Neopay

JUNE 27, 2024

This includes conducting a thorough risk assessment, implementing appropriate risk controls and establishing effective monitoring mechanisms. Provide a clear overview of your risk appetite and mitigation strategies to demonstrate a proactive approach to risk management.

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. This includes identifying key controls, establishing clear lines of authority and responsibility, and ensuring that policies and procedures are well-documented and communicated. Regular internal audits.

Compliance 52

Compliance Audit Best Practices Risk Assessment 52

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

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. Write clear internal policies and procedures : Staff at all levels must understand the rules.

Compliance 52

Compliance Best Practices Mitigation Procedures 52

Stax

JANUARY 8, 2024

To establish an effective risk management program as a PayFac, you must establish a dedicated risk management team, utilize the right tools and technology, develop proper risk management policies and procedures, conduct regular risk audits, and stay up-to-date with the latest industry regulations.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

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

VISTA InfoSec

AUGUST 22, 2023

Educate and Train: Provide ongoing education and training to staff members on GDPR requirements, best practices for handling biometric data, and raising awareness about privacy. Establish internal controls, procedures, and mechanisms of accountability to identify and address any compliance gaps.

Privacy 130

Privacy Compliance Legal Best Practices 130

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.

Compliance 52

Compliance Risk Assessment Audit Risk Management 52

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

Nanonets

FEBRUARY 9, 2024

Remember that internal controls are procedures and processes management emplace to ensure accounting integrity and financial transparency. In this case, the referee (actual control measures and checks) uses the playbook (company procedures built on accepted accounting principles) to manage the game (financial reporting).

Audit 52

Audit Risk Assessment Assessments Procedures 52

Stax

DECEMBER 20, 2023

Products and services offered Industry risk Transaction size and volume Chargeback volume Billing policies As a software provider, you can implement some best practices to make these processes as streamlined as possible, so your users can get up and running with payments ASAP. Let’s explore them below. Hybrid API enrollment.

Underwriting 88

Underwriting Process Payment APIs and Integration Enrollments 88

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

Seon

APRIL 23, 2024

As the fraud landscape evolves, so must risk management solutions, stepping up agility and innovation to stay ahead of digital fraud. For each risk, assess the probability and likely severity, then align the identified risks with the organization’s appetite for risk, classifying them in order of priority.

Risk Management 40

Risk Management Risk Technology Fraud Detection 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. It suggests the formation of a “community of practice” to share knowledge, data, best practices, and AI tools.

Central Bank 81

Central Bank AI Correspondent Bank Correspondent 81

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. Protect Consumer Interests: DORA aims to protect consumer interests.

Compliance 52

Compliance Cybersecurity Procedures Risk Management 52

FloQast

MARCH 1, 2024

The following recommendations help ensure your compliance procedures pay off. Execute a Fraud Risk Analysis First, conduct a thorough fraud analysis. This involves scrutinizing areas of the organization and its financial reporting procedures for any potential fraud risks. Consider both internal and external fraud risks.

Audit 52

Audit Compliance Assessments Procedures 52

VISTA InfoSec

JULY 5, 2023

This widely accepted set of policies and procedures is designed to enhance the security of credit, debit, and cash card transactions, while also protecting cardholders from the misuse of their personal information. This is important for protecting patients’ privacy and preventing financial losses.

PCI DSS 130

PCI DSS Compliance Data Breach Breach 130

Nanonets

DECEMBER 25, 2023

These claims contain a comprehensive record of medical procedures, diagnoses, and associated costs. Manual Processing and Administrative Burden Healthcare claims processing often involves cumbersome manual procedures, from the submission of claims to their review and approval.

AI 59

AI Process Payer Fraud Detection 59

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. First, it’s essential to use a standardized follow-up procedure.

Payments 52

Payments Best Practices Settlement Assessments 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

Nanonets

MAY 31, 2023

Regularly review and update internal control procedures to address emerging fraud risks. Conduct Regular Risk Assessments: Perform comprehensive risk assessments to identify vulnerabilities and potential fraud risks within the organization.

Fraud Detection 52

Fraud Detection Payments Audit Fraud Prevention 52