Scila’s Alex Lamb Discusses Integrated Risk and Compliance at FIA EXPO 2023

A man in a suit is talking about the f4 expo.
John Lothian

John Lothian

Executive Chairman and CEO

Risk and compliance are more closely related than in the past, Alex Lamb told John Lothian News at FIA EXPO 2023 in a video interview in which he shared his perspective on the evolving interplay between risk management and compliance within financial institutions.

Lamb emphasized the increasing recognition of the close relationship between risk and compliance functions, suggesting a shift towards a more holistic approach in monitoring trading activities. He noted that erratic trading behaviors triggering surveillance alerts are now being assessed alongside financial outcomes, like profits and losses, to understand the behavior’s context and preempt potential issues.

Customers have responded positively to Scila’s single data feed approach for both risk and compliance. This unified system simplifies data ingestion, eliminating the need to maintain separate symbologies and systems for risk and compliance, thus reducing operational headaches and improving data quality and monitoring.

On AI’s role in the industry, Lamb shared that while machine learning is becoming more extensively used, allowing systems to modify operations based on incoming data, the industry is still cautious. The “black box” nature of AI presents challenges in documenting and substantiating decisions made autonomously by systems, highlighting the importance of transparency and accountability in AI applications.

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