Stax

JANUARY 8, 2024

PayFacs need to equip themselves with an effective risk management strategy that helps them continuously monitor risks and employ appropriate risk responses if needed. So you must have risk avoidance, risk identification, and risk reduction strategies in place to combat fraudulent transactions.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

Clearly Payments

JANUARY 8, 2024

Merchants must familiarize themselves with the diverse risks associated with payment processing, encompassing fraud, chargebacks, and cybersecurity threats. Conducting a thorough risk assessment tailored to the specific nature of the business is essential. Chargebacks are generally the biggest concern that most merchants have.

Risk Management 66

Risk Management Risk PCI DSS Process 66

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

EBizCharge

JULY 22, 2024

Precise and practical strategies provide a roadmap to navigate various financial circumstances and ever-changing markets. Some of these strategies include setting clear and attainable goals, applying accurate forecasting for better budget management, and risk assessments and mitigation.

Risk Assessment 52

Risk Assessment Assessments Risk Finance 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

Neopay

JUNE 27, 2024

Risk management framework: Develop a robust risk management framework that identifies, assesses and mitigates key risks associated with your business operations. This includes conducting a thorough risk assessment, implementing appropriate risk controls and establishing effective monitoring mechanisms.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Crime 52

FloQast

NOVEMBER 27, 2023

Similarly, the segregation of duties ensures that no single individual has control over all aspects of any critical financial transaction, reducing the risk of malicious activity or errors. As businesses grow and financial landscapes shift, risks aren’t static. New challenges emerge, and older ones transform.

Compliance 52

Compliance Risk Assessment Audit Risk Management 52

Seon

APRIL 11, 2024

Both departments are crucial in identifying and mitigating fraud and reducing risk, including financial, operational, legal and reputational hazards. Such cross-functional insights facilitate a more proactive and predictive approach to identifying and mitigating financial crime, ensuring that organizations stay one step ahead.

Fraud Prevention 52

Fraud Prevention AML Money Laundering Financial Crimes 52

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

Segpay

APRIL 16, 2024

To mitigate this risk, merchants should ensure that their billing descriptors are clear and recognizable on cardholder statements. Providing detailed order confirmations and receipts, along with clear product descriptions and shipping information, can help reduce confusion and minimize the risk of unrecognized transaction disputes.

Disputes 52

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

The Fintech Times

JANUARY 25, 2024

Towards a risk-based approach The purpose of identifying PEPs is to determine the level of risk they pose and the steps that need to be taken to mitigate potential criminal conduct by them, their family members, close ties, and associates. Action will likely be taken where they spot deficiencies in PEP risk handling.

Risk 59

Risk Due Diligence Financial Crimes Crime 59

Segpay

MAY 1, 2024

This framework will have significant implications for global PSPs with clients in Europe, as it will require PSPs to strengthen their operational resilience capabilities, comply with regulatory requirements, and adapt their business practices to mitigate operational risks effectively.

Compliance 52

Compliance Cybersecurity Procedures Risk Management 52

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.

Risk Management 40

Risk Management Risk Technology Fraud Detection 40

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

EBizCharge

JULY 15, 2024

This article will explore the key differences between these billing practices, the pros and cons of arrears billing, and best practices. Such deposits help mitigate risk for service providers or sellers as they secure a level of financial commitment from the buyer.

Disputes 52

Disputes Payer Legal Service Provider 52

Fintech News

MAY 20, 2024

As regulatory expectations continue to evolve, it’s crucial for organizations to stay ahead of the curve and adapt their compliance strategies to mitigate financial crime risks effectively. Experts anticipate that by 2028, the majority of banking, investment, and insurance processes will be assisted or driven by AI technologies.

FinTech 125

FinTech Embedded Finance BNPL AI 125

FICO

JUNE 13, 2017

Inject best-practice decision management governance standards into a new domain. As more entities rely on these scores and ratings, their governing bodies and relevant regulatory agencies will care more about how these tools are used to drive decisions to mitigate risk. Promote fairness in reporting.

Risk 85

Risk Disputes Cybersecurity Best Practices 85

EBizCharge

APRIL 23, 2024

Risk management: Longer payment terms can expose a business to higher credit risk. Assessing the clients’ credit history and setting fair terms can mitigate the risk of overdue payments and financial strain. Therefore, enforcing common payment terms (Net 30, Net 60, etc.)

Payments 52

Payments Best Practices Settlement Assessments 52

FloQast

MARCH 1, 2024

If they raise any concerns, the internal auditors must address them immediately and explain any mitigating controls or process modifications the company will implement to protect its financial records and assets. Some examples of external fraud risks include vendor fraud and data breaches.

Audit 52

Audit Compliance Assessments Procedures 52

Nanonets

MAY 31, 2023

Implementing preventive measures is crucial to mitigate the risk of fraud and safeguard financial systems. Regularly review and update internal control procedures to address emerging fraud risks. Takeaway Payment fraud and shadow spending pose significant risks to individuals, businesses, and the global economy.

Fraud Detection 52

Fraud Detection Payments Audit Fraud Prevention 52

Nanonets

FEBRUARY 15, 2024

Understanding these challenges is the first step toward mitigating their effects and ensuring a seamless procurement process. These risks can stem from a variety of sources including supplier reliability, geopolitical factors, regulatory changes, market volatility, natural disasters, and cybersecurity threats. CIO Sarah K.

Finance 52

Finance RFP Agreements Automation 52