PYMNTS

NOVEMBER 25, 2020

He said the person would examine a slew of facial images to determine authenticity, and in effect audit the data. If that vendor has problems because of load — because there is no disaster recovery, there is no redundancy — then they are stuck,” he said.

AI 141

AI Verification Disaster Recovery Authentication 141

Nanonets

DECEMBER 13, 2023

Audit Trail and Transparency: AI Insurance Claims Processing systems maintain detailed audit trails of all activities within the claims processing workflow. This transparency is essential for regulatory audits, allowing authorities to review the entire process and verify that each step adheres to compliance requirements.

AI 102

AI Process Fraud Detection Compliance 102

Nanonets

JUNE 27, 2023

Regulatory compliance and auditing Compliance with industry regulations and retention policies is critical for businesses. Document digitization enables better control and management of compliance-related documents, ensuring adherence to regulatory requirements and facilitating auditing processes.

Product 52

Product Disaster Recovery Automation Compliance 52

Stax

AUGUST 22, 2024

Additionally, you need to conduct regular compliance training for your staff and internal audits. Maintain a comprehensive disaster recovery program and undertake contingency planning so that you can resume operations quickly. Payfacs need to have regular AML screenings and strictly implement KYC procedures.

Risk Management 88

Risk Management Risk Regulatory Compliance Payment APIs and Integration 88

Global Fintech & Digital Assets

MARCH 5, 2024

Banks’ contingency and disaster recovery arrangements should cover any disruption to the outsourced services. Ongoing monitoring : Banks should regularly review their policies and procedures and conduct independent audits on their compliance with the applicable regulatory requirements.

Authorization 59

Authorization Product Due Diligence Procedures 59

Neopay

JUNE 27, 2024

This includes redundant systems, backup facilities, and disaster recovery procedures. Independent audits: Consider engaging independent external auditors to conduct periodic compliance and regulatory audits. This ensures an objective assessment of your compliance practices and identifies areas for improvement.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

Nanonets

MAY 8, 2023

If not, it may be time to rework your current accounting policies to implement audit trails. Despite what many business owners believe, audit trails aren’t reserved only for companies that receive an audit. Audit trails can prevent fraud, aid in disaster recovery, and ensure compliance with regulatory agencies.

Audit 52

Audit Procedures Disaster Recovery Reconciliation 52