Eclipse Consulting Group

🌟 Financial Crimes Enforcement Network, US Treasury (FinCEN) Proposes Rule to Strengthen and Modernize Financial Institution Programs to Fight Money Laundering and Terrorist Financing 🌟 Key Highlights: 🔹 Updated Requirements: The proposed rule mandates financial institutions to establish AML/CFT programs with a mandatory risk assessment process, review government-wide AML/CFT priorities, and incorporate them as appropriate into their risk-based programs. 🔹 Strategic Impact: This initiative is part of Treasury’s broader objective to build a more effective and risk-based AML/CFT regulatory and supervisory regime, safeguarding national security and the integrity of the U.S. financial system. 🔹 Collaborative Effort: Developed in consultation with the Federal Reserve, OCC, FDIC, and NCUA, the proposed amendments aim to promote clarity and consistency across FinCEN’s program rules for different types of financial institutions. Why This Matters: 🔍 Enhanced Security: Effective, risk-based AML/CFT programs are critical for protecting national security and the integrity of the U.S. financial system. By focusing on high-priority threats, financial institutions can better prevent illicit activities such as money laundering, terrorist financing, and cybercrime. 🌐 Tailored Compliance: The proposed rule encourages financial institutions to tailor their AML/CFT programs according to their specific risk profiles, leading to more efficient use of resources and greater compliance effectiveness. 📊 Unified Approach: Enhanced collaboration and alignment between federal agencies underscore the importance of a unified approach to combating financial crimes. 💡 Financial Inclusion: Emphasizing risk-based programs helps avoid one-size-fits-all approaches that can exclude entire categories of customers, promoting financial inclusion while maintaining robust anti-financial crime measures. 💡 Innovation: The proposal encourages financial institutions to modernize their AML/CFT programs responsibly, incorporating new technologies and innovative approaches to manage and mitigate illicit finance risks. The proposed rule was developed in consultation with: • Board of Governors of the Federal Reserve System • Office of the Comptroller of the Currency • Federal Deposit Insurance Corporation • National Credit Union Administration For more details, check out the full news release, the fact sheet, and the Federal Register Notice. News Release: https://lnkd.in/ebz9R859 Fact Sheet: https://lnkd.in/epihai-G Federal Register Notice: https://lnkd.in/eTUzJ4P2 Stay informed, stay compliant! 🤝 Partner with Eclipse Consulting Group to fortify your financial crime prevention and risk management strategy. #FinCEN #AML #CFT #BankSecrecyAct #FinancialInstitutions #RegulatoryCompliance

🚀 Eclipse Consulting Group Drives Data Excellence! 🚀 We're thrilled to share our recent collaboration with a leading Financial Institution, where Eclipse Consulting Group was engaged as a trusted vendor partner. Our mission: to elevate their data management capabilities and drive operational excellence. Here's a snapshot of our impactful project: 🔍 DCAM Framework Evaluation: We meticulously evaluated Bank of Hope's self-assessment of their Data Capability Assessment Model (DCAM) framework, ensuring a robust and accurate analysis. 🏦 Pilot CDE Certification: Our team executed a pilot Critical Data Elements (CDE) certification process, focusing on loan and deposit operations, to ensure data accuracy and integrity. 📜 Policy and Standards Development: We crafted foundational policies and standards, setting the stage for sustainable data governance and management. 🛤️ Strategic Roadmap: We designed a comprehensive strategic roadmap for the Data Office, guiding them towards long-term success in data management. At Eclipse Consulting Group, we pride ourselves on delivering tailored solutions that empower financial institutions to achieve their data management goals. Our collaboration with this Financial Organization is a testament to our commitment to excellence and innovation. 🔗 Connect with us to learn how we can help your organization transform data management practices and drive business success! #DataExcellence #Finance #DataManagement #EclipseConsulting Feel free to reach out to Eclipse Consulting Group to discuss how we can support your data management needs. Let’s drive your organization towards a data-driven future! 🚀 #LinkedInPost #EclipseConsultingGroup #DataGovernance #StrategicRoadmap #CDECertification

🚀 Success Story: Building a Robust Data Governance Framework 🚀 We're thrilled to share a recent triumph where our expertise in data management and governance was put to the test. As a trusted consulting vendor, we were brought in to assist with the standup of a comprehensive Data Governance Framework and the rollout of an effective Data Strategy for a leading financial institution. Key Highlights: ✅ Developed a comprehensive Data Governance (DG) policy and standards. ✅ Identified and prioritized Critical Data Elements crucial for the organization. ✅ Implemented robust Data Quality remediation processes to ensure data integrity. Our team's strategic approach and dedication were instrumental in setting up foundational data governance capabilities that not only meet regulatory requirements but also empower the organization to harness the full potential of their data assets. Why it matters: In today’s data-driven world, robust data governance is not just a regulatory necessity but a strategic advantage. Ensuring data quality and consistency is paramount for making informed business decisions, enhancing customer trust, and driving competitive advantage. 🔍 Engage with us: Are you looking to enhance your data governance capabilities or develop a robust data strategy? Let’s discuss how Eclipse Consulting Group can help your organization achieve similar success. Reach out to us today! #DataGovernance #DataStrategy #DataQuality #Finance #ConsultingSuccess #EclipseConsultingGroup #DataManagement #FinancialServices #ExecutiveLeadership

🌟 Our Eclipse Team Members had an amazing week at the American Banker Digital Banking Conference! They connected with fellow thought leaders and practitioners. Curious about the Future of Banking? 🚀 Reach out to Eclipse today!

Eclipse Consulting Group is excited to be sponsoring American Banker Digital Banking 2024 in Boca Raton, FL on June 24-25! Come and join Michael J. Ivie, PRM, PMP, MBA, Konstantin K., Linda Weber and Stephen Faley as we explore the future of banking with industry pioneers. Together, we will redefine customer experiences, harness the power of data-driven technologies, and drive banking innovations that will shape the industry for years to come. We can't wait to see you there! #InnovationInBanking #FutureReady #BankoftheFuture #DIGITALBANKING #DigitalTransformation

🌟 T+1 Settlement Cycle is Live: how are you adapting to T+1?🌟 The U.S. securities market has transitioned to T+1 as of May 28, 2024. This shift, led by SEC Chair Gary Gensler, aims to enhance efficiency and reduce risks. Here’s what you need to know: Key Benefits: 🔹 Faster Transactions: Funds are available the next business day, boosting liquidity. 🔹 Risk Reduction: Minimizes counterparty risk, drawing lessons from the GameStop saga. 🔹 Operational Efficiency: New standards streamline broker-dealer and advisor operations. Challenges to Watch: ⚠️ Initial Adjustments: Temporary rise in settlement fails may occur. ⚠️ Increased Pressure: Less time to correct errors, raising transaction costs. ⚠️ Global Coordination: International investors must adapt quickly. New Insights: Operational Adjustments: Automated Processes: Enhance back-office operations with real-time processing. STP Technologies: Reduce manual errors with straight-through processing. Compliance: Robust frameworks for accurate, real-time documentation. Risk Management: Reduced Risk: Shorter cycles cut counterparty risk. Liquidity: Optimize management practices for funds and collateral. Settlement Fails: Improve matching and reconciliation processes. Technological Enhancements: Invest in Tech: Use blockchain, AI, and real-time analytics. Interoperability: Ensure systems can exchange real-time information seamlessly. Market Dynamics: Liquidity Impact: Enhances liquidity, pressures cash management. Global Harmonization: Aligns with global practices for smoother transactions. Adaptation for Smaller Firms: Prioritize automation and third-party support. Future Outlook: T+0 Settlement: Consider feasibility to eliminate counterparty risk. Regulatory Preparedness: Requires substantial infrastructure changes. Collaboration & Education: Stakeholder Engagement: Ongoing dialogue among regulators and industry. Training: Educate employees and clients on new cycles. 💡 Call to Action: Finance leaders, how are you adapting to T+1? Share your strategies and join the conversation. Let’s ensure a smooth transition and capitalize on new opportunities. 📞 Need Expert Guidance? Our team specializes in navigating regulatory changes and optimizing operations. Contact us today for tailored solutions. #FinanceLeadership #T1Settlement #MarketEfficiency #RiskManagement #SEC #FinancialServices #InvestmentStrategies Engage with us: Like, comment, and share your thoughts. Let’s turn this transition into a competitive advantage! 🚀

A few of our Analytics & AI consultants, Eric Glenn and Mehreen Qureshi, MBA, had the opportunity to attend the Everyday AI Summit hosted by our esteemed Partner, Dataiku! The Summit showcased a plethora of real-world stories of how Dataiku serves as a catalyst for organizations to achieve success by leveraging AI and how AI is reshaping the future of everyday business. Thank you to Dataiku for organizing this informative event and sharing insights from all the expert speakers! We're excited about the possibilities that lie ahead as we collaborate to deploy analytics and AI solutions to transform our clients' business and technical landscapes! #AI #Analytics #FutureofBusiness #BusinessTransformation #MachineLearning #SuccessStories #Innovation #LLMs #DataScience #DataAnalytics #Data #FutureofData