEs.
Employee experts (SMEs)
Crowdsourcing
Automation
“It’s adds scale without adding headcount or data licensing costs.” – WorkFusion customer
BENEFITS: Increase coverage and quality Respond to regulations faster Respond to volume bursts Remove cost
Crowd computing solves capacity, quality, speed, and $$$ problems.
Compliance case: LEI
LEI mapping sort of looks like this. Which is tedious.
MULTI-SOURCE SINGLE SOURCE
UUID Generator
STARTCanada lookup
Multi- toSingle source
Nova Scotialookup
Quebec lookup
Newfoundlandlookup
Manuallookup
Not found?
Active learning
FieldsClean-up
Addressnormalization
Fields replacement
FINISH
Each regional lookup task includes:1.Name lookup2.Profile scraping3.Reg info databasing
Crowd computing automates and crowdsources the tedium.
Microtasking and data obfuscation ensure IP and data security.
METHOD OF WORK
Crowd computing platform
Statistical quality control (SQC) ensures accuracy
START
FINISH
SOURCE TRAIN MANAGE
Selects the best workers based
on historical performance
Administer training sets to
achieve task proficiency
Integrate existing QA methods and
monitor 60+ signals from
workers
The software provides an audit trail to ensure data is built from approved sources.
START
FINISH
ALLO
WED
ALLO
WED
FORB
IDD
EN
ALLO
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FORB
IDD
EN
Crowd computing platform
[email protected]+1-888-688-1324
Thanks for reading, and free to reach out to us with questions or ideas or to learn more.