The Fintech Times

MARCH 12, 2024

As the world grapples with the increasingly urgent need to address climate change, industries across the board are being called upon to play their part in mitigating its effects. Among these, the insurance industry stands as a critical player uniquely positioned to drive sustainable initiatives and proactively manage climate-related risks.

Mitigation 72

Mitigation Risk Underwriting Risk Assessment 72

Stax

AUGUST 22, 2024

In this article, we’ll discuss what SaaS companies looking to become payment facilitators need to know about risk management strategies. PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks.

Risk Management 88

Risk Management Risk Regulatory Compliance Payment APIs and Integration 88

Fintech News

MAY 29, 2024

Singapore has released an Environmental Crimes Money Laundering National Risk Assessment (NRA), highlighting the primary threats and vulnerabilities associated with it. The NRA concludes that, given the existing controls, the risk of criminals using Singapore for environmental crimes money laundering is medium-low.

Money Laundering 108

Money Laundering Crime Risk Law Enforcement 108

Fintech News

JUNE 23, 2024

Singapore has released its updated Money Laundering (ML) National Risk Assessment (NRA) , highlighting increased risks in the digital payment token (DPT) services sector. The updated assessment highlights increased risks due to economic and geopolitical shifts, as well as the rise in technology-enabled transactions.

Money Laundering 106

Money Laundering Risk Crime Law Enforcement 106

Stax

JANUARY 8, 2024

However, several complex types of risks come along with this. As such, PayFacs need to equip themselves with an effective risk management strategy that helps them continuously monitor risks and employ appropriate risk responses if needed. Let’s get started.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

PYMNTS

JUNE 24, 2020

The insurance industry is all about risk mitigation, and not only when it comes to underwriting policies. Averse to the risk of change, the property and casualty (P&C) insurance arena has been resistant to embrace electronic payments when disbursing funds to claimants.

Business Continuity 114

Business Continuity Mitigation Risk Continuity 114

The Fintech Times

JULY 31, 2024

ZestyAI , a climate and property risk analytics solutions provider, is expanding its existing partnership with Amica Mutual Insurance , enabling the insurance firm to leverage ZestyAI’s full property and climate risk analytics platform. Stolte , assistant vice president at Amica. “Amica earned the top spot in the J.D.

Risk 59

Risk AI Risk Assessment Assessments 59

Finovate

SEPTEMBER 4, 2024

Ncontracts has acquired Venminder, a third-party risk management SaaS platform, to enhance its governance, risk, and compliance services. The acquisition will broaden Ncontracts’ expertise in third-party risk management and strengthen its position in both SaaS and knowledge-as-a-service markets.

Risk Management 59

Risk Management Risk Due Diligence Acquirers 59

Fintech News

JUNE 12, 2024

The Bank for International Settlements (BIS) Innovation Hub and the Monetary Authority of Singapore (MAS) have developed a blueprint – Project Viridis – a climate risk platform aimed at helping financial authorities identify, monitor, and manage climate risks in the financial system.

Authorization 108

Authorization Risk Assessments Central Bank 108

VISTA InfoSec

MAY 24, 2024

Benefits of PCI DSS compliance for a small business: Enhanced Security reduces the risk of data breaches, fraud, and unauthorized access to sensitive cardholder data. It helps assess and mitigate security risks systematically by identifying vulnerabilities and implementing controls to address them before they materialize.

PCI DSS 202

PCI DSS Small Business Assessments Compliance 202

PYMNTS

OCTOBER 29, 2020

The threat of one vendor going under isn't the only type of financial risk in the supply chain today, however. And according to Eric Evans , managing director of Business Development at RapidRatings , financial risk often bleeds over into other areas of the enterprise, compounding risk exposure for B2B partners.

Risk 57

Risk Mitigation Assessments Shutdown 57

Seon

SEPTEMBER 20, 2024

SEON recently brought together industry leaders from the online lending space to discuss the evolving landscape of fraud prevention and risk management. Lenders are now focusing on alternative data signals to mitigate risk without excluding valuable customers.

Risk 52

Risk Fraud Prevention Deepfake Risk Management 52

PYMNTS

JUNE 20, 2017

Risk management is complex territory for many businesses, especially those with complex partnerships, vast supply chains and global footprints. For fund investors, active risk management is of particular importance for treasurers, Hazeltree noted. One is in assessing counterparty strength.

Risk Assessment 47

Risk Assessment Assessments Risk Risk Mitigation 47

The Fintech Times

JUNE 20, 2024

So what can firms do to better mitigate this risk? However, data breaches constitute only one facet of the risks confronting firms. Mitigating security gaps Despite tightening regulations, financial firms still encounter multiple cybersecurity blind spots.

Risk 59

Risk Cybersecurity Data Breach Ransomware 59

PYMNTS

APRIL 10, 2020

Banks providing loans to small and medium-sized businesses (SMBs) would be a part of a yearly assessment that the China Banking and Insurance Regulatory Commission (CBIRC) will supervise, Reuters reported. A guideline impels commercial lenders to provide SMBs with loans at a rate that is not below the lending growth rate in the industry.

Assessments 60

Assessments Regs Finance Mitigation 60

The Fintech Times

JUNE 26, 2024

For instance, machine learning models excel in processing vast amounts of data, enabling more accurate credit assessments and risk evaluations. However, with these benefits come new risks. The BIS highlights the need for robust cybersecurity measures and vigilant risk management practices to mitigate these threats.

Central Bank 59

Central Bank Risk AI Money Laundering 59

VISTA InfoSec

APRIL 28, 2024

offers essential guidelines and a framework to safeguard cardholders’ data and mitigate any potential data breaches that may occur in banks. The requirements affect areas such a s data security, compliance costs, customer trust , penalties, interoperability between banks and risk management. 5/5 - (2 votes)

PCI DSS 130

PCI DSS Compliance Assessments Data Breach 130

The Fintech Times

APRIL 8, 2024

Contractual considerations were scrutinised, illuminating the path towards leveraging AI while mitigating associated risks. However, he didn’t shy away from addressing the risks, including biases, discrimination and customer satisfaction challenges.

AI 59

AI Risk Legal Framework Use Case 59

Innovative Payments Association

AUGUST 29, 2024

Conduct a Risk Assessment Before building a compliance program, businesses should conduct a thorough risk assessment to identify potential compliance risks. This includes assessing the risk of money laundering, financial crime, and regulatory violations.

Cannabis Banking 52

Cannabis Banking Boot Camp Compliance Money Laundering 52

The Finance Weekly

AUGUST 26, 2023

, AI helps companies manage risks better, it's like a big shift. It is changing how businesses deal with Enterprise Risk Management (ERM), and AI algorithms can always watch for risks. AI can look at lots of data, find patterns, and predict risks. AI also does tasks automatically and saves time for risk managers.

Risk Management 52

Risk Management Risk AI Liquidity Risk 52

Fintech News

DECEMBER 12, 2023

Credit rating agency S&P Global Ratings has unveiled its new stablecoin stability assessment service, designed to evaluate their capability in maintaining a stable value in comparison to traditional fiat currencies. The assessment methodology employed by S&P Global Ratings is thorough and multifaceted.

Stablecoins 112

Stablecoins Assessments Risk Assessment Risk 112

Fintech News

FEBRUARY 21, 2024

However, they also pose a significant threat to the integrity of widely-used encryption methods, putting financial transactions and sensitive information at risk. FIs are also encouraged to explore other quantum security solutions, including QKD, as part of their risk management strategies.

Third Party Vendors 109

Third Party Vendors Cybersecurity Mitigation Encryption 109

Neopay

JANUARY 25, 2024

The European Banking Authority (EBA) on 16th January extended its Guidelines on money laundering (ML) and terrorist financing (TF) risk factors to crypto-asset service providers (CASPs). Therefore, it is important that CASPs know about these risks and put in place measures that effectively mitigate them.

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

Fintech Review

MAY 7, 2024

Machine learning is particularly transformative in various fintech applications, such as personalised financial advice and risk assessment, marking a transformative shift in financial methodologies towards more advanced, data-driven approaches. It is essential to mitigate these risks to prevent potentially devastating impacts.

AI 98

AI FinTech Risk Assessment Fraud Detection 98

Fintech News

AUGUST 20, 2024

Dian highlighted that while digitalisation offers significant efficiency benefits, it also introduces challenges and risks that must be mitigated to ensure banking stability. “This requires a resilient banking system because it can affect the continuity of bank operations and businesses.

AI 109

AI Mitigation Assessments Risk 109

Seon

APRIL 23, 2024

In an era where digital transitions are omnipresent, the menace of online fraud and money laundering is continuously escalating, necessitating advanced solutions that enable organizations to stay ahead and mitigate activities across diverse industries. How Does Fraud Risk Management Work?

Risk Management 40

Risk Management Risk Technology Fraud Detection 40

The Fintech Times

JANUARY 25, 2024

This is especially true for financial services organisations, which need to balance the potential risks of dealing with PEPs, as well as protecting the right to access banking service. Given the high public profile of PEPs, there are also significant reputational risks if a customer feels mistreated.

Risk 59

Risk Due Diligence Financial Crimes Crime 59

PYMNTS

JULY 27, 2020

Coupa , which works in business spend management, is rolling out new capabilities to help with businesses’ spend visibility while lowering risk, through a cloud-based platform, according to a press release.

Risk Management 60

Risk Management Risk Mitigation Risk Assessment 60

Fintech Review

JUNE 12, 2024

We explore the innovations in personalised insurance products, the role of IoT devices in data collection and risk assessment, and the challenges faced by established insurance companies integrating new technologies. Enhanced Risk Assessment IoT data provides insurers with a more accurate understanding of risk profiles.

Risk Assessment 96

Risk Assessment Regulatory Compliance Assessments Risk Management 96

The Finance Weekly

OCTOBER 15, 2023

This article can help CFOs see the exciting opportunities of Generative AI, while also understanding the risks involved. This improves forecasting and helps in , managing risks better , leading to better choices. Algorithmic Bias: Mitigate biases in AI algorithms to ensure fair decision-making in financial processes.

AI 52

AI Risk Automation Data Security 52

Fintech News

MARCH 31, 2024

This balance ensures the protection of legitimate customers’ interests while empowering FIs to effectively assess and mitigate risks associated with financial crimes.

Financial Crimes 107

Financial Crimes Crime Money Laundering Law Enforcement 107

Fintech News

OCTOBER 8, 2024

Under this proposal, DTSPs must apply for a license, and MAS will assess various aspects of the applicant’s business model, financial sustainability, and adherence to international regulatory standards. The aim is to mitigate the risks associated with such businesses.

Service Provider 95

Service Provider Due Diligence AML Money Laundering 95

FICO

MAY 29, 2020

In the UK alone, it is estimated that more than 80 million affordability assessments are completed each year, most of which are done manually over the telephone. It has taken a long time, but the capabilities are now available to make affordability assessment quick, safe, forward-looking, and intelligent. Here’s what we discussed.

Assessments 52

Assessments Mitigation Adjustments Risk 52

PYMNTS

MARCH 8, 2019

Insurance firm Zurich is introducing a new supply chain risk management service in conjunction with riskmethods, reports in Global Banking and Finance Review said Thursday (March 7). We are committed to offering our customers solutions that go beyond risk transfer,” Zurich Global Head of Property and Energy Rob Kuchinski said in a statement.

Risk 51

Risk Risk Mitigation Mitigation Risk Management 51

PYMNTS

OCTOBER 23, 2020

It's for this reason that cybersecurity risks have climbed to the top of procurement professionals' minds as they develop their supplier management strategies. But third-party risk is complex and multifaceted, demanding a juggling act of coordination, collaboration and research. Risk Focus In Flux. Diversifying The Vendor Base.

Risk 57

Risk Risk Mitigation Mitigation Cybersecurity 57

PYMNTS

APRIL 8, 2019

RiskLens, a cyber risk management software company, has raised $20.55 RiskLens has forever changed the way large organizations assess, manage and report on cyber risk, by translating the impact of threats and vulnerabilities into the financial language of the business that everyone understands: dollars and cents,” Sanna said.

Risk 40

Risk Mitigation Risk Management Assessments 40

Neopay

MAY 31, 2024

The FCA’s supervisory approach in 2022-23 utilised data and intelligence to target high-risk firms and streamline interventions. Additionally, the FCA implemented the Modular Assessment Proactive Programme (MAPP) and Focused Supervisory Interventions (FSI) to conduct targeted reviews and engagements with firms.

Financial Crimes 52

Financial Crimes AML Money Laundering Crime 52