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

VISTA InfoSec

MARCH 6, 2024

In this post, we’ll break down the key changes to Requirement 10 from PCI DSS 3.2.1 assessment, understanding these changes to Requirement 10 will help you strategize your implementation approach. Changes Access Controls "Limit viewing of audit trails" to those with a need. Maintains the risk assessment step.

PCI DSS 130

PCI DSS Procedures Best Practices Risk Assessment 130

FloQast

MAY 9, 2024

However, the path to compliance is fraught with challenges , including large upfront costs, organizational chaos, and reactive risk assessment processes. These enhancements usher in greater automation and visibility, empowering proactive risk assessment, more effective management of compliance programs, and smoother internal audit processes.

Compliance 105

Compliance Audit Risk Assessment Assessments 105

Neopay

MAY 31, 2024

Additionally, the FCA implemented the Modular Assessment Proactive Programme (MAPP) and Focused Supervisory Interventions (FSI) to conduct targeted reviews and engagements with firms. The post FCA Supervisory Activity Infographic appeared first on Neopay.

Financial Crimes 52

Financial Crimes AML Money Laundering Crime 52

Neopay

DECEMBER 6, 2023

The Financial Conduct Authority (FCA) employs skilled person reviews, also known as Section 166 reviews, to assess and rectify concerns within financial institutions. Skilled person reviews are an integral component of the FCA’s regulatory toolkit, initiated to obtain an independent and expert assessment of a firm’s activities.

Audit 59

Audit Regulatory Compliance Financial Crimes Compliance 59

VISTA InfoSec

OCTOBER 26, 2023

In this post, we’ll outline the basics of SOC and SOX, highlight key differences between them, and provide deeper insight into these vital components of the corporate landscape. SOX establishes regulations around financial reporting, mandates internal control audits, and strengthens corporate governance. What is SOX?

Audit 130

Audit Compliance Laws Governance 130

FloQast

JANUARY 17, 2024

The consultation set out proposals for a range of legislative and governance reforms to be implemented in the Code in 2024, including the introduction of a new regulatory body, known as the Audit, Reporting, and Governance Authority (ARGA), which would replace the FRC. A description of company policies for tendering external audit services.

Governance 102

Governance Government AAP Audit 102

The Fintech Times

SEPTEMBER 8, 2024

This includes an external financial audit and obtaining ISO certifications following an audit of the entity’s information systems. Additionally, the company completed a series of internal audits and external regulatory inspections to ensure compliance with all applicable regulatory requirements.

Security 58

Security Audit Money Laundering ISOs 58

Fintech Finance

NOVEMBER 18, 2024

Leading audit, tax and consulting firm RSM UK is encouraging payment providers and other interested parties to respond to the FCA consultation which closes on December 17 th. The post Time Running Out for Payment Providers to Have Their Say on New Regulatory Regime appeared first on FF News | Fintech Finance.

Consulting 95

Consulting Payments Regulations Reconciliation 95

Fintech Finance

SEPTEMBER 18, 2024

It is also notoriously difficult to achieve the ISO 27001 certification, as the process requires rigorous assessments and audits of Tribe’s information security management systems and data security safeguards, which were undertaken by world-leading testing and certification provider Bureau Veritas.

ISOs 97

ISOs Security Payment Security Payment APIs and Integration 97

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

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

FloQast

AUGUST 22, 2024

Enhanced Accuracy: Improved completeness and audit readiness with detailed reconciliation reports. Audit Preparedness: Enhanced SOX compliance and streamlined audit processes. It’s secure, centralized, and auditable, which is exactly what we needed and exactly what we got.” FloQast was a great fit for us.

Reconciliation 52

Reconciliation Audit Close Processes Compliance 52

FloQast

APRIL 30, 2024

Organizational Chaos : Compliance documents managed in spreadsheets often lead to version control issues and synchronization challenges, hindering effective control implementation and audit processes. Reactive Risk Assessment Processes : Good reaction times can make you a lot of money. Audit Pain and Expense : I hear you.

Compliance 105

Compliance Addressing Audit Risk 105

VISTA InfoSec

SEPTEMBER 28, 2023

To achieve a detailed understanding of the DPDP, please refer to our previous blog post. Appoint an Independent Data Auditor: The Significant Data Fiduciary shall appoint an independent data auditor to carry out a data audit. VISTA InfoSec can assist with DPDP compliance , covering all aspects from consent management to audits.

Privacy 130

Privacy Audit Data Breach Breach 130

Neopay

MARCH 14, 2024

This includes proposals on firms’ systems and controls and improving FCA oversight through improved reporting and independent audit of firms safeguarding arrangements. Risk assessments and due diligence of third parties should be reviewed regularly based on your safeguarding policy.

Audit 59

Audit Risk Assessment Reconciliation Due Diligence 59

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. The post FCA fines Metro Bank £16 million for financial crime failings appeared first on Neopay.

Financial Crimes 52

Financial Crimes Crime Due Diligence Compliance 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

Fintech News

JUNE 2, 2024

Additionally, the tests could lead to the wider use of information sharing in fraud detection, building on its success in assessing cybersecurity threats. The post Swift Unveils AI Pilots to Combat Cross-Border Payment Fraud appeared first on Fintech Singapore.

Cross-Border Payments 114

Cross-Border Payments Cross-Border SWIFT AI 114

Clearly Payments

NOVEMBER 13, 2024

Companies can analyze BIN data to track transaction patterns, better understand customer demographics, and assess risk in different regions or among various card types. This information helps payment processors and merchants verify transactions, assess risk, and streamline payment workflows for secure and reliable transactions.

Process 76

Process Processors Payments Compliance 76

FloQast

DECEMBER 13, 2023

It was known as the Corporate and Auditing Accountability, Responsibility, and Transparency Act. On April 24, 2002, the House passed Oxley’s bill by a vote of 334 – 90 and forwarded the bill to the Senate. However, the Senate Committee on Banking, Housing, and Urban Affairs was also drafting its own bill and needed help.

Compliance 52

Compliance Audit White Collar Crime Risk Assessment 52

Neopay

JANUARY 2, 2024

Some challenges, especially within smaller firms, involve difficulties in establishing an effective three lines of defence model that ensures both effective compliance monitoring by the 2nd line and further assurance by the 3rd line (internal audit). For instance, this may include assessing the quality of the Annual MLRO Report.

Regulatory Compliance 59

Regulatory Compliance Compliance Audit Procedures 59

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

Finovate

FEBRUARY 15, 2024

Features Offers precision-tailored LLM specializing in financial data Delivers transparent data sourcing with detailed audit trails Provides advanced data security measures, mitigating breaches and compliance violations Who’s it for? The post FinovateEurope 2024 Sneak Peek Series: Part 6 appeared first on Finovate.

Due Diligence 59

Due Diligence Risk Assessment CRM AI 59

Fintech Review

JUNE 18, 2024

Ensure auditability and the future success of the fund by keeping detailed records of transactions, valuations, and investor communications. Assess operational risk regularly. The post Why Hedge Fund Admin Software is Crucial to Your Back Office appeared first on Fintech Review. Maintain comprehensive records.

Reconciliation 98

Reconciliation Compliance Regulatory Compliance Best Practices 98

Fintech News

JULY 1, 2024

Additionally, these assets will undergo bi-monthly independent audits, with reports available on the companies’ websites, and will be segregated from corporate assets, held in custody by a MAS-regulated financial institution.

Stablecoins 105

Stablecoins Regulations Audit Issuers 105

FloQast

MAY 13, 2024

The software notifies the accounting team of task completion simultaneously notifying the accountant completing the inventory workflow, and the internal audit team monitoring the effectiveness of the control environment. The post Scaling Compliance Controls: Key Considerations appeared first on FloQast.

Compliance 52

Compliance Audit Automation Accounts 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

Fintech Finance

AUGUST 27, 2024

EURI will be available on the Ethereum and BNB Smart Chain blockchains and subject to transaction monitoring and risk assessments for fraud identification and general risk mitigation. The post Banking Circle Launches the First Bank-Backed MiCA-Compliant Stablecoin, EURI appeared first on FF News | Fintech Finance.

Stablecoins 116

Stablecoins Multi-Currency Regulations Risk Mitigation 116

The Fintech Times

DECEMBER 11, 2023

In a new report, the National Audit Office has revealed that the Financial Conduct Authority (FCA) has been experiencing significant delays between when it identifies an issue and the following required action. Depending on the circumstances, a range of barriers have proved to slow the FCA down when it comes to taking action.

Money Laundering 63

Money Laundering Audit Financial Crimes Regulations 63

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 109

AI Disputes Risk Management Risk Assessment 109

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. The post Enhancing consumer protection: FCA’s Consumer Duty survey findings appeared first on Neopay.

Consumer Protection 59

Consumer Protection Consumer Compliance Assessments 59

The Fintech Times

JANUARY 22, 2024

The FRC has introduced “important, revisions to the Code ” aimed at promoting “smarter regulation” with a focus on “internal controls”, in a bid to restore trust in audit and corporate governance following a string of high profile corporate failures. “A

Governance 58

Governance Government Due Diligence Audit 58

The Fintech Times

JUNE 12, 2024

Larry Bradley , global head of audit at KPMG Larry Bradley , global head of audit at KPMG, said: “Getting ready for ESG assurance is a journey – and companies are finding that the further they get in that journey, the more there is to do and learn. “The goal line is continually evolving. and Japan is third (50.2).

Audit 58

Audit Research Governance Government 58

The Fintech Times

AUGUST 28, 2024

EURI will be available on the Ethereum as well as the BNB Smart Chain blockchains and subject to transaction monitoring and risk assessments for fraud identification and general risk mitigation. The post Banking Circle Makes Stablecoins More Accessible With Launch of EURI appeared first on The Fintech Times.

Stablecoins 79

Stablecoins Multi-Currency Risk Mitigation Risk Assessment 79

Neopay

MARCH 7, 2024

Risk Assessment weaknesses: Annex 1 firms have demonstrated inadequacies in conducting comprehensive Business Wide Risk Assessments and Customer Risk Assessments, leaving significant gaps in their AML frameworks. The post FCA issues warning to firms over AML failings appeared first on Neopay.

AML 52

AML Financial Crimes Crime Risk Assessment 52