The RegTech Pulse
The RegTech Pulse examines the latest industry and technology trends that help organizations fight financial crime and streamline payments, so money and goods can move safely and securely around the world. Industry experts across the world join the conversation to discuss their insights and share best practices. The RegTech Pulse is brought to you by LexisNexis Risk Solutions, which helps power compliant and assured client transactions to build an interconnected and trusted financial ecosystem.risk.lexisnexis.com/regtechpulse
The RegTech Pulse
From Shadows to Shields: Women Transforming Risk Management
This episode focuses on women as change makers in risk management, shining a light on their role in designing and implementing cutting-edge programs that disrupt criminal networks. In this International Women’s Day special, we sit down with three trailblazing women who tell their story of breaking barriers, and are shaping the future of financial crime compliance, and risk management.
DISCLAIMER: The information provided in this podcast is for informational purposes only and is not intended to and shall not be used as legal advice. The views and opinions expressed in this podcast are solely those of the speakers and do not necessarily reflect the views or positions of LexisNexis Risk Solutions. LexisNexis Risk Solutions does not warrant that the information provided in this podcast is accurate or error-free.
Hello and welcome everyone to another episode of the RectTech Pulse podcast powered by LexisNexis Risk Solutions. I'm your host, ankit Sharma, and today we are here to discuss a very pertinent topic which is very close to my heart and all my panelists' heart. We're talking about Shadows to Shields Women Transforming Risk Management and, mind you, this is a Women's Day special. The topic today focuses on women as changemaker in risk management, shining a light on their role in designing and implementing cutting-edge programs that disrupt criminal networks. We will be sitting down with three extraordinary leaders who will tell their stories about breaking barriers and how they're shaping their careers within the fraud prevention, compliance and risk management space. Today we have Julia Chin. She's a compliance backbuild and the founder of J4 Solutions. She brings about 25 plus years of experience within the AML fraud and regulatory compliance space, specializing in fintech correspondent, banking and security services. As an APAC Global Coalition to Fight Financial Crimes Secretariat member, she's passionate about fostering a strong compliance culture and financial inclusion. We also have Alina Bukur, who I have had the pleasure of working very closely in the past. She's a seasoned marketing leader and has extensive experience in driving brand strategy, demand generation and market expansion, currently as the Vice President of Marketing at LexisNexis Risk Solutions. She has been instrumental in shaping impactful campaigns, fostering innovation and delivering measurable business growth. And, last but not the least, we have Alka Kavar. She is the Vice President of Financial Crime Compliance and Bank Data Operations at LexisNexis Solutions and she currently leads the sanctions and compliance bank data operations teams globally.
Speaker 1:We truly have a global panel today. Julia is joining us from Singapore, alina is joining us from the UK and Alka is based in the US. Welcome everyone. It's a great privilege and pleasure to have you on our podcast today. All right, julia, if we could just get this started with you. I'm a big fan. I follow you on social media platforms. You are literally the voice of APAC when it comes to financial crime compliance and risk management. If I could just talk a bit more about your journey and your legacy, what inspired you to enter the field of risk management and financial crime compliance and, basically, if you could just highlight and dovetail into a few specific or something that's remained with you which kept you going through this long and illustrious journey of yours.
Speaker 2:First of all, thank you for having me and, honestly, it wasn't a conscious decision to go into compliance. No one wakes up in the morning and say, hey, I want to do compliance. And well, how I started was because I did a lot of traveling around, especially in developing countries, and what I saw that opened my eyes were how much the developing countries and what I saw that opened my eyes were how much the developing countries or the people in those areas rely on banks, and also how I saw many of these people were unable to access the banking services due to insufficient documentation CDD While on the other hand, there are a lot of financial crime that is happening due to the failure in internal controls. So to me, my main purpose is try to connect the world between financial inclusion and the financial system.
Speaker 1:And that makes a lot of sense, I mean, especially from an Asian context. Financial inclusion in emerging economies is the name of the game, and you brought a very interesting life point, julia. Right, life happens to you while you're planning, and that was, I guess you know, the life story that you shared and kind of correlates with me, because getting into an IT marketing services was perhaps not the first choice. But here we are after 17 years and it's been a great ride so far, all right. Alina, I've had the pleasure of working with you for some time. You've spent many years advocating for financial account compliance and risk management. I'm really curious, and I'm sure it'll benefit our listeners how did you carve your path in this space and what's your headline message to the industry trying to fight financial account compliance and fraud?
Speaker 3:Okay, so interesting question and really close to me. My journey in financial crime, compliance and risk management has been, personally, one of purpose and looking at building up resilience and commitment to integrity. As a woman in the space, I've learned very quickly that courage and expertise and a strong voice can drive real change. The way that I carved my path in Korea was it was all around continuous learning, understanding what I know and I don't know, and being conscious of that and continuing to build up on it and challenging that state to explore and standing firm in the face of any adversity. I was drawn to the profession in financial crime and fraud prevention because it represents a chance to make a more of a tangible impact in protecting individuals not just businesses and communities from harm, and wanted to take part in something that was bigger than myself. For me, it's important because in an increasingly digital world, financial crime is evolving rapidly, threatening the integrity of systems and the security of people's livelihoods, and I think that that's what's touched me to the core of people's livelihoods, and I think that that's what's touched me to the core With LexisNexis Resolutions and being part of a bigger purpose and working in this field. I get to be part of a mission that goes beyond numbers. It's about safeguarding trust, preserving the fairness and helping build a more resilient financial landscape. What really inspired me most is the challenge and responsibility of staying one step ahead of sophisticated criminals. That is what we drive for and it's a role that requires critical thinking, the vigilance, the passion for truth which I was mentioning earlier, that idea and constant integrity, all while using technology right to combat the fraud. Knowing that the efforts and my efforts can contribute to preventing the harm and creating safe and more transparent financial system is really what motivated me every day and keeps motivating me every day. It's an opportunity to not just work in financial services but to be part of something that is bigger, protecting the foundation of trust in society and as a from my profession perspective I get, as a marketeer in financial crime and prevention, with every message we craft, with every message we deliver in the market, helps with building awareness and trust. It's all about guiding people to take action and protect themselves from these financial threats.
Speaker 3:I think the way that I've seen my career and seen the work that we do you kind of the bridge between innovative solutions and the people who need them the most right. So by effectively communicating the value of our mission. We empower individual and businesses to defend what matters most to them and that's all about their financial security. And, in essence, as an organization and me as a professional, it's not about promoting a solution or a product. We know protecting the everyday lives of countless individuals, and that is what I hold dearly and very close to me In terms of headline message to the industry, with trying to highlight a bit what I was saying earlier integrity is non-negotiable right, collaboration is essential and innovation is our greatest weapon.
Speaker 3:And fighting financial crime is not just a regulatory obligation, it's a moral imperative that demands the leadership, that relentless pursuit of truth and that unshakable belief that we can build more, a more transparent and fair financial system. It is a responsibility in terms of everyday work to protect the people, economies and the very fabric of trust in systems. And success in this fight requires leadership and innovation and collaboration across all sectors and, probably most importantly, that idea of diversity. And we must embrace technology and empower the diverse voices. And that is an incredible asset we can continue to build on and remain relentless in the pursuit of that transparency and accountability and the impact we make today will essentially shape the financial security of our future generations.
Speaker 1:Really inspirational. Thank you so much. I mean collaboration is the need of the hour as we all come together to fight financial crime, and driving change with a purpose is the key takeaway for me from all that you've said. All right, Alka. Arguably, data is the most valued asset in the 21st century. Technology and data analytics play a critical role in risk management. If you could tell our listeners a bit more on how you deliver cutting edge strategies to combat financial crime compliance.
Speaker 4:Yeah, I'm a bit of a data nerd, so this question really excites me.
Speaker 4:In today's rapidly evolving financial ecosystem, data is indeed our most valuable asset, similar to gold in the digital age. Raw data must be processed, analyzed, contextualized in order to unlock its true potential. At my organization, lexisnexis Risk Solutions, we leverage advanced technology and data analytics to combat financial crime and fraud. So by analyzing massive data sets and utilizing network-based risk insight, we're able to identify vulnerabilities and create actual insight so we can disrupt those criminal networks from getting access to funds. One example of this is our world compliance data asset. We review tens of thousands of sources globally on a daily basis, pull together the entities to serve up to our customers in their screening process in structured profiles, to serve up to our customers in their screening process in structured profiles. We then take that one step further and we leverage advanced analytics based on attributes within that profile to provide what we call an EI score or an exposure index score, and that then stack ranks the data based on risk, allowing for deeper insight for our customers as they're going through that screening process.
Speaker 1:This sounds fascinating and data, as you said, is at the core of any process that you put together or technology that you adopt when it comes to financial compliance. Can you share a real life example, Elka, perhaps given your exhaustive experience of where you've encountered or potentially prevented an actual risk?
Speaker 4:Yeah, you know, I recall early in my career probably my first year here receiving an email from a financial institution in either EMEA or APAC that an entity from our database had actually come into their branch attempting to open an account and, as a result of our database and the tools that we offer, the FI was able to identify them as a known criminal and called the authorities. The work we do makes a real life impact.
Speaker 1:I couldn't agree more with you. And that's the story, I think, the connecting thread with all of us who are passionate within this segment and, specifically, the opportunity that LexisNexis with solutions and Relix offers us. Thank you for that. That story sounded fascinating, I mean, and that's what keeps us going every day on the true impact that we are making as professionals. Alina, if I could just come to you the part of driving awareness and the education that you are working towards around financial crime and risk management, wearing the marketeer hat that you mentioned in the first leg of the podcast, what role does storytelling and communication play in empowering more women to join this fight?
Speaker 3:So I'm just going to pick up on what Alka was saying, which is a very interesting example, because we talk about the example and these are real life stories, and the question is around how storytelling influence, or storytelling and communication are two of the most powerful tools we have in the fight against financial crime and are powerful catalysts for change. Facts and regulations alone don't necessarily drive immediate actions, but real stories do, like the one that Alka was mentioning earlier, and by sharing experiences, challenges and successes, we humanize the impact of financial crime and empower more women to step into this space with confidence and provide their leadership. They allow us to humanize complex challenges. So this is the storytelling and transform that abstract risk into real, relatable experiences, and I think that's what's important, right. So by sharing our journeys, the hurdles we've overcome, the victories we've celebrated, we not only shine a light on the realities of financial crime risk, but also inspire others to step into the arena with confidence. Every narrative becomes a beacon, demonstrating that innovation, resilience and leadership that knows no gender. So when we speak our truth, we create the ripple effect that motivates others to join the fight and ultimately strengthening the industry and paving the way for a more inclusive and dynamic future.
Speaker 3:If I'm looking at myself and my role as a marketeer, I see profound connection between the work that I do. So my work and my passion for safeguarding and enhancing everyday life, especially when it comes to combating financial crime and fraud. And, at its core, marketing is about understanding people, building trust and communicating the value is about understanding people, building trust and communicating the value, and these same principles are essential in the fight against financial crime and helping to create awareness. You were mentioning about this Ankit earlier. It's all about foster transparency and educate consumers about the risks. One of the key facets of the role and my role that aligns with the commitment is the ability to design programs or messaging that inform and empower individuals, or the stories that could potentially inform the individuals to make safer and more informed decisions, and highlighting secure financial practices.
Speaker 3:Promoting technologies we've been talking about technologies that protect against fraud or championing organizations that prioritize security. We're helping people safeguard their livelihoods and peace of mind and, additionally, marketing plays a crucial role in communicating the values of integrity and trust. Whether it's promoting a brand that stands for consumer protection or creating content that demystifies complex financial security measures, we're helping. The story helps build a world where people face and people feel protected and can trust the system and the way they interact with it. And ultimately, the work we do as marketers allow us to be on the front lines right.
Speaker 3:So influencing how business and consumers interact, ensuring the safety, security and the trust remain at the heart of that relationship, and that alignment with protecting people are their financial well-being is what fuels my passion as a woman in this field. I've seen firsthand how storytelling can break down barriers and sparks that curiosity and really encourages others to find their voice. And when we communicate effectively, whether through mentorship, education or advocacy we create the ripple effect. So that's very clear that that brings more diverse perspective into the fight against financial crime. And my message really to women considering this path is very simple your voice matters, your insights matter, Step forward, share your story and help shape the future of financial crime risk management. And the more we communicate, the stronger and more resilient our industry becomes.
Speaker 1:I couldn't agree more with you, Alina, over there, Bringing diverse voices together is the need of the hour. And if I could just turn a leaf and share a bit more with our listeners, In 2024, the gender diversity of our senior leader population increased to 32%, while our women people manager increased from 45% in 2023 to 46% At the year end. Women comprise 40% of the board. So, again, working with an organization that is truly fostering diversity and inclusion is a great privilege and pleasure in the current times. All right, Alka, I'm really interested in getting your perspectives into this segment. You know you yourself being a leader out there in this space and domain. Women in leadership often face unique challenges. How can organizations ensure that women in risk management and compliance get the recognition and opportunities that they deserve?
Speaker 4:You're correct, ankit Women in leadership do often face unique challenges, especially when you're in a male-dominated industry. However, I really do believe the culture and the times have shifted significantly over the years and I'm grateful that at LNRS, we focus on ensuring women get recognition and opportunities they deserve, based on performance and outcomes. So I can speak from my own personal experience. I started at LNRS 11 years ago as a contractor project manager. Over the years, I was fortunate enough to have opportunities to grow, develop and prove my abilities, and today I'm proud to be, you know, vice President and Global Head of Financial Crime, compliance and Bank Data Content Operations.
Speaker 4:Now, as we look at women, balancing a leadership role with motherhood especially for myself as a single mother of two young boys really adds an additional layer of complexity.
Speaker 4:And while there are many single fathers out there who are doing a fantastic job, you know, big shout out to them the reality is, statistically, 70 to 80% of single parent households are led by women.
Speaker 4:So, as women are advancing into those leadership roles, while balancing family responsibility, work-life harmony and flexibility become crucial. So it's about fostering an environment where everyone can thrive, and for women, that means offering equal opportunities for career development, leadership training, mentorship and the flexibility to be there for our families. Now, on a personal level, the organization has been incredibly supportive in this regard. As we look at the career development aspects, our employee resource groups, or ERGs, have been pivotal in driving a culture of inclusion, with a really strong focus on accelerating women's development in senior leadership roles. Now, both Alina and I have had the privilege of participating in one of these programs. If we look back to 2024, as an example, our gender diversity at LNRS of senior leaders has increased to 32% and our women people managers actually rose to 46%. Now, these stats are demonstrating a tangible commitment to diversity by our leadership and organization, not just in words, but through real-life action.
Speaker 1:Absolutely, and I can attest to that. And then you brought up ERGs, so I would like to kind of, for the benefit of our listeners. Within RelX, we have something called an Employee Resource Group or an ERG, which basically encourages all our colleagues to collaborate, advocate and engage communities further, boosting inclusion and diversity. In 2024, employees across RelX recorded more than 22,400 ERG hours and, as Alka said, it's all about having the mandate of driving more inclusion and having women across the board, women across several layers within the organization, but 26% of women within Relics are technologists, which are the core at developing advanced solutions which help our customers keep ahead in the risk management space. So thank you for that, alka.
Speaker 1:Julia, if I could come to you, you've been a revered leader with 25 plus years of experience within Asia Pacific. Mentorship is quite important. It's quite close to my heart as well. I've been blessed to have some great mentors throughout my corporate journey so far, more in terms of outreach, support and uplifting the next generation, but also on the part of a mentee because, as you said, you know, when you started your career, I'm sure you also looked up to a few people and may, you know, have got some help from them as well, or direction from them well as a mentor, I would say my desire is to pay it forward.
Speaker 2:I have really benefited a lot from mentors through my entire journey, whether or not it is in my personal life or in my professional life. So to me, I also believe in the movement we call social mentoring. There doesn't have to be a specific mentor that you assign yourself to. There will be different times when your mentee becomes your mentor, so it's kind of like peer mentoring and it's two ways rather than one way. So pay it forward. It's something that is going to help with the entire network all right, that's great to hear.
Speaker 1:Thank you for that. Having worn multiple hats, julia, especially as educator and now as a consultant in the field of risk and financial compliance, what are the key trends that you are seeing in your conversations with regulators, in your conversations with the institutions at large, which you think are shaping the future within this landscape?
Speaker 2:landscape. Well, there has been a lot of talk about AI and technology, and, in fact, the UN Convention for Cybercrime was recently adopted by the General Assembly Christmas Eve last year and so we do see a lot happening in that space. I think something that is closest to my heart is actually the Recommendation 1 Amendment, which now has a priority on financial inclusion. The thing is, while we are talking a lot about AI, what I felt is most important when it comes to risk-based approach and balancing financial inclusion with effective risk management and to ensure that vulnerable populations are not excluded from the financial system. Let's go back to one thing, and our superpower as humans, which is the 3C I would like to call out, is to be compassionate, creative and curious.
Speaker 1:That's very well summed up, julian. Thank you for that. And again, within the realm of AI and the evolving technology, I mean there are several trends that we are also monitoring, how we can make our systems more attuned by leveraging newer technologies and work towards our clients in terms of being more efficient and being more transparent, that, with the adoption of AI, gen, AI tools, I think it's very pertinent to have more explainable models, which I think the regulators and the enforcement agencies across the world are relying more on. From that perspective and you also mentioned FATF and again recently the report came out a few countries within Asia have been taken off the FATF enhanced monitoring list and some countries have been put onto that list, which again becomes a little more difficult for the countries when it comes to doing ease of business.
Speaker 1:But I'm sure you know, working with your company, you'll be able to offer a bit more consultancy and perhaps chart a route of how they can raise the bar of compliance. Well, as they say, all good things must come to an end. I have thoroughly enjoyed this conversation. As I told you at the start, this topic is very close to my heart and the three guests that I have on this podcast, you know I look up to them and I follow them and do get to learn newer things from them every day. But, julia, if I could start with you and if you could just sum this up as a single piece of advice for women looking to break into the career of risk management or financial crime compliance, what should they do?
Speaker 2:Well, I think, in order for us to break into this field, one is to understand that it doesn't have to be any particular discipline of education. It is about us being able to bring our unique perspective, about us being able to bring our unique perspective. The field needs diverse voices and viewpoints to effectively combat financial crime. Our insights and experience will be valuable, and so we should speak up and make our voices heard and be the voice to the voiceless.
Speaker 4:Thanks for that, julia. You know my advice for women in any field, including risk management and financial crime prevention, is to focus on your expertise and your outcomes. Don't let anything hold you back from showing that you're the best at what you do. Take ownership of your career path, seek mentorship and continuously build your skills. That goes back to something Alina had said earlier, and I think it's really important to find an organization that aligns with your personal values and goals, because that's going to make your career journey even more fulfilling and successful. Women are making waves in this space and there's a tremendous opportunity to have an impact on the future of fraud prevention and compliance.
Speaker 3:Thanks, elka. I guess I'll take the baton here and provide a bit of my view. So my advice to women looking to build a career in risk management and financial crime compliance is really simple Own your expertise, embrace resilience and lead with purpose. And what has been the discussion right from the beginning of this session? This is a field that demands critical thinking, courage and an unwavering commitment to integrity. You will face challenges, but remember your voice, your perspective and your determination are powerful forces for change. Building your knowledge, constantly seeking mentors, become a mentor and never shy away from tough conversations.
Speaker 3:The fight against financial crime needs strong, insightful and fearless leaders. Why not? You? Believe in your unique strengths and never underestimate the value of your perspective in a field that is continually evolving. Your insights, not just as a woman but as an expert, are essential for breaking new ground in risk management and financial crime prevention, and embrace every challenge as an opportunity to learn, lead and redefine the everyday right. Stand tall, seek mentors, be a mentor, build your network and remember that your determination not only paves your way to success, but lights the path for future generations of women in these industries. Keep pushing boundaries, because your contributions are vital in shaping a safer and more resilient industry.
Speaker 1:Well, it's been an absolute pleasure talking to you. I learned so many things and again it has been an agenda. I mean, I have the pleasure of working with an all-women team, but again, we'll continue to drive diversity and inclusion, and gender inclusion as well. Thank you all. Again, thank you so much for participating. It was a pleasure to talk to you.
Speaker 3:Thank you for having the opportunity of being here and discussing this great topic Again. It's very close to me and courage and determination to go forward. Thanks, ankit.
Speaker 1:Thank you all for joining us today. It's been an absolute pleasure talking to the three lovely guests that we had on our podcast For our listeners. If you want to learn more about Texas, nexus, risk Solutions or RelX, please visit our website, and we keep on posting podcasts on our platform and channel. If you want to feature as a guest speaker, please reach out to our team and we'll be happy to have a conversation. Thank you and see you again.
