Nanonets

JUNE 19, 2023

Accounts payable audits play a crucial role in the financial health of businesses. This article covers why accounts payable audits are important to maintain financial health and the steps in an AP audit process. We will also cover how automation helps to streamline the AP audit procedure. What is an AP Audit?

Audit 52

Audit Accounts Procedures Compliance 52

Nanonets

AUGUST 1, 2023

The era of automation has brought about a revolution in various industries, and the audit sector is no exception. The integration of Artificial Intelligence (AI), cloud-based data storage solutions, and data analytics tools is set to transform the audit industry, reshaping the way accountants and auditors carry out their tasks.

Audit 40

Audit Automation Risk Assessment Assessments 40

Open Banking Excellence

AUGUST 23, 2023

How can businesses unlock the productivity gains of AI whilst mitigating the risk of ‘hallucinations’ and solving challenges around toxicity, privacy, bias, and data governance, asks Paul O’Sullivan, SVP Solution Engineering at Salesforce? Our approach is totally unique and reduces the risk of potentially dangerous errors.

AI 130

AI Risk Online and Mobile Banking CRM 130

VISTA InfoSec

JUNE 26, 2024

Such due diligence is of interest to you as an investor because cybersecurity affects the following: Regulatory Compliance Businesses with strong compliance records are safer investments, capable of mitigating risks and sustaining growth. For investors, companies with a solid cybersecurity framework may be lower-risk investments.

Cybersecurity 215

Cybersecurity Due Diligence Security Risk Management 215

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

FloQast

APRIL 30, 2024

Today, perhaps more than ever before, compliance programs stand as crucial pillars for organizations, offering a roadmap to navigate through an ever-evolving landscape of regulations and risks. This approach introduces inefficiencies and jeopardizes compliance integrity and visibility, posing significant risks to overall business performance.

Compliance 96

Compliance Addressing Audit Risk 96

PYMNTS

JANUARY 26, 2021

Usually, the auditing workflow involves looking at expense reports filed by employees, with a focus on identifying potentially erroneous or even fraudulent transactions. Employees are still spending money on behalf of the organization, and what’s really unique about that is the risk profile has completely changed.”. Spending Disparity.

Audit 75

Audit Continuity Automation Risk 75

Clearly Payments

JULY 16, 2024

This article covers the fraud risks and statistics associated with different industries, exploring the factors contributing to these risks and offering strategies to reduce fraud. Fraud rates are extremely difficult to get 100% accurate, however they provide an overview of the fraud activity and risk in an industry.

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

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

VISTA InfoSec

FEBRUARY 13, 2024

Audits play a complementary role by ensuring that existing security measures align with both internal policies and external regulatory requirements. In jurisdictions where regulatory compliance is stringent, such as in Singapore, audits are an indispensable part of the cybersecurity framework.

Cybersecurity 130

Cybersecurity Audit Best Practices Mitigation 130

VISTA InfoSec

OCTOBER 26, 2023

SOX establishes regulations around financial reporting, mandates internal control audits, and strengthens corporate governance. public companies and foreign entities doing business in America, making it integral to today’s Governance, Risk and Compliance environment. It applies to all U.S. SOX, a U.S.

Audit 130

Audit Compliance Laws Governance 130

Neopay

MAY 31, 2024

The FCA’s supervisory approach in 2022-23 utilised data and intelligence to target high-risk firms and streamline interventions. With our tailored risk assessments, comprehensive training programs, regulatory guidance, compliance audits and continuous support, payment institutions can bolster their AML/CFT capabilities effectively.

Financial Crimes 52

Financial Crimes AML Money Laundering Crime 52

PYMNTS

SEPTEMBER 3, 2020

Analysts Eye AR Automation To Mitigate Risk. In a recent press release , the consulting firm noted the value in enhancing AR strategies to mitigate the risk of a volatile market and to support consistent cash flow. It is around the visibility and auditability of the entire payment process.

Mitigation 78

Mitigation B2B Automation Consulting 78

Neopay

OCTOBER 3, 2024

Outdated or inadequate processes can quickly become a liability, exposing the company to financial crime risks and regulatory action. Despite this mandate, Starling opened over 54,000 accounts for 49,000 high-risk customers over a two-year period. Training and continuous support : Compliance is an ongoing process.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

Neopay

OCTOBER 10, 2024

These controls should be applied during both the onboarding of customers and through continuous transaction monitoring to mitigate fraud risks. Proactive management of fraud risks will help firms stay ahead of emerging threats and reduce liability, especially given the significant financial and reputational risks that APP fraud poses.

Due Diligence 52

Due Diligence Fraud Prevention Financial Crimes Compliance 52

Neopay

AUGUST 5, 2024

Effective safeguarding training covers the policies, procedures, and regulations that must be adhered to in order to minimise risks and maintain compliance with regulatory standards. Understanding risk management is also a crucial part of the training.

Compliance 52

Compliance Procedures Audit Risk Management 52

Fintech Finance

OCTOBER 11, 2024

Bank is subject to more stringent approval processes for new bank products, services, markets, and stores to ensure the AML risk of new initiatives is appropriately considered and mitigated. Head of Financial Crime Risk Management and BSA/AML Officer, with proven leadership and experience. The total assets of TD’s two U.S.

AML 97

AML BSA Money Laundering Financial Crimes 97

VISTA InfoSec

FEBRUARY 25, 2024

Virtually every industry faces data breach risks today as sensitive information gets digitized and networked across cloud platforms. For customers exposed to breaches, identity theft risks skyrocket, leading to bank/credit card fraud plus medical/tax/employment fraud. Conduct audits periodically post-partnership.

Data Breach 223

Data Breach Breach Multifactor Authentication Cybersecurity 223

PYMNTS

NOVEMBER 4, 2019

4) that MPs say an “urgent” new law must emerge to introduce corporate finance and auditing reforms in the wake of the failures of Thomas Cook and Carillion. government has so far failed to adequately address the issue despite its warnings sent to the auditing industry and to large corporates. Finance U.K.

Audit 40

Audit Mitigation NOV Finance 40

Innovative Payments Association

SEPTEMBER 5, 2024

While these relationships can bring numerous benefits, they also come with inherent risks. To mitigate these risks and ensure proper oversight of third-party relationships, it is crucial for organizations to go beyond traditional due diligence and establish a comprehensive third-party oversight framework.

Boot Camp 52

Boot Camp Due Diligence Third Party Vendors Compliance 52

VISTA InfoSec

SEPTEMBER 28, 2023

Appoint an Independent Data Auditor: The Significant Data Fiduciary shall appoint an independent data auditor to carry out a data audit. Conduct the Data Protection Impact Assessment (DPIA) and Audits: The Significant Data Fiduciary is responsible for implementing the following measures: (Clause 10 (2) (c), DPDP Act).

Privacy 130

Privacy Audit Data Breach Breach 130

PYMNTS

JUNE 17, 2020

The new solution is cloud-based and will offer a 360-degree view of supply chains, helping to minimize risk and reduce the workload of procure-to-pay staff, the release states. The solution will mitigate and reduce risk by verifying if information pertaining to suppliers is complete and correct.

Risk Management 56

Risk Management Risk Automation Audit 56

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.

Stablecoins 116

Stablecoins Multi-Currency Regulations Risk Mitigation 116

VISTA InfoSec

JULY 31, 2023

Doing so can help reduce the scope of PCI DSS compliance and minimize the risk of data breaches. Protect Stored Cardholder Data: PCI DSS Requirement 3 reduces risks of storing sensitive data by using encryption, truncation, masking and hashing to protect cardholder data from hackers; thereby ensuring compliance with regulations.

PCI DSS 130

PCI DSS Security Encryption Compliance 130

FloQast

MARCH 13, 2024

This decentralization hampers accessibility and version control, hindering the review and audit processes. Part Two: The Risks of Manual Processes Despite their historical significance, manual reconciliation processes are not without their perils.

Reconciliation 84

Reconciliation Automation Compliance Mitigation 84

Finovate

FEBRUARY 1, 2024

The OCC said the California-based bank “engaged in unsafe or unsound practices,” stating that it failed to establish effective risk management and internal controls. Strengthen third-party risk management In the era of banking-as-a-service (BaaS), multiple aspects of banking leverage third parties, and for good reason.

OCC 59

OCC Office of the Comptroller of the Currency Risk Management Compliance 59

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.

Stablecoins 80

Stablecoins Multi-Currency Risk Mitigation Risk Assessment 80

FloQast

OCTOBER 27, 2023

While it can feel burdensome, compliance management has become a critical risk management feature and is too important to ignore. Today, organizations manage compliance risk and keep pace with the ever-evolving regulatory landscape by leveraging technology and using compliance management systems. For federal tax compliance, the U.S.

Compliance 52

Compliance Best Practices Mitigation Procedures 52

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.

PCI DSS 130

PCI DSS Compliance Assessments Data Breach 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

Nanonets

DECEMBER 13, 2023

In addition, AI can help insurance firms evaluate risk with high accuracy by analyzing large volumes of data. 1: Increased Accuracy and Reduced Errors AI in insurance claims processing plays a pivotal role in enhancing accuracy and reducing errors by automating various tasks and mitigating the risks associated with manual processes.

AI 102

AI Process Fraud Detection Compliance 102

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?

Due Diligence 59

Due Diligence Risk Assessment CRM AI 59

FICO

JULY 31, 2019

As TPRM or third-party risk management grows in importance, so does cybersecurity risk assessment as part of it. The latest Assessment of Business Cyber Risk (ABC) report from the US Chamber of Commerce and FICO discusses four steps for improving third-party cybersecurity risk management.

Risk 70

Risk Security Risk Management Risk Assessment 70

Nanonets

APRIL 1, 2024

Failure to maintain this discipline can lead to financial pitfalls, including overdrafts, bounced checks, and inaccuracies in financial reporting and auditing practices. It poses a liability for the issuer until reconciled with financial records, potentially leading to overdraft risks if funds aren't maintained.

Reconciliation 52

Reconciliation Checks Automation Process 52

Fintech News

APRIL 28, 2024

By leveraging, advanced technologies such as cloud computing, AI/ML, biometric authentication, anomaly detection algorithms, and real-time monitoring systems, banks can enhance their fraud detection capabilities, identify suspicious patterns, and mitigate risks more effectively.

AI 109

AI Innovation Financial Crimes Crime 109

Segpay

MAY 1, 2024

The Act aims to ensure digital services’ continuity, security, and stability, particularly in critical sectors such as finance, by addressing various operational risks, such as cyber threats, system failures, and operational disruptions. A risk-based testing approach is required to detect and address potential ICT disruptions.

Compliance 52

Compliance Cybersecurity Procedures Risk Management 52

FloQast

MARCH 25, 2024

And solutions that are easy to implement help businesses mitigate the cost of traditional close processes and enhance performance. Just 1-in-4 businesses rely on technology to help with compliance, which opens the doors to inefficiencies, corrective steps, an extended closing period, and possibly a greater risk of errors and penalties.

Close Processes 104

Close Processes Compliance Automation Risk 104