There is an infamous paradox in probability theory known as the “birthday problem.” The paradox is this: If you are in a room you would need 183 people together with you for there to be a 50 percent chance for one of them to have...

Editor’s Note: This is the second of two articles. The first article, Developing a Client Selection Strategy, addressed the development and implementation of a client selection strategy. Financial institutions are developing client selection strategies to align with the institution’s risk appetite. If your institution has...

“It comes down to reality and it’s fine with me ‘cause I’ve let it slide”1 might be lyrics from our favorite Billy Joel song, but to many of us a New York state of mind is a reality. Recently, the New York Department of Financial...

It was not so long ago that the role of a compliance function was a relatively low profile, working in isolation and perceived as a cost center in most organizations. Its role was merely confined to authoring policies/procedures, box-ticking reviews, transaction monitoring, etc. As...

A few weeks ago we were inundated with the disturbing news regarding one of our largest financial institutions and their pilfering acts of deception amongst consumers. The headline in a Fortune Magazine article read, "Wells Fargo Executive Who Headed Phony Accounts Unit Collected $125...