Regulatory Compliance and Legal Risk Management for Financial Institutions

Major regulators, industry associations and thought leaders will outline how the regulatory frameworks and related supervisions are shifting, and tips to prepare for upcoming changes. Each interactive, industry-focused session will focus on priorities pipelines, expectations, and coordination strategies. 

• Key learnings, risks and innovations – new priorities and oversight mandates
• Importance of a culture of integrity
• Misconduct risk in risk-based supervision – ‘trust but verify’ governance approach
• ‘Principles and rules’ for framework enhancement
• Key elements of whistleblowing and the protection of whistleblowers
• Need for proportionality to accommodate smaller regulated entities
• Coordination between regulators to avoid regulatory arbitrage
• Firm’s responsibility to oversee their intermediaries and outsourcers
• Enforcement via sanctions, ‘name & shame’ and supervisory ratings
• ‘Fair treatment of customers’ as driver of a desired outcome – protecting sensitive information, demonstrating greater transparency/explainability and open banking
• Use of international standards to achieve consistency between jurisdictions
• Implications of technology on business conduct responsibility
• Looking ahead: how to prepare for and adapt to regulatory change, with a focus on key compliance and operational risk impacts

You will hear from the following major regulatory bodies and industry associations FCAC, CCIR, CIRO, CBA, AMF, OSC/CSA and FSRA. Speakers include:

BANKING
Jaspal Matharu, Acting Director, Supervision, Financial Consumer Agency of Canada 

INSURANCE
Erica Hiemstra, Head, Insurance Conduct, Market Conduct, Financial Services Regulatory Authority
Nathalie Sirois, Senior Director, Insurance Prudential Supervision, Autorité des marchés financiers, and Vice-Chair, Canadian Council for Insurance Regulators 

SECURITIES/INVESTMENTS
Raymond Chan, Senior Vice President, Investment Management, Ontario Securities Commission
Alexandra Williams, Senior Vice-President, Member Regulation and Corporate Strategy, Canadian Investment Regulatory Organization 

*Note: a 15 minute Break will be taken during this session.

Michael Abate, Partner, Risk Advisory, Deloitte LLP
Dan Adamson, Interim CEO and Co-Founder, AutoAlign AI, Co-Founder and Head of Innovation, Armilla AI 

New models, technologies, intermediaries and constant innovations like AI and open banking present more options and challenges for financial institutions and customers. Explore and get practical tips and solutions with discussion and questions including:

• New intermediaries, new opportunities and new obligations – driving corporate values and satisfying regulators’ greater focus on ethical standards and integrity culture
• Open banking – key developments, trends and challenges
• Data analytics – how can financial institutions mine information about customers? Pilot new offerings for data to test customer satisfaction and regulators’ approval?
• Understanding and managing the transition and drivers of misconduct risk
• How can regulators effectively use sandboxes to foster innovation?
• Where are things going? What impact will technology and innovations have for financial services compliance?

Chantal Bernier, Of Counsel, Dentons LLP, and former privacy regulator
Lorraine Krugel, Vice President, Privacy and Data, Canadian Bankers Association 

New data and privacy law and rules are evolving while technological and contextual developments continue to test their limits. With the soaring rates of digital fraud, the unprecedented potential of artificial intelligence and the digitalization of the economy, financial institutions must adapt to continuous shifts in risks, innovations and opportunities. This session will equip you with the latest to remain on-side in the face of ongoing change, including:

• Key privacy updates and changes and emerging trends impacting compliance professionals in financial services
• Strategies for navigating crucial compliance risks, opportunities and innovations – with a focus on new digital channels, cybersecurity, fraud prevention, consumer consent, portability rights and interoperability obligations and the strengthening of regulators’ powers and their ability to collaborate
• Session will include useful resources to help you comply with your new obligations

Nancy Mehrad, Founder, CEO & Securities Lawyer, Registrant Law
Amber D. Scott, CEO, Co-Founder & Chief AML Ninja, Outlier Solutions Inc.

With continuous regulatory focus on an organization’s efforts to protect against money laundering, fraud and financial crimes, compliance remains at the forefront as a key business partner and gatekeeper to proactively manage risk and to provide strategic oversight. Explore the latest developments, trends and expectations for an adaptive compliance and risk program and strategy.

• Crucial developments and updates, new initiatives and rules to keep top of mind, and how to respond effectively
• Special focus on technology risk and cyber breaches:
  • What are the latest reporting obligations and regulators’ expectations (OSFI advisory note)?
  • How is compliance getting involved with information security reviews on new projects?
  • What are the risks of getting it wrong? Lessons learned from recent high-profile cases
  • How is compliance helping to identify, mitigate and control risks effectively?
• Regulatory change management – tactics for keeping track of evolving laws, guidelines and best practices
• What’s next? Given recent FINTRAC guidance – examinations, penalties – what does the new regime guidance really mean?

Meera Paleja, PhD, Program Head, Investor Research and Behavioural Insights, Ontario Securities Commission
Michael Tracey, Director, Behavioural Science, Scotiabank

Regulatory compliance management has evolved into a broader and more strategic risk and oversight program involving ethics, decision-making and conduct. At its core, compliance seeks to influence behaviour toward greater effectiveness, drawing on lessons and insights from behavioural economics, and to drive the best company behaviour while also better serving customers. This thought-provoking session will discuss the following questions:

• What are some of the learnings from behavioural ethics/economics?
• What situational factors cause people to cheat?
• What cognitive buffers delay awareness of what is ethically problematic?
• How can decision theory help explain unethical behaviour?
• How can compliance address rationalizations applied to unethical behaviour? Which behavioural science insights can compliance use to be more effective?
• How are regulators using behavioural insights in their expectations?