COO Magazine Q3 2023

How to avoid the inevitable

Operational Resilience • Non-Financial Risk • Emerging Risk Assessment • Horizon Scanning




Maurice Evlyn-Bufton

CEO, Armstrong Wolfe

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Armstrong Wolfe Partners with Behavox to Elevate Financial Services Oversight with Innovative Product Suite

We are proud to announce a strategic alliance with Behavox, the leading provider of AI-driven compliance solutions. This partnership marks a significant step forward in revolutionizing the financial industry’s approach to risk management and operational oversight.

For over a decade, Armstrong Wolfe has been at the forefront of fostering collaboration within the investment banking COO community. Through its platform, executives have come together to address regulatory and market-wide challenges related to conduct risk. The organization has been a driving force in integrating first-line business risk and control officers into the leadership teams of Corporate and Investment Banking COOs and CEOs. As these Control Officers work tirelessly to identify and mitigate emerging risks, they establish controls that safeguard their firms from potential harm.

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AI Showdown: Behavox AI outperforms ChatGPT in compliance

The rapid proliferation of ChatGPT into mainstream use is nothing short of astounding. Just the other day, an Uber driver enthusiastically recommended it to me, swearing by its impressive outcomes. It is evident that increasingly potent AI systems are on the horizon, even as some of the world’s most renowned scientists and business leaders have called for a temporary deceleration in the development of powerful AI models.

This raises the question of how ChatGPT can be utilized within the banking sector, and by extension, in compliance. We’ve already observed in the media that some banks are taking measures to ban ChatGPT, while others are embracing it on an enterprise-wide scale. With the tantalizing promise of AI, numerous compliance professionals are eager to harness its potential to enhance productivity and minimize false positives.

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The Hybrid Working cul-de-sac

Minutes from Online Forum Thursday, 13th July, 2023

The debate around Hybrid working practices remains contentious, with strong beliefs abounding on both sides of the discussion.

The initial shift towards hybrid work was necessitated by the COVID-19 pandemic. However, in the wake of the pandemic, the question is now how to establish Hybrid working in a format that works for employees and employers, bringing the benefits of flexibility and productivity in a sustainable way. The suitability of hybrid work varies for different roles, and there’s a recognition that certain cultural aspects are better fostered in an office setting.

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Parliamentary Report on Changing Banking for Good - A Retrospective View and Update

Something was missing in the Parliamentary Report1 on ‘Changing Banking for Good” in 2013.

In the Winston Churchill tradition of “never let a good crisis go to waste”, this report has proved useful in bringing about some positive change. A call for “Better functioning and more diverse banking markets” has been at least partially satisfied. Accountability has improved and together with some new developments over the past decade in behavioural science and technology, the potential for further improvement is rising.

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Middle Powers: a rising force in the new world order?

The term “middle powers” has been cropping up recently as a way of referring to countries capable of playing key strategic roles internationally or regionally.

While there is no agreed upon criteria of what makes a country a middle power, the concept speaks to a multipolar world that is not dominated entirely by the US and China.

Claudine Fry, Gabriel Brasil and Patricia Rodrigues discuss what makes a country a middle power and what this rising force in geopolitics means for business.

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Build Bridges...Not Walls

CIO’s leading effective business transformation


When moving into the role of a CIO, it’ s easy to fall into the trap of diving deep into technology right from the start. In this age of automation everyone is touting the “buzzwords” of the day – cloud, AI, machine learning, blockchain and overall digital transformation.

It’s easy to get caught in the “weeds of detail” before taking time to consider the overall direction the organisation should take, especially when it needs to evolve significantly.

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Systemic Misconduct in Financial Services

The focus on misconduct from financial services entities, regulators and public inquiries tends to be on the responsibility of individual organisations and those who manage them. This emphasis on individual accountability is consistent with an episodic view of misconduct that is perpetrated by rationalistic bad actors.

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