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Don’t wait to implement best practices that mitigate risks substantially: Keep All Systems Updated Run the latest software versions across networks/servers and endpoint devices while establishing processes for rapid updates whenever new patches are released. Conduct audits periodically post-partnership.
The Group will work to showcase and explain how faster payments adoption is part of a holistic approach to advancing financial inclusion and mitigating some or all of the issues, concerns, and necessities of those most in need of financial services.
The Payments Associations across the country have played a very important role from the beginning, from participating on Nacha’s Blue Ribbon Panels that developed each accreditation program and that keep them up to date, to providing ongoing exam preparation and continuingeducation.
“When we look at AP fraud specifically, the risks that these companies are facing is only increasing,” he said, “so it was very surprising how few of the global 1,000 companies had implemented a complete controls framework, leveraging technology to mitigate risk.”.
Additionally, educating employees about fraud prevention and creating a culture of ethics and compliance can further mitigate the risk of fraudulent activities. To mitigate this issue, businesses can implement payment reminder systems.
Develop a Comprehensive Onboarding and ContinuousEducation Program New employees should be thoroughly educated on the expense reimbursement process as part of their onboarding. Additionally, continuouseducation initiatives should be implemented to keep all employees updated on any changes to the policies or systems.
Teachers, administrators, students, and parents around the world scrambled to find solutions that would enable learning to continue. Education is commonly said to be countercyclical, with demand increasing in times of economic downturn.
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