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Recorded Webinar: Entity identification and client lifecycle management – How financial institutions can drive $4 billion in cost savings

21 January 2021

A new model in Legal Entity Identifier (LEI) issuance has created significant opportunities for financial institutions to capitalise on their KYC and AML due diligence. By becoming Validation Agents and obtaining LEIs on behalf of their clients, financial institutions can enhance their client onboarding experience, streamline their internal operations, and open the door to new, cross-border client identity services.

Rarely does a small change in a standard compliance protocol deliver so much potential. Validation Agents can de-duplicate AML and KYC checks for new clients, simplifying and accelerating their onboarding experience. They can also leverage the LEI to eliminate manual linking of entity data from disparate internal and external sources. McKinsey estimates that this alone would save the global banking industry $2-4 billion per annum by improving full time employee productivity in client onboarding.

And then there’s identity. In the Validation Agent role, financial institutions can close the book on cross-border trust by equipping their full corporate client-base with LEIs, enabling them to unambiguously identify both themselves and any legally registered counterparty or supplier, anywhere in the world.

Listen to this webinar to understand how the Validation Agent role:

  • Fits into a financial institution’s business model and client lifecycle management processes
  • Enables valuable process efficiencies for both financial institution and client, positively impacting the client experience
  • Provides a springboard for financial institutions into the new era of business customer identification services
  • Supports GLEIF’s vision to drive voluntary LEI adoption across new industry sectors and expand the use of LEI data beyond regulatory compliance to encompass all banking business lines


Michelle Zhou, Deputy CDO, Finance, BNY Mellon

Peter Serenita, Chief Data Officer, Scotiabank

George Brandman, Managing Director, Reference Data Strategy, J.P. Morgan

Peter Warms, Business Development Manager, GLEIF

Moderator: Sarah Underwood, Editor,
A-Team Group

More about our speakers:

Michelle Zhou
Deputy CDO, Finance
BNY Mellon

Michelle (Yinghua) Zhou is the Deputy CDO in Finance in BNY Mellon. She leads multiple data projects covering data sourcing, data quality remediation, data governance, and data modeling. Michelle works closely with the business functions, Data Stewards and Technology teams. Her current focus is on reducing the regulatory risks by improving data quality of finance data. She also has extensive experience in Client Data Management.  She actively participates in transformation programs that will fundamentally design/improve processes which will contribute to clearer roles/responsibilities, ownership and data quality. Prior to her data career, she was primarily a data user in Finance. She is a strategic partner with business and constantly focusing on using the data to generate meaningful business intelligence and insights to increase revenue and reduce cost.

George Brandman
Managing Director, Reference Data Strategy
J.P. Morgan

George Brandman is a Managing Director in the Corporate & Investment Banking Division of JP Morgan Chase responsible for Reference Data Strategy and Product Management. Prior to joining JP Morgan, George was a Managing Director at GE Capital and was responsible for Master and Reference Data, Data Warehouse Operations, Infrastructure and Architecture. Prior to GE Capital, George spent 19 years at Morgan Stanley with responsibility for Enterprise Data including Master and Reference data as well as the Technology Architecture Committee. George also led technology teams supporting the Prime Brokerage business for several years as well as Enterprise Infrastructure. A native of New York City, George is a graduate of New York University and the University of Southern California, holding Bachelors and Master’s degrees in Computer Science.

Peter Serenita
Chief Data Officer

Peter Serenita is the Chief Data Officer for Scotiabank, responsible for defining and implementing a data management capability to improve data quality and leverage data for analytics and business enablement. He is the Chairman of the Enterprise Data Management Council, a trade organization advancing data management in the financial services industry. He is also on the Advisory Committee of the Stevens Institute of Technology Business Intelligence and Analytics Graduate program. Prior to joining the Scotiabank, Peter was the Group Chief Data Officer at HSBC and was responsible for building the data management and analytics practices across all businesses and global functions, focusing on improving data consistency across the firm. Peter was also on the Financial Research Advisory Committee (FRAC) for the Office of Financial Research (OFR) to advise the OFR on best practices for data management, data standards, and research methodologies in analyzing systemic risk. Previously, Peter was a 28-year veteran of JPMorgan having held several key positions in business and information technology including the role of Chief Data Officer of the Worldwide Securities division. Mr. Serenita holds a Bachelor’s Degree in Computer Science from New York University.

Peter Warms
Business Development Manager

Peter is currently employed by GLEIF Americas as the business development manager focused on expanding the use of the Legal Entity Identifier (LEI) within financial institutions, U.S. regulators and emerging business use cases like digital strategies and supply chain. Prior to joining GLEIF Peter was employed by Bloomberg for 27 years where some of his recent responsibilities included managing their LEI issuing platform, entity content, KYC while also serving as the business manager for their Open Symbology platform better known as the Financial Instrument Global Identifier (FIGI).



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