In this "Getting to Know" post, we spoke with TrustedPeer Expert Laura Goldzung. Laura is the founder and president of AML Audit Services, and she has more than 30 years of financial industry experience including AML compliance and training, and securities firm operations and management.

1. Why did you decide to join TrustedPeer?
   The opportunity to join TrustedPeer presented itself through a colleague who is an adviser to the board. I thought it was a very unique opportunity because, as a service provider and consultant in AML, it’s hard to find the time to do develop consulting opportunities and get exposure to potential clients. TrustedPeer presented the prospect for greater exposure and added value to my practice.
   
   
2. What are you most excited about in Anti Money Laundering right now?
   There are still many issues facing financial institutions with respect to AML that don’t seem to be going away. There is still quite a bit of challenge in maintaining required compliance. What I’m most excited about is that more and more people are getting into the field, and more of the financial institutions are getting better educated about AML compliance. It’s exciting to work with unique, emerging companies and platforms. It’s always a new day in AML.
   
   
3. How has technology changed AML?
   Technology enables AML compliance, but it’s not the only enabler. A hybrid activity between automation, technology, and human skill is required. You can’t replace human skill with technology. You need to have the competencies to leverage what the technology tools and the advances in technology bring to the practice. For example, if you’re a large bank, you likely have many tools you use to monitor transactions and there are different facets to each transaction. There are many smaller companies that don’t use AML systems and instead use manual processes. Technology is exciting and enabling, but it requires human intervention.
   
   
4. Can you tell us about an “aha” moment in your career?
   My first aha moment was when a new client called me again for new services. Beyond that, my “aha” moments manifest as more of a sustained stream of learning for me and for my client base. I do a lot of teaching, and there are plenty of moments when something just clicks for those audiences.
   
   
5. Where do you predict the future of AML going?
   It’s just going to get bigger and bigger. There’s opportunity for an organic expansion in that there are new industry sectors that will be subject to AML compliance. Some already perform it as a best practice, and there are a couple of new sectors that will be facing a requirement to implement a program. There are also new and emerging products like Bitcoin and emerging issues such as marijuana dispensaries that come with a lot of controversy. There are many payment processor companies who now include AML compliance as a best practice because their bank and other partners may feel more comfortable if they have a program in place. All in all, AML is evolving rapidly.
   

To read more about Laura’s area of expertise or to book an Expert Session, visit her Meet The Expert page on our site.

Has your business growth flattened or even decayed in your market, and no amount of marketing or sales seems to be able to help it? What do you do? Develop new solutions for this market? Try to enter adjacent markets? Here is a process that we have seen used successfully in a number of different technology companies to recharge growth in revenue and profits.

Start with re-examining the Mission and Vision of your company. Why does your company exist, and what would it look like in 5 years if it was more successful in fulfilling that Mission? Don’t accept some generic statement like “to increase shareholder value.” Your Mission statement should be unique to your company, and not apply just the same to General Motors, Apple Computer, or Mrs. Fields Cookies. What will you NOT do?

The Mission and Vision statements give you the framework to take the next steps, illustrated below:

Gather the Strategic Planning team to kick-off a Strategic Planning session. This team is usually composed of the Senior Executive Staff along with some company thought leaders and maybe a key outside partner or two. An expert facilitator (such as one from TrustedPeer.com) can really help focus the effort and move things along, but the CEO should be the main driver. Give yourselves enough time to develop a robust and validated plan – usually 2 to 4 months, depending upon people’s availability and the amount to market research undertaken.

The first four steps should be done in parallel:

1. Identify what must be done to defend your current market share. The plan may involve developing new solutions, refreshing older ones, and adding marketing and service resources to provide increasing value and love to your customers.
   
   
2. Identify opportunities to enter new or adjacent markets, where you don’t currently play. This exercise is challenging because the opportunities (and the work to find them) may seem endless. Fortunately, the Internet and search engines allow efficient ways of finding and researching many opportunities. Don’t be afraid to engage outside experts or buy professional reports in areas of potential interest. Don’t just look in the most obvious and familiar places – encourage creative thought and cast a wide net. And don’t just look at areas where you have a “core competency” (see the blog: Tenet #1 of Ten Tenets of Strategy: Your core competency is not your strategy). Needed core competencies can be acquired and unneeded ones can be divested. What is important is that the new opportunities optimally fulfill your Mission and Vision. For each opportunity identified, do a short SWOT and market sizing. Pick a person in the team to “champion” each one and write a brief business case.
   
   
3. Define the market criteria for markets you may want to pursue. What are the Total Available Market (TAM) and Segmented Addressable Market (SAM) sizes that you need to see to make it worthwhile? What are the minimum revenues and margin you would consider? How fast should the total market be growing before you would consider it? What barriers to entry would keep you from entering it? How much are you willing to invest to enter a new market? These criteria will be your filter for subsequent steps.
   

4. Do a capability assessment: What are your company’s Core Capabilities? (Not your Core Competencies; see Tenet #2 of Ten Tenets of Strategy: Compete on Core Capabilities). We advise you to seek outside experts to help you figure out what you do that makes you successful in the first place. It’s a bit like medical self-diagnosis – too easy to be fooled by your own self biases.

5. By this time, you should have identified 20 or 30 or more possible opportunities to either protect and grow your existing markets or grow into new ones. Now it is time to filter and prioritize. Look at the brief business case for each of those opportunities and apply your market criteria to them. How does each one stack-up against the others? Prioritize and pick the top 5 to 10 candidates.

6. Have the “champions” for each of the top opportunities lead a “deep dive” market research effort and write a more detailed business case. Give them the time and resources to do a proper job so that the market size, potential share, achievable margins, etc. are reasonably accurate and validated. The business case should contain potential Value Propositions for your company: what customers will you serve, what pain or unmet needs are you addressing, and what would your solution need to add to have them choose it over other available solutions?

7. Prioritize the opportunities based on comparing these business cases, and on your “bandwidth” – your appetite and resources available for such initiatives. Most companies cannot attempt more than 3 or 4 new such initiatives at the same time. The winning initiatives will form the basis of your market strategy; make sure that the whole team buys into pursuing them.

8. Study how your market strategy matches your capability assessment: what are your strengths and gaps for entering these markets? What do you need to do to fill the gaps and strengthen your core capabilities? These factors are critical in deciding your market strategy.

9. Validate your decision through further market studies, and develop a detailed market strategy plan, including goals, timing, investment, resources needed and scenario planning. Decide what events or metrics might trigger a change in your plans. Discuss these plans and tweak them until every member of the team is satisfied that it is a plan with the highest probability for success. This plan becomes the Plan of Record.

10. Present the Plan of Record to the Board or Executive Committee for approval or modification.

Of course, this process or any other Strategic Planning process cannot guarantee that you will be successful. It needs to be followed by excellent execution, inspirational leadership, and a fair measure of good luck. But it does give you the best chance of success.

To book an expert session with Scott, go to Scott's page on TrustedPeer.

Businesses have been discovering good advice in military experience, as this recent LinkedIn article on using time wisely shows.  One of the most important things I learned from my own Navy SEAL training was how to deal with and overcome adversity.  It is a quality that I find crucial in the work I do now helping start-ups and other companies improve and grow.

Here are three lessons I've taken from my Navy SEAL training that can help businesses become more successful:

1.  Develop Resiliency and Nimbleness :  In a Navy SEAL team, all the members develop mental toughness so the team won’t collapse under harsh challenges.  You know your team, have the experience to know what to do, and most importantly, know how to convert the unexpected to your advantage.  In the recent Navy SEAL mission to capture Osama bin Laden, when one of the two helicopters became inoperational, the team adjusted its plan on the fly and executed it successfully.  Today’s successful businesses should be just as nimble, adjusting to new technologies or shifts in the economic terrain.

2.  Choose the Right Expert to Lead :  Each SEAL team member is a specialist. For example, I was trained as a sniper.  My class also had experts in explosives, rear security, weapons, parachuting, and other specialties.  If an operation needed your expertise in front, then you were the de-facto leader of the operation.  Any mission that focused on my expertise meant the team would look to me for leadership.  Similarly, companies should trust the person with the most expertise for the project and empower that person to lead the team.

3.  Augment the Team :  Not every company can have its own in-house SEAL team.  But a business can reach out to specialists to address challenging problems--and that can be a game changer.  If something has gone wrong in any area, be it sales, marketing, manufacturing or production, the right expert can come in and say, “I’ve got this; I’ve been through this many times before. I’m going to help you, and your business will come out better than before.”  Recruiting specialized knowledge on occasion can make a company more responsive to changing markets and ensure the growth of the business.

Navy SEAL teams excel at executing successful missions by undergoing rigorous training to deploy their expertise in real world situations.  I believe that companies of all kinds can benefit by applying these principles to their businesses as well.