Neopay

MAY 7, 2024

Proliferation financing: strengthening risk assessments The FCA underscores the necessity for firms to develop specific risk assessments and control mechanisms to prevent financial services from being exploited for the proliferation of weapons of mass destruction.

Financial Crimes 52

Financial Crimes Crime Risk Assessment Money Laundering 52

Stax

DECEMBER 4, 2023

TL;DR An anti-money laundering (AML) program is a set of laws and procedures that seek to uncover attempts to disguise illicit money as legitimate. 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.

Money Laundering 88

Money Laundering Compliance AML Due Diligence 88

VISTA InfoSec

OCTOBER 20, 2023

Financial Stability : Mitigates the financial impact of disasters, including costs from data breaches or loss of revenue. Testing and Revision Procedures (Addressable) : Enforce strategies for regular testing and modification of contingency plans. Service Continuity : Ensures essential healthcare services remain operational.

Disaster Recovery 130

Disaster Recovery Regulatory Compliance Procedures Duplicate 130

Fi911

DECEMBER 19, 2023

ML-enabled tools and procedures are introducing predictive analytics, real-time fraud detection, and automation to dispute management at the banking level. As integral players in the payment ecosystem, banks must focus on chargeback prevention and mitigation.

Fraud Prevention 92

Fraud Prevention Fraud Detection Point-of-Sale (POS) Online and Mobile Banking 92

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.

Risk Management 66

Risk Management Risk PCI DSS Process 66

FloQast

OCTOBER 27, 2023

Typically, compliance management will also include Identifying appropriate controls, Managing relationships with various regulators, Coordinating or responding to regulatory concerns and inquiries, and Mitigating regulatory breaches Why is Compliance Management Important? Here’s the thing.

Compliance 52

Compliance Best Practices Mitigation Procedures 52

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

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. The due diligence doesn’t stop at onboarding.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

Nanonets

JUNE 19, 2023

We will also cover how automation helps to streamline the AP audit procedure. An accounts payable audit is an in-depth assessment of a company's accounts payable records and procedures. By performing routine accounts payable audit procedures, businesses can uphold their financial integrity. What is an AP Audit?

Audit 52

Audit Accounts Procedures Compliance 52

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

Nanonets

SEPTEMBER 22, 2023

Effective  vendor management  contributes to cost optimization,  risk mitigation , and quality assurance. Evaluating potential suppliers through a rigorous qualification process can help mitigate risks and ensure that they align with the business objectives and values.

Risk Mitigation 40

Risk Mitigation Mitigation Risk Assessment Assessments 40

Global Fintech & Digital Assets

DECEMBER 11, 2023

Covered financial institutions now face heightened expectations in relation to cybersecurity governance, risk assessment, and incident reporting. Risk assessments should also be reviewed whenever a new business model is adopted or a new product is introduced.

Cybersecurity 59

Cybersecurity Multifactor Authentication Risk Assessment MFA 59

FloQast

APRIL 8, 2024

This includes identifying key controls, establishing clear lines of authority and responsibility, and ensuring that policies and procedures are well-documented and communicated. Conduct regular risk assessments. Regularly assess the risk of material misstatement in financial reporting and adjust controls accordingly.

Compliance 52

Compliance Audit Best Practices Risk Assessment 52

Center for Payments

SEPTEMBER 15, 2022

Management, while using a business impact analysis and risk management processes to identify and monitor risks, should focus on risk mitigation avoidance and acceptance strategies. Does your plan include a method of communication with your customers/members?

FFIEC 40

FFIEC Risk Assessment Business Continuity Federal Reserve 40

PYMNTS

DECEMBER 9, 2020

Taking this retroactive approach to credit risk management was never efficient, but it has become even less feasible amid the pandemic. Consumers are more susceptible than ever to falling short on their monthly bills, leaving banks searching for more proactive ways to mitigate the risk of defaults.

Credit Risk 98

Credit Risk AI Risk Fraud Detection 98

Nanonets

AUGUST 1, 2023

As organizations face increasing pressure to adapt to evolving regulations, audit automation emerges as an indispensable tool for enhancing efficiency, gaining valuable insights, and effectively mitigating risks. An audit is a continuous and iterative procedure. What are the benefits of audit automation?

Audit 40

Audit Automation Risk Assessment Assessments 40

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

EBizCharge

APRIL 26, 2024

AR management also helps minimize the risk of bad debt by implementing timely invoicing and diligent follow-up procedures, safeguarding profitability and financial stability. 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

VISTA InfoSec

AUGUST 22, 2023

Technical and Organizational Strategies for Ensuring Adherence To secure conformity with GDPR during biometric data processing, entities must deploy fitting technical and organizational tactics: Conducting DPIAs: Organizations must conduct DPIAs for high-risk processing of biometric data to identify and mitigate potential risks.

Privacy 130

Privacy Compliance Legal Best Practices 130

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. Engage senior leadership in the governance and oversight of fraud risk management efforts.

Risk Management 40

Risk Management Risk Technology Fraud Detection 40

Nanonets

AUGUST 1, 2023

With its capacity to deliver valuable insights and effectively mitigate risks, audit automation emerges as a powerful ally in enhancing efficiency and driving success. Risk Assessment: Audit automation helps auditors assess risks more effectively by identifying potential red flags and areas of concern within the data.

Audit 40

Audit Automation Risk Assessment Payment APIs and Integration 40

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. The following recommendations help ensure your compliance procedures pay off.

Audit 52

Audit Compliance Assessments Procedures 52

FloQast

DECEMBER 13, 2023

SOX controls , also known as SOX 404 controls, are processes, policies, and procedures aimed to prevent and detect errors in a company’s financial reporting process. Risk Assessment Risk assessment is the process of identifying and evaluating the risks that could impact achieving a company’s objectives.

Compliance 52

Compliance Audit White Collar Crime Risk Assessment 52

PYMNTS

APRIL 22, 2020

FIs do not really have the choice to make onboarding’s security procedures less stringent, however. This is why new account fraud is so hard to detect, but risks can be mitigated if FIs take different approaches to which sources they use during onboarding. Biometrics and Onboarding.

Security 53

Security Online and Mobile Banking Authentication Account Takeovers 53

Nanonets

MAY 10, 2023

Chat GPT can help as an assistant and help in mitigating these challenges. Nevertheless, it was interesting to learn, for example, about Algorithmic Justice, a field of research about the possibility of applying algorithms to criminal justice (risk assessment tools). #5. Issues faced by lawyers and how ChatGPT can help?

Legal 52

Legal Laws AI 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

PYMNTS

SEPTEMBER 29, 2017

Managing Risk. One of the most crucial areas for banks’ treasuries is risk mitigation , which, according to Beaulande, has become more complex as it relates to other areas of treasury management. Sixty percent said that internal regulatory examinations include an assessment of risk management practices.

Treasury 56

Treasury Addressing Treasury Management FinTech 56

Segpay

DECEMBER 7, 2023

Regular review and updating of internal policies and procedures in response to evolving regulatory requirements can help businesses stay abreast of the latest compliance standards. Appointing compliance officers Allowing external audits Providing access to data to researchers Enabling users to flag illegal or harmful content.

Compliance 52

Compliance Privacy Regulatory Compliance Data Security 52

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

Global Fintech & Digital Assets

OCTOBER 5, 2023

The Proposed Guidance would require enhanced criteria for coin-listing and delisting procedures for New York-licensed virtual currency entities. The coin-listing policy must also contain procedures for identifying, addressing, and disclosing conflicts of interest in the coin-listing decision-making process. By Jenny Cieplak , Arthur S.

Stablecoins 52

Stablecoins Procedures Issuers Due Diligence 52