Leveraging Big Data Analytics for Compliance in Financial Institutions
It is critical for a financial institution to comply with government regulations. The cost of non-compliance can result in criminal indictment, multi-billion dollar fines and loss of banking and other licenses. Employees of Compliance departments are responsible for implementation of proper policies, procedures and monitoring to ensure compliance with regulations. This discussion will focus on how Compliance leverages large quantities of data to establish monitoring controls. In particular, we will discuss specific business problems and show how they map into problems in natural language processing, outlier detection, and graph analytics. No prior knowledge of finance will be assumed.
Michael Schlee is the chief surveillance strategist and head of Strats Compliance. He serves on the Automated Trading Controls Committee, Securities Division Client Index and Strategy Committee and the Firmwide Model Risk Control Committee. Michael joined Goldman Sachs in 2006 as a vice president and was named managing director in 2012. Prior to joining the firm, Michael worked as a management consultant at Diamondcluster International Inc. and at Deloitte, designing and executing operational strategy for clients.
Mayur Thakur is head of the Data Analytics Group in the Global Compliance Division. He joined Goldman Sachs as a managing director in 2014. Prior to joining the firm, Mayur worked at Google, where he designed search algorithms for more than seven years. Previously, he was an assistant professor of computer science at the University of Missouri. Mayur earned a PhD in Computer Science from the University of Rochester in 2004 and a BTech in Computer Science and Engineering from the Indian Institute of Technology, Delhi, in 1999.