The former NAB boss is advising a start-up selling compliance software to banks, so they can monitor staff communications and report to regulators.
Former NAB chief executive Cameron Clyne is advising a start-up supplying compliance software to banks.Now, Mr Clyne is helping develop software for banks, so they can improve regulatory compliance. It combines behavioural science, social network analysis and AI, using them to measure bank team dynamics and staff psychology by scanning metadata on internal communications.
“Banks like NAB are incredibly complex,” he said. “You spend all your time thinking about risks, but are never quite sure you have identified them all. But banks need to demonstrate they have looked hard to find them, and what banks went through in the royal commission gave me a view that [Swarm] was going to be a tool that would be very attractive in the market.”
In contrast, he said Swarm helps lenders to “constantly monitor the sort of things that caused the problems in the first place”. “Being able to demonstrate with some degree of analytical objectivity that you have actually made a step change helps move the dial and make demonstrable change to move an organisation forward.”
despite an absence of clear regulation, Mr Clyne said retaining human control of risk settings will remain paramount in the AI era.
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