VISTA InfoSec

MARCH 5, 2024

This requirement is a best practice until 31 March 2025.) This means having written job descriptions, assigning specific tasks to individuals, and ensuring they understand their duties. Auditors check for clear documentation and task understanding. This ensures accountability, prevents gaps in security, and provides proof of compliance.

PCI DSS 147

PCI DSS Procedures Assessments Checks 147

Seon

JUNE 24, 2024

It prevents issues such as payment fraud, account fraud (and misuse), loan fraud, and conducting business with high-risk individuals , as well as a stipulated practice for anti-money laundering (AML) compliance. Employee training on identity risk management best practices strengthens organizational defenses.

Risk Management 52

Risk Management Mitigation Risk Identity Theft 52

Fintech News

JANUARY 25, 2024

These AI-based solutions are designed to strengthen EY’s use of ServiceNow risk management offerings, with emphasis on ethical, transparent, and accountable business conduct. These services are anticipated to be available in the first quarter of 2024.

AI 115

AI Disputes Risk Management Risk Assessment 115

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.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

VISTA InfoSec

AUGUST 22, 2023

Principle of data minimization: Only the minimum amount of biometric data necessary for the intended purpose should be collected and processed, requiring careful assessment and avoidance of excess. Voiceprint: Assessment of vocal attributes such as tone, pitch, and enunciation.

Privacy 130

Privacy Compliance Legal Best Practices 130

EBizCharge

JULY 22, 2024

Risk Management: Businesses can also proactively assess and manage financial risks associated with marketing campaigns to avoid high-risk investments and ensure financial transparency and accountability, so expenditures align with company objectives.

Risk Assessment 52

Risk Assessment Assessments Risk Finance 52

The Fintech Times

SEPTEMBER 24, 2024

“By automating risk assessments and ensuring encryption and secure data management, regtech not only reduces the chances of human error but also enables continuous monitoring for data breaches, thereby safeguarding privacy in an increasingly complex digital landscape. .”

Privacy 107

Privacy Compliance PCI DSS Rules 107

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. To demonstrate financial adequacy, firms should consider the following: Capital Planning: Develop a robust capital planning strategy that takes into account potential risks and contingencies.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

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. Conduct regular risk assessments. Regularly assess the risk of material misstatement in financial reporting and adjust controls accordingly. What Is a Material Weakness?

Compliance 52

Compliance Audit Best Practices Risk Assessment 52

EBizCharge

APRIL 26, 2024

By implementing these best practices, you can ensure smoother operations and better financial outcomes for your business. This helps to reduce the average collection period and minimize the risk of late or delinquent payments.

Accounts 52

Accounts Best Practices Disputes Procedures 52

Fintech Review

FEBRUARY 13, 2024

Regulators play a key role in assessing and mitigating the systemic risks posed by fintech innovations. This monitoring is not only about risk assessment but also about understanding the interconnectedness of fintech operations with the global financial system.

Consumer Protection 105

Consumer Protection Innovation Consumer FinTech 105

Nanonets

FEBRUARY 9, 2024

In addition to validating management's understanding of their responsibility, 404A also requires an objective assessment of the company's ICFR. An assessment of how adequate internal controls were for the preceding period. A methodology statement detailing how the company determines control efficacy. What is an ICFR Audit?

Audit 52

Audit Risk Assessment Assessments Procedures 52

Fintech Finance

DECEMBER 13, 2023

Napier is providing its Transaction Monitoring, Client Screening, Client Risk Assessment and Client Activity Review solutions to noqodi, in order to further strengthen its commitment to supporting the government’s initiative to a secure, cashless, digital economy.

Digital Payments 52

Digital Payments Financial Crimes Security Payment APIs and Integration 52

Seon

APRIL 11, 2024

Speak with an Expert Enhancing Risk and Fraud Assessment Through FRAML When a risk team needs to assess an individual, they would first look into traditional AML checks, such as sanctions, politically exposed persons (PEPs), and crime and financial watch lists for hits to inform their investigation.

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 52

Stax

DECEMBER 20, 2023

TL;DR Merchant underwriting is the risk level assessment process an acquiring bank carries out on every new merchant before they grant them a merchant account. The bank assumes the risk on behalf of the business and needs to make sure that they screen new businesses before handing out merchant accounts. Let’s explore them below.

Underwriting 88

Underwriting Process Payment APIs and Integration Enrollments 88

The Fintech Times

JANUARY 25, 2024

This can help with undertaking comprehensive risk assessments, delivering efficient onboarding experiences, and achieving continuous due diligence through trigger-based monitoring of individual PEPs and the wider political landscape. Action will likely be taken where they spot deficiencies in PEP risk handling.

Risk 59

Risk Due Diligence Financial Crimes Crime 59

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. With this speed of transactions, compliance officers will need to review and analyze issues much faster.

Compliance 52

Compliance Best Practices Mitigation Procedures 52

FloQast

MARCH 1, 2024

SOX Section 203: The Corporate Responsibility for Financial Reports and Section 404: Management Assessment of Internal Controls require businesses to include an Internal Control Report with all financial reports. Step 1: Initial Assessment SOX testing begins with an initial assessment.

Audit 52

Audit Compliance Assessments Procedures 52

Seon

APRIL 23, 2024

As an umbrella term, fraud risk management encompasses the systematic processes of identifying, assessing and responding to an organization’s fraud risk. As the fraud landscape evolves, so must risk management solutions, stepping up agility and innovation to stay ahead of digital fraud.

Risk Management 40

Risk Management Risk Technology Fraud Detection 40

FICO

AUGUST 7, 2019

These projects bring together companies large and small to create innovative solutions to common challenges, demonstrating how this can be achieved leveraging key TM Forum best practices and standards. Fighting Fraud and Controlling Risk in New Service Requests.

Risk Assessment 40

Risk Assessment Assessments API Best Practices 40

Fintech News

JULY 4, 2024

The insurance industry stands to benefit from AI’s prowess in risk assessment and claims processing, while asset managers can leverage AI for more sophisticated portfolio allocation and algorithmic trading. One promising application is in ‘nowcasting’ – using real-time data to assess current economic conditions.

Central Bank 101

Central Bank AI Correspondent Bank Correspondent 101

Nanonets

SEPTEMBER 22, 2023

Effective  vendor management  contributes to cost optimization,  risk mitigation , and quality assurance. In  clinical research ,  vendor management  involves stringent  regulatory requirements , including ICH E6 Good Clinical Practice, ISO 14155, FDA 21 CFR Part 50, and Regulation (EU) No 536/2014.

Risk Mitigation 40

Risk Mitigation Mitigation Risk Assessment Assessments 40

Stax

JANUARY 8, 2024

Regular cybersecurity audits, training your employees in security best practices, and sensitizing them against irresponsible behavior could significantly help safeguard against breaches. Implementing Effective Risk Management Programs As a PayFac, you must acknowledge that you can never have zero percent risk.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

PYMNTS

FEBRUARY 10, 2020

motoring association AA ) to improve its drivers’ skills, with each driver completing a risk assessment and eLearning modules to receive a DriveTech Permit to Drive. Ola will work with Transport for London (TfL) and local authorities, and will employ global best practices.

Risk Assessment 56

Risk Assessment Best Practices Assessments Risk 56

Seon

JULY 11, 2024

Likewise, ISO/IEC 42001 and the upcoming EU AI Act are driving best practices in the ethical application of AI through explainability, transparency, data governance and enhanced record-keeping. Specifically, PSD3 is on the radar of many European fintechs, emphasizing fraud prevention and collaboration.

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 52

Tearsheet

JULY 1, 2024

What are best practices when it comes to protecting consumer information? Start with a risk assessment. Security and privacy Data security and privacy are major concerns with new payment technologies. First and foremost, your security must exceed industry compliance standards.

BNPL 105

BNPL Online and Mobile Banking Encryption Payments 105

Nanonets

AUGUST 6, 2024

In this ultimate guide, we'll explore what a data annotation tool is, exploring its key features, benefits, and best practices. It's also essential to assess the scalability and security of the platform, especially if you're working with sensitive or proprietary data. G2 Rating: 4.7/5

Best Practices 52

Best Practices AI Automation Process 52

EBizCharge

APRIL 23, 2024

Here are five components to assess before choosing your payment terms: Cash flow management: Strong cash flow is the lifeblood of a business, enabling it to meet financial obligations such as payroll and supplier invoices. Risk management: Longer payment terms can expose a business to higher credit risk.

Payments 52

Payments Best Practices Settlement Assessments 52

Nanonets

SEPTEMBER 23, 2024

  Implement strict access controls and audit trails for all financial data, and conduct regular staff training on data security best practices. By examining transaction histories, they evaluate risks and determine an applicant's ability to repay loans, guiding loan approval decisions. 

Payment APIs and Integration 52

Payment APIs and Integration AI Audit Non-Bank 52

PYMNTS

JULY 21, 2020

The most recent example comes from a conglome rate of 31 FIs and trade groups, including the American Bankers Association (ABA) and the Bank Policy Institute , which recently announced the creation of the Cyber Risk Institute (CRI). For more on these and other financial crime news items, download this month’s Playbook.

Crime 66

Crime Financial Crimes FBI Cybersecurity 66

FloQast

MARCH 21, 2024

Working with outsourcing providers who are well-versed in instituting controls and creating a detailed auditing trail for clients allows your organization to benefit from best practices and innovative approaches without the need for significant upfront investments in training or technology.

Compliance 52

Compliance Audit Automation Risk Assessment 52

Segpay

MAY 1, 2024

Some of DORA’s main pillars are: Operational Risk Management: DORA requires PSPs to implement robust operational risk management practices to identify, assess, mitigate, and monitor operational risks effectively.

Compliance 52

Compliance Cybersecurity Procedures 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). Protect cardholder data by implementing strong access control measures. If you process at least 1 million, 2.5

PCI DSS 130

PCI DSS Compliance Data Breach Breach 130

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

Fintech News

MAY 20, 2024

Register Here AI in Finance: Risk Management Challenges and Opportunities May 28 2024, 18:00 CEST The financial landscape is undergoing rapid transformation, with AI playing a central role. Pedro Martinez and Megan Shamas will explore best practices and real-world examples for implementing passkeys and strong customer authentication (SCA).

FinTech 133

FinTech Embedded Finance BNPL AI 133

Nanonets

DECEMBER 25, 2023

AI emerges as a transformative force in healthcare claims processing, promising to revolutionize how we handle, assess, and streamline the intricacies of claims submissions and reimbursements. Enter Artificial Intelligence (AI), a technological powerhouse reshaping industries across the globe.

AI 59

AI Process Payer Fraud Detection 59

Segpay

APRIL 16, 2024

PSPs may offer fraud scoring and risk assessment services to evaluate the likelihood of fraud for each transaction and flag high-risk transactions for further review. Chargeback Monitoring and Alerts: PSPs often offer chargeback monitoring and alert services that notify merchants of impending chargebacks or disputes.

Disputes 52

Disputes Address Verification System (AVS) Fraud Prevention Fraud Detection 52