Episode 033 - A Discussion with Markus Schulz
Steven Batiste and Kate Pohl interviewed Markus Schulz, Deputy Global Head Financial Crime Compliance & Global Head FCC Change Management at ING Bank. Markus highlighted that whenever the good guys plug a hole, another is explored/created, making it even harder to slow the pace of Financial Crime. Markus emphasized that since we don't have unlimited budgets, it is important to start with the "simple things'' "Adding 3 more locks to the door doesn't work if the gatekeeper hands over the keys!". He commented that massive investments are being made in Regtech and that the number of providers has grown exponentially. Markus emphasized the need for "explainability", especially to the regulator. Technology as a tool remains important, but you need clean, plentiful, and available data to make it useful. Technology alone is not the answer (especially when the question is not clearly defined)! Markus sees banks becoming "financial institutions i.e. data companies with a balance sheet". He advocates for the same rules for the same risks. What do belly dancers and compliance have in common? Do we continue to underestimate the cultural environment? If we fail to plan... must we plan to fail? Tune in and find out! --- Support this podcast: https://podcasters.spotify.com/pod/show/steven-batiste/support