VISTA InfoSec

OCTOBER 21, 2024

Now, here Data Protection Officers play an important part in ensuring your data handling practices align with regulatory requirements and best practices, thereby safeguarding your reputation and building trust with customers, partners, and stakeholders.

CCPA 130

CCPA Privacy Assessments Laws 130

VISTA InfoSec

FEBRUARY 13, 2024

This proactive stance enhances Singapore’s resilience against cyber threats and also serves as a model for global best practices in cybersecurity. Audits play a complementary role by ensuring that existing security measures align with both internal policies and external regulatory requirements.

Cybersecurity 130

Cybersecurity Audit Best Practices Mitigation 130

VISTA InfoSec

JANUARY 29, 2024

For systems that are typically not susceptible to malicious software, carry out regular assessments to detect and assess emerging malware threats. Conduct discussions with staff to ensure that they are monitoring and assessing emerging malware threats for systems that are generally not prone to malicious software. evaluations.

PCI DSS 130

PCI DSS Phishing Best Practices Procedures 130

VISTA InfoSec

OCTOBER 21, 2024

Hence, it’s essential to assess the following factors when deciding: Customization: The platform should allow for tailored solutions that meet the unique needs of your business. Regular Audits: Conduct regular security audits to identify potential vulnerabilities and address them before they can be exploited.

Cybersecurity 130

Cybersecurity CRM Disaster Recovery Encryption 130

VISTA InfoSec

FEBRUARY 28, 2024

Specific Requirement - New: Rules for limited shared account use (duration, documentation, approval, auditability). assessments.) Make sure these records outline who does what in terms of managing user accounts. Requirement 8.6.1: (This requirement is a best practice until 31 March 2025.) Significant shift in approach.

PCI DSS 130

PCI DSS Best Practices Authentication Rules 130

Neopay

NOVEMBER 13, 2024

Proactive risk management: We help assess your business’s risk exposure, implementing frameworks that keep up with growth, high-risk customers, and evolving regulations to keep your compliance efforts ahead. This ensures that appropriate systems and controls are in place to identify, prevent and manage financial crime risks.

Financial Crimes 52

Financial Crimes Crime Due Diligence Compliance 52

Stax

AUGUST 22, 2024

PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks. PayFacs also handle risk assessment, underwriting, settling of funds, compliance, and chargebacks. Additionally, you need to conduct regular compliance training for your staff and internal audits.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

The Payments Association

OCTOBER 11, 2024

The reforms aim to address weaknesses in safeguarding practices, reduce consumer fund risks, and enhance regulatory compliance, particularly in preventing fund shortfalls. Monthly reporting : Payment firms must submit monthly regulatory returns, allowing the FCA to monitor trends and intervene if safeguarding practices fall short.

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

Fintech Review

JUNE 18, 2024

Best Practices for Hedge Fund Operations Implement strong governance and oversight. Ensure auditability and the future success of the fund by keeping detailed records of transactions, valuations, and investor communications. Assess operational risk regularly. Avoid costly errors and regularly lapses.

Reconciliation 98

Reconciliation Compliance Regulatory Compliance Best Practices 98

Neopay

JULY 29, 2024

Without these defined outcomes, it is challenging to assess performance accurately. Unclear management information: Firms often struggle with identifying or accessing the necessary management information or data required for their assessments. This will provide a clear benchmark for your assessments.

Consumer 52

Consumer Assessments Compliance Best Practices 52

FloQast

MARCH 1, 2024

The Sarbanes-Oxley Act addressed several themes, including increasing oversight of the accounting profession with the Public Company Accounting Oversight Board (PCAOB), establishing new standards to preserve auditor independence, reconfiguring audit committees, and requiring enhanced financial statement disclosures.

Audit 52

Audit Compliance Assessments Procedures 52

Neopay

AUGUST 5, 2024

They should be equipped to challenge and assess new data, policies, or frameworks for compliance. Detailed records of all safeguarding training should be maintained for audit purposes. It also ensures that staff are prepared for audits, demonstrating the firm’s commitment to safeguarding.

Compliance 52

Compliance Procedures Audit Risk Management 52

Stax

DECEMBER 4, 2023

An effective AML compliance program must include Know Your Customer (KYC) protocols, transaction monitoring and reporting, risk assessment and categorization, and training and awareness for staff. Risk assessment and categorization The first step towards mitigating risk is to assess it. But training can’t be a one-off practice.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

Fintech News

JANUARY 25, 2024

The EY AI Governance and Compliance solution, a part of this initiative, provides businesses with tools for managing AI, including discovery, policy management, risk assessment, and automated monitoring. The system is designed to unify the dispute management process and includes features like dashboards, automation, and transaction auditing.

AI 111

AI Disputes Risk Management Risk Assessment 111

FloQast

APRIL 8, 2024

In this article, we define what a SOX material weakness is and provide actionable strategies and best practices to avoid it. This can impact the company’s stock price and ability to secure financing and increase external audit costs. Conduct regular risk assessments. Regular internal audits.

Compliance 52

Compliance Audit Best Practices Risk Assessment 52

Neopay

JULY 4, 2024

These reports are critical for assessing and evidencing how firms have provided good outcomes for consumers under the Duty. Importance of board reports According to the Financial Conduct Authority (FCA), “Board reports are key to assess and evidence how firms have provided good outcomes for consumers under the Duty.”

Consumer 52

Consumer Risk Assessment Assessments Compliance 52

Neopay

OCTOBER 3, 2024

Companies must regularly audit and stress-test their systems to ensure they function as intended, particularly as regulatory requirements change. Comprehensive audits and reviews : Our team conducts regular audits of your financial crime prevention systems, including AML, sanctions screening, and customer due diligence processes.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

Stax

JANUARY 15, 2024

PCI DSS compliance, a global framework, mandates specific requirements and best practices for maintaining credit card data security. In the following sections, we’ll delve into the legal framework, compliance standards, and best practices to navigate the complexities of surcharging. Security audits.

Credit Cards 88

Credit Cards PCI DSS Compliance Process 88

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. An assessment of how adequate internal controls were for the preceding period.

Audit 52

Audit Risk Assessment Assessments Procedures 52

Neopay

FEBRUARY 29, 2024

The focus was on assessing how additional engagement had impacted firms’ readiness for compliance. Notably, 74% of firms reported conducting fair value assessments, reflecting a proactive approach to compliance. Building upon this, a subsequent survey was conducted in Autumn 2023, targeting 634 firms not previously surveyed.

Consumer Protection 59

Consumer Protection Consumer Compliance Assessments 59

VISTA InfoSec

MAY 2, 2024

Providers arm themselves with the latest security tech and best practices to shield your data from cyber threats. Regular audits and updates ensure your systems comply with industry regulations, offering you peace of mind and protecting your critical business information.

Cybersecurity 130

Cybersecurity Legal Compliance Best Practices 130

VISTA InfoSec

FEBRUARY 16, 2024

a: Verify that software-development processes align with industry standards/best practices. - The software should be developed based on industry standards and/or best practices for secure development. - Below, we provide an explanation of the changes made in Requirement 6 from v3.2.1 PCI DSS v3.2.1 PCI DSS v4.0

PCI DSS 100

PCI DSS Procedures Best Practices Verification 100

Nanonets

SEPTEMBER 25, 2024

We'll also guide you through setting up an efficient bank statement processing system and share best practices to transform this data flood into a strategic asset.   Bank statement processing is essential for accurate reconciliation , auditing, and financial reporting. 💡 Best practices:  1.

AI 52

AI Process Best Practices Reconciliation 52

EBizCharge

AUGUST 15, 2024

Assessment fees: Assessment fees are another variety of pass-through charges billed by the card networks. Unlike interchange fees that go to the card-issuing banks, assessment fees are paid to the card networks themselves. Luckily, merchants can also implement best practices merchants to lower these costs.

Processors 52

Processors Credit Cards Best Practices Volume 52

FloQast

OCTOBER 27, 2023

Best Practices for Successful Compliance Management To implement an effective compliance management system, focus on best practices. Here are some compliance management best practices worth considering. Plus, it captures audit evidence at the source, eliminating duplicate audit activities and complexity.

Compliance 52

Compliance Best Practices Mitigation Procedures 52

FloQast

NOVEMBER 27, 2023

Conducting Risk Assessments for SOX Section 404 Compliance Risk assessments within the SOX framework are not a “tick the box and move on” procedure. The Critical Role of Internal Audits Ever heard the saying, “Two heads are better than one”?

Compliance 52

Compliance Risk Assessment Audit Risk Management 52

Innovative Payments Association

SEPTEMBER 5, 2024

This includes conducting regular audits, assessments, and due diligence reviews to ensure that third-party partners are meeting regulatory requirements, adhering to best practices, and managing risks effectively.

Boot Camp 52

Boot Camp Due Diligence Third Party Vendors Compliance 52

Clearly Payments

JANUARY 8, 2024

Identifying and Assessing Risks Understanding the lay of the land is the first step in effective risk management. Conducting a thorough risk assessment tailored to the specific nature of the business is essential. One key practice involves prioritizing customer satisfaction through the delivery of exceptional customer service.

Risk Management 66

Risk Management Risk PCI DSS Process 66

FloQast

MARCH 21, 2024

Regulatory changes to legislation, auditing standards, and financial reporting requirements According to KMPG’s 2023 SOX Report , respondents spend an average of $1.6 Regulatory changes to legislation, auditing standards, and financial reporting requirements According to KMPG’s 2023 SOX Report , respondents spend an average of $1.6

Compliance 52

Compliance Audit Automation Risk Assessment 52

FloQast

OCTOBER 21, 2024

Key Steps in Implementing Automated Bank Reconciliation Step 1: Assess and Evaluate Your Current System Do a full audit of your current reconciliation processes and find the problem spots. Automation sounds like a great solution, but how do you get started? What are the pain points for you and your team?

Reconciliation 52

Reconciliation Automation Process Best Practices 52

Neopay

JULY 2, 2024

Outcome metrics : The review noted a range of metrics used by firms to assess outcomes, from customer complaints and satisfaction surveys to retention rates and claims ratios. Adopt comprehensive metrics : A blend of different metrics should be used to monitor and assess consumer outcomes thoroughly.

Consumer 52

Consumer Compliance Regulatory Compliance Assessments 52

Nanonets

SEPTEMBER 23, 2024

Version control can be challenging, particularly in collaborative environments, and spreadsheets offer limited audit trails for tracking changes.   Implement strict access controls and audit trails for all financial data, and conduct regular staff training on data security best practices.

Payment APIs and Integration 52

Payment APIs and Integration AI Audit Non-Bank 52

Basis Theory

OCTOBER 1, 2024

On the other hand, organizations with Levels 2, 3, or 4 use Self-Assessment Questionnaires (SAQs) to audit their compliance program. and assessments, significantly eliminating prep efforts and reducing audit timelines (to as little as 21 days.) Return to Top Who needs to be PCI compliant?

PCI DSS 88

PCI DSS Compliance Encryption Assessments 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

Neopay

JUNE 27, 2024

It is crucial to conduct a thorough assessment of your financial position and ensure that you meet the minimum capital requirements. Risk management framework: Develop a robust risk management framework that identifies, assesses and mitigates key risks associated with your business operations.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

Nanonets

NOVEMBER 22, 2023

Best practices for managing global suppliers Know your suppliers : Get to know the suppliers that you are planning to work with personally. Best practices for specific global products Keep product specifications up to date : Create comprehensive product specifications and ensure they are always up to date.

Best Practices 52

Best Practices Compliance Automation Audit 52

Nanonets

SEPTEMBER 21, 2023

Regular audits and reconciliations can also help identify any discrepancies and fraudulent transactions. Fraudulent Activities Establish strong internal controls, conduct regular audits, and educate employees on fraud prevention. Tax Laws and Regulations Legal requirements related to the preparation and filing of tax returns.

Accounts 52

Accounts Audit Payroll Compliance 52