Synctera is built with risk and compliance at its core. We needed an experienced risk and compliance partner that could help us with model reviews within a fintech environment. Wolf helped us achieve just that and remained flexible and communicative throughout the process.”

Challenge

Synctera sought to provide assurance to both its fintech and financial institution partners, verifying that their model complies with regulatory expectations and that the services would not be scrutinized during future exams. Synctera contacted Wolf & Company’s model validation team to assist with producing a report that would provide their financial institution assurance over those AML-related models.

Solution

Wolf and Synctera met to understand the financial institution’s use of the AML models and their needs in terms of assurance related to the models. The Wolf & Company model validation team provided insights regarding the model risk management regulatory requirements at financial institutions, and how those extended to Synctera and their fintech partners. Wolf designed a program that included performing parallel analysis to verify that the models were providing accurate results and evaluated the model controls to ensure that proper model oversight was in place. Wolf provided guidance on strengthening model oversight controls and documentation to meet regulatory expectations.