NEW YORK, NY â April 30, 2003 â IDOM, Inc. recently hosted a Regulatory & MIS Reporting Symposium on April 8th and a Documentation Management Symposium on March 18th, both at the Shelburne Murray Hill Hotel in New York. Bankers were drawn to the events to hear keynote addresses from industry leaders, Martin Feuer, Senior Manager, Deloitte & Touche and John Baranello, Director - Trade Finance Department, Deutsche Bank.
REGULATORY & MIS REPORTING SYMPOSIUM
At the Regulatory & MIS Reporting Symposium, Mr. Feuer delivered the keynote presentation concentrating on significant regulatory reporting issues affecting banks today. He spoke on the importance of the quality of a bankâs data, accuracy of customer files, knowledgeable staff, and noted several limitations within banking systems that often pose challenges to its users when trying to meet regulatory requirements. Recent regulatory events and changes including the USA Patriot Act, Sarbanes-Oxley Act, Regulation W (23a&b), Currency Transaction Report (CTR), Suspicious Activity Report (SAR), Office of Foreign Assets Control (OFAC) Annual Report and the Abandoned Property Report were highlighted as they have significantly increased the challenges associated with regulatory reporting. Mr. Feuer conveyed some âbest practicesâ which include ensuring the accuracy of oneâs data, minimizing manual adjustments, maintaining clear, concise, and orderly work papers, ensuring that oneâs staff is knowledgeable and trained, and filing reports in a timely fashion. However, he stated that the key element banks should be addressing is automating this whole process.
Jeffrey Miller, Vice President, Finance/Regulatory Reporting, Societe Generale and Frank Cignarella, Vice President & CIO, Banco Santander Central Hispano International each presented a case study at the event demonstrating how their banks use REG-Reporter to facilitate the regulatory reporting process.
Mr. Miller provided a great deal of insight on the product and effectively related the benefits of automating the regulatory reporting process. He provided real life examples of how in working with IDOMâs REG-Reporter he was able to achieve automated work flow & report preparation, detailed audit trails of reported figures and variance reporting for all Fed reports between any two periods. This is the second bank where Mr. Miller has worked that has benefited from utilizing REG-Reporter as its solution to regulatory reporting automation.
Mr. Cignarella detailed REG-Reporterâs capabilities in the MIS area and focused on new strategic views necessary to support business growth. This was a unique opportunity to hear not only from the business userâs side but also from the information technology side, as Mr. Cignarella is a Chief Information Officer with over twenty years of banking systems experience.
A senior level banker who attended the symposium commented, "Very good program! Educational, to the point. IDOM provides an excellent forum for networking â Compliance professionals love it."
DOCUMENTATION & COMPLIANCE SYMPOSIUM
The focus of Mr. Baranelloâs address at the Documentation Management Symposium was on the importance, from a regulatory point of view, of automating the documentation process within an organization to meet internal/external auditorsâ, as well as the various regulatory authoritiesâ, documentation requirements. The seemingly endless documentation requirements that Operations and Compliance professionals must adhere to was covered in this engaging presentation which focused on new regulations of the Office of Anti-Boycott Compliance, OFAC, the USA Patriot Act, Bank Secrecy Act (BSA), EU/UK Financial Related Sanctions and Tele-Transmission Fraud.
William Aber, Senior Vice President, Nordea Bank and Bruce Kelley, Head of Risk Management, Ph.D., CFA, ABN AMRO International Private Clients Latin America each presented case studies on how their respective banks are utilizing DOC-Tracker.
Mr. Aber described how his bank, the first user of DOC-Tracker, has overcome documentation management challenges and the successful experiences and business benefits that they have had with using DOC-Tracker for tracking documentation of their loan facilities.
ABN Amro has had DOC-Tracker customized to meet the ever-changing needs of the Latin American Private Banking environment as well as for their disaster recovery efforts. Mr. Kelley explained that they originally purchased DOC-Tracker to monitor and scan client documentation and use in signature verification, but soon found that the product could do much more for them and now use it for the management of archived accounts, OFAC scan, vendor contacts and contracts, credit documentation, disaster recovery issues, client referral agreements and call back numbers.
Vincent Raniere, IDOM President & CFO, summed it up by saying, "We provide these symposiums throughout the year so that bankers can come and hear from industry leaders on cutting-edge industry topics and at the same time hear a little bit about IDOMâs automation solutions. We find it to be a very effective medium and continually receive positive feedback from those in attendance."