Core

FEBRUARY 6, 2024

An Overview of 7 Best Practices Adopting government fraud prevention best practices is instrumental in maintaining the resilience of public systems. Regular Audits and Reconciliation: Routine audits and reconciliations can detect discrepancies to ensure financial records align with actual transactions.

Best Practices 52

Best Practices Governance Government Fraud Prevention 52

EBizCharge

OCTOBER 25, 2023

By implementing the most reliable security software and best practices, organizations and individuals can mitigate the risk of data breaches and safeguard their valuable information from malicious actors. Conduct data audits periodically to determine which data is essential. If not, then stop collecting it.

Best Practices 52

Best Practices Data Breach Breach Phishing 52

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 117

AI Disputes Risk Management Risk Assessment 117

Nanonets

APRIL 24, 2024

Audit Bank Reconciliation Guide  Both internal and external accounting audits are essential parts of financial management as well as organizational risk management. A bank reconciliation audit is one such process that helps in identifying financial gaps or discrepancies. Looking out for a Reconciliation Software?

Reconciliation 52

Reconciliation Audit Procedures Correspondent 52

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

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

Segpay

JUNE 13, 2024

In this post, we’ll discuss the best practices for businesses and customers to secure online payment against cyber attacks. Best Practices for Securing Financial Transactions What can businesses and consumers do to ensure secure payment processing in this digital Wild West? The Travelex ransomware attack. million ransom.

Best Practices 40

Best Practices Processors Transactions Security 40

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

The Payments Association

DECEMBER 9, 2024

Cohn believes regulation will impose stricter requirements for organisations to assess and mitigate the potential for algorithmic bias in AI-powered payment systems. This could involve regular audits of AI systems, rigorous testing procedures, and ongoing monitoring of their performance to identify and address discriminatory patterns.

Privacy 88

Privacy AI Payment Security Security 88

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

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

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

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

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

Neopay

DECEMBER 5, 2024

It also introduces new self-assessment questions and emphasises the importance of senior management accountability. Proliferation Financing (PF) In response to the 2022 changes in the Money Laundering Regulations (MLRs), the Guide now explicitly addresses the need for firms to conduct PF risk assessments.

Financial Crimes 52

Financial Crimes Crime Money Laundering Risk Assessment 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

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

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

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 68

Risk Management Risk PCI DSS Process 68

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

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

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

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

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

MARCH 4, 2024

Train your team on secure payment practices Another critical step is ensuring cybersecurity best practices and awareness is instilled across your workforce. Check and audit for payment security Regularly do security audits and compliance checks. Q: What is the most secure online payment method?

PCI DSS 88

PCI DSS Payment Security Security MFA 88

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

The Finance Weekly

DECEMBER 15, 2024

Step 1: Conduct a Marketing Audit Why Start with an Audit? A marketing audit provides a snapshot of your current position and helps identify areas that need improvement. Key Activities in a Marketing Audit SWOT Analysis: Assess your internal strengths and weaknesses, as well as external opportunities and threats.

Process 52

Process Audit Adjustments Best Practices 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

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

Stax

NOVEMBER 21, 2024

It also ensures that data security best practices, particularly PCI DSS (Payment Card Industry Data Security Standards) requirements , are followed to the letter to prevent any breach or loss of sensitive customer data. Below are a few best practices that can help keep your in-house digital systems as secure as possible.

Credit Cards 88

Credit Cards Small Business Process Credit Card Payment Processing 88

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

VISTA InfoSec

JULY 5, 2023

Regularly test and assess network vulnerabilities to identify and address any weaknesses. Most merchants are in Levels 1-3 and can show they’re compliant just by filling out a Self-Assessment Questionnaire (SAQ). A PCI QSA audit can provide assurance that you’re on the right track. If you process at least 1 million, 2.5

PCI DSS 130

PCI DSS Compliance Data Breach Breach 130

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

Stax

FEBRUARY 5, 2024

That’s why understanding surcharging—including its definitions, types, calculating methods, and best practices—can help you incorporate surcharging into your operations. By understanding industry norms, you align your surcharge practices with market expectations. How fair and equitable are your surcharging practices?

Credit Cards 88

Credit Cards Legal On-Demand Regulatory Compliance 88

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