VISTA InfoSec

MARCH 6, 2024

Changes Access Controls "Limit viewing of audit trails" to those with a need. audit log security principles are mostly unchanged. Other Logs Review "periodically" based on the company's risk assessment Periodic review is still required but now explicitly mentioned in Requirement 10.4.2 Maintains the risk assessment step.

PCI DSS 130

PCI DSS Procedures Best Practices Risk Assessment 130

Neopay

MAY 31, 2024

Click here to enlarge How Neopay can help At Neopay we offer specialised expertise and solutions to address the identified weaknesses in AML/CFT measures in payment institutions. Contact us today to learn how our comprehensive compliance solutions can help you bolster your financial crime prevention efforts.

Financial Crimes 52

Financial Crimes AML Money Laundering Crime 52

Neopay

MARCH 7, 2024

In a recent move, the Financial Conduct Authority (FCA) has taken a significant step in addressing the prevalent anti-money laundering (AML) shortcomings among Annex 1 firms. It is imperative for these firms to promptly address any identified shortcomings to align with regulatory expectations. These must be addressed.”

AML 52

AML Financial Crimes Crime Risk Assessment 52

Nanonets

FEBRUARY 9, 2024

It also applies to accounting firms, audit agencies, and any third party that a publicly traded company uses in its accounting management process. The act requires companies to develop, publish, audit, and actively use their ICFR. A detailed look at specific findings and any issues arising from audit. What is an ICFR Audit?

Audit 52

Audit Risk Assessment Assessments Procedures 52

Nanonets

SEPTEMBER 18, 2024

In this article, you’ll learn how to set up efficient document workflows that save time and reduce error, ways to address common challenges, and automated tools for different use cases across industries. Even small errors can lead to significant financial discrepancies or compliance issues.

Automation 52

Automation Audit Payment APIs and Integration Compliance 52

FloQast

APRIL 8, 2024

Addressing material weaknesses is not just a legal requirement but a cornerstone of corporate governance and ensuring investor confidence, no matter the company size. This can impact the company’s stock price and ability to secure financing and increase external audit costs. Conduct regular risk assessments.

Compliance 52

Compliance Audit Best Practices Risk Assessment 52

Neopay

JULY 4, 2024

Actions taken : Describe actions taken to address any risks or issues identified. Risk assessments : Document actions taken as part of Business Wide Risk Assessments (BWRA) or Enhanced Risk Assessments (EWRA). Compliance monitoring plans : Output of monitoring activities related to the Duty.

Consumer 52

Consumer Risk Assessment Assessments Compliance 52

VISTA InfoSec

JULY 31, 2023

If any areas of non-compliance are identified during the assessment, the QSA will report their findings to the business. It is then up to the business to engage a consultant or take other appropriate measures to address the areas of non-compliance. Access to Audit Logs : This includes tracking access to audit logs.

PCI DSS 130

PCI DSS Security Encryption Compliance 130

FloQast

MARCH 1, 2024

The Sarbanes-Oxley Act of 2002 , commonly referred to as SOX, reflected a bipartisan congressional effort to address the root causes of those financial scandals. The 4 Steps of SOX Testing Most companies use four stages of SOX testing as part of a SOX compliance audit. What Is the Purpose of the SOX Testing Process?

Audit 52

Audit Compliance Assessments Procedures 52

PYMNTS

APRIL 28, 2019

Set up in 2016 by companies including Google, Microsoft, Amazon and Facebook, The Partnership on AI released a report that stated algorithmic risk assessment tools cannot properly provide the right level of transparency and accountability. This report documents the serious shortcomings of risk assessment tools in the U.S.

Law Enforcement 58

Law Enforcement Laws Risk Assessment AI 58

Neopay

JUNE 27, 2024

This includes conducting a thorough risk assessment, implementing appropriate risk controls and establishing effective monitoring mechanisms. Provide a clear overview of your risk appetite and mitigation strategies to demonstrate a proactive approach to risk management.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

PYMNTS

OCTOBER 9, 2020

We have built world-class expertise and technology, in partnership with our customers, to address the firmware risk,” Eclypsium CEO Yuriy Bulygin said in an announcement. “We Furthermore, Madrona Venture Group, Intel Capital, Ubiquity Ventures and Andreessen Horowitz took part as return investors. “We

Compliance 107

Compliance Automation Audit Cybersecurity 107

Stax

AUGUST 22, 2024

PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks. Major risk factors for PayFacs include fraudulent transactions, merchant credit risk, regulatory compliance, and operational risks.

Risk Management 88

Risk Management Risk Regulatory Compliance Payment APIs and Integration 88

Stax

JANUARY 8, 2024

To establish an effective risk management program as a PayFac, you must establish a dedicated risk management team, utilize the right tools and technology, develop proper risk management policies and procedures, conduct regular risk audits, and stay up-to-date with the latest industry regulations.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

Nanonets

DECEMBER 13, 2023

Real-time reporting enables insurers to address compliance concerns promptly, minimizing the impact on operations. Audit Trail and Transparency: AI Insurance Claims Processing systems maintain detailed audit trails of all activities within the claims processing workflow.

AI 102

AI Process Fraud Detection Compliance 102

PYMNTS

SEPTEMBER 29, 2017

Seventy-nine percent of survey respondents said they are performing enterprise-wide risk assessments in response to stricter regulations, while most also said risk management is also taken into account when performing other tasks like testing, training, compliance audit programs and developing policies and procedures.

Treasury 56

Treasury Addressing Treasury Management FinTech 56

Exact Payments

JANUARY 4, 2024

Remember that failing to meet these standards can result in significant consequences, such as fines, loss of business, and ongoing audits to demonstrate compliance. PCI requirements are a comprehensive set of standards with additional protocols you will need to investigate and address.

PCI DSS 52

PCI DSS Compliance Audit Encryption 52

FICO

MARCH 24, 2021

New tools and technologies that could address challenges related to TBML—such as the use of fraudulent documentation and the general lack of visibility in trade transactions. Here are some quick tips to keep you focused on your priorities: Review Risk Assessments and adjust internal controls as needed.

Money Laundering 98

Money Laundering SARS Financial Crimes Fincen 98

Segpay

MAY 1, 2024

The Act aims to ensure digital services’ continuity, security, and stability, particularly in critical sectors such as finance, by addressing various operational risks, such as cyber threats, system failures, and operational disruptions. A risk-based testing approach is required to detect and address potential ICT disruptions.

Compliance 52

Compliance Cybersecurity Procedures Risk Management 52

Nanonets

SEPTEMBER 22, 2023

Effective  vendor management  contributes to cost optimization,  risk mitigation , and quality assurance. Prior to entering into contractual agreements, conducting initial risk assessments is crucial to understand potential risks associated with the vendors. Key Stages of the Vendor Selection Process 1.

Risk Mitigation 40

Risk Mitigation Mitigation Risk Assessment Assessments 40

Global Fintech & Digital Assets

MARCH 5, 2024

Banks are expected to apply the follow guidance in connection with their digital asset custodial services: Governance and risk management : Prior to launching digital asset custodial services, banks are expected to undertake a comprehensive risk assessment and to implement appropriate policies and procedures to mitigate identified risks.

Authorization 59

Authorization Product Due Diligence Procedures 59

Nanonets

AUGUST 1, 2023

Over the years, the auditing landscape has undergone remarkable transformations, and among the most significant advancements has been the advent of audit automation software solutions. Computer-Assisted Audit Tools and Techniques (CAATTs) have been available to auditors since the early 1990s. The situation has changed now.

Audit 40

Audit Automation Risk Assessment Payment APIs and Integration 40

FICO

JULY 31, 2019

As TPRM or third-party risk management grows in importance, so does cybersecurity risk assessment as part of it. The latest Assessment of Business Cyber Risk (ABC) report from the US Chamber of Commerce and FICO discusses four steps for improving third-party cybersecurity risk management. if necessary?

Risk 70

Risk Security Risk Assessment Risk Management 70

VISTA InfoSec

JULY 5, 2023

Personal Data: Personal information such as addresses, phone numbers, e-mails, passport data, social status, and unique identification numbers are available in a secure healthcare database. Regularly test and assess network vulnerabilities to identify and address any weaknesses. PCI DSS does not mention meaningful usage.

PCI DSS 130

PCI DSS Compliance Data Breach Breach 130

The Fintech Times

APRIL 11, 2024

Recent KPMG research has revealed that geopolitical concerns and political uncertainty have dethroned typical ESG issues on the top of the risk radar for chief executives worldwide. That the EU has taken such a major step not only to address it but actually curb it is a net positive by any standard.

Regulations 72

Regulations Assessments Compliance IRS 72

FloQast

MAY 9, 2024

However, the path to compliance is fraught with challenges , including large upfront costs, organizational chaos, and reactive risk assessment processes. This approach introduces inefficiencies and jeopardizes compliance integrity and visibility, posing significant risks to overall business performance.

Compliance 91

Compliance Audit Risk Assessment Assessments 91

Segpay

DECEMBER 7, 2023

Appointing compliance officers Allowing external audits Providing access to data to researchers Enabling users to flag illegal or harmful content. By leveraging advanced tools and services, businesses can proactively address regulatory challenges and maintain compliance with the DSA’s evolving provisions.

Compliance 52

Compliance Privacy Regulatory Compliance Data Security 52

PYMNTS

DECEMBER 4, 2017

Those sub-brands may need to file separate reports and show entity-specific data during audits. Judging by the startup’s name, it’s no surprise that Emailage is leveraging customer email addresses as it investigates transaction risk factors. To serve the entity as a whole, Tipalti is making a point of serving each part.

Cross-Border 45

Cross-Border Payments Due Diligence Cross-Border Payments 45

PYMNTS

FEBRUARY 20, 2020

However, according to Eric Glyman, CEO and Co-founder of corporate card company Ramp , commercial card products continue to encourage businesses to spend more, not less — and they are often unable to address the particular spend management challenges of fast-growing businesses. ” The Biggest Culprits Of Waste.

Commercial Card 56

Commercial Card Duplicate Underwriting Transactions 56

Nanonets

JULY 25, 2023

Risk Assessment: Financial data analysis also plays a crucial role in assessing and managing risks. Through techniques like variance analysis, sensitivity analysis, and stress testing, analysts can identify potential risks and their impact on financial outcomes.

Financial Analysis 52

Financial Analysis Payment APIs and Integration Assessments Automation 52

Nanonets

AUGUST 6, 2024

To address this challenge, data annotation platforms are increasingly leveraging techniques like active learning and semi-supervised learning to optimize the annotation process. However, training these models requires vast amounts of annotated text data, emphasizing the need for efficient and scalable annotation tools and processes.

Best Practices 52

Best Practices AI Automation Process 52

Clearly Payments

JANUARY 8, 2024

Merchants must familiarize themselves with the diverse risks associated with payment processing, encompassing fraud, chargebacks, and cybersecurity threats. Conducting a thorough risk assessment tailored to the specific nature of the business is essential. Chargebacks are generally the biggest concern that most merchants have.

Risk Management 97

Risk Management Risk PCI DSS Process 97

Nanonets

FEBRUARY 15, 2024

Needs Assessment Report for XYZ Corp Executive Summary This report identifies the need for new manufacturing machinery at XYZ Corp to address a decline in production efficiency and to meet increasing customer demand. Delivery Schedule The Supplier agrees to deliver the Products to [Delivery Address] on or before [Delivery Date].

Finance 52

Finance RFP Agreements Automation 52

FloQast

MAY 13, 2024

In ever-changing risk and regulatory landscapes, companies must ensure that their internal compliance processes evolve at the same pace, and that they are always capable of addressing emerging threats effectively. The manager is able to sign-off and log the count digitally via control software.

Compliance 52

Compliance Audit Automation Accounts 52

Nanonets

DECEMBER 4, 2023

Let’s look at possible bottlenecks and how automation could address them: Challenges in traditional order processing How automation contributes to the solution Backlogged order entries Automation with advanced OCR technology streamlines order data capture, reducing entry times and backlogs.

Automation 52

Automation Process Payment APIs and Integration Returns 52

Global Fintech & Digital Assets

DECEMBER 11, 2023

Covered financial institutions now face heightened expectations in relation to cybersecurity governance, risk assessment, and incident reporting. Risk assessments should also be reviewed whenever a new business model is adopted or a new product is introduced.

Cybersecurity 59

Cybersecurity Multifactor Authentication Risk Assessment MFA 59

Nanonets

MAY 31, 2023

Companies may also incur expenses related to potential restitution, program reviews, audits, and retrofitting or redesigning of processes and systems. For example, as a result of PwC’s alleged involvement in the Satyam Computer Services scandal, the company was banned from auditing listed companies in India for two years.

Fraud Detection 52

Fraud Detection Payments Audit Fraud Prevention 52