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In this article, we’ll discuss what SaaS companies looking to become payment facilitators need to know about riskmanagement strategies. PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks.
As such, PayFacs need to equip themselves with an effective riskmanagement strategy that helps them continuously monitor risks and employ appropriate risk responses if needed. TL;DR Four main types of risks come with payment facilitation: compliance risks, operational risks, transactional risks, and reputational risks.
The enterprise is exposed to financial risks at just about every angle, with expansion across borders and into partnerships with unfamiliar firms upping the ante on both risk and reward. Analysts are urging corporates to enhance their riskmanagement strategies in today’s particularly volatile climate.
Fusion RiskManagement is expanding its corporate riskmanagement software offering by integrating new functionality into the tool, the company said in a press release on Monday (Sept. The enhancement means third parties can more easily participate in a holistic riskmitigation strategy, Fusion noted.
Charles Pruzinsky , head of underwriting and sales at Resilience, also commented: “Resilience is the only company that connects data science, threat intelligence, and comprehensive cyber insurance to empower our clients to prioritise and improve their riskmitigation investments and priorities.
“Generative AI is not the first, and won’t be the last, disruptive technology to impact the cyber threat landscape, so it is critical that businesses improve their riskmitigation, security and defence technologies, as well as seek appropriate risk transfer today, more than ever before.”
Ncontracts has acquired Venminder, a third-party riskmanagement SaaS platform, to enhance its governance, risk, and compliance services. The acquisition will broaden Ncontracts’ expertise in third-party riskmanagement and strengthen its position in both SaaS and knowledge-as-a-service markets.
And while investors targeted an accounts payable payments startup as well as another platform designed to help other startups understand their equity, a common theme this week was investment in riskmitigation capabilities. Below, PYMNTS rounds up the latest funding news in the world of B2B.
The rise of online transactions and evolving cybercrime tactics highlight the urgent need for strong identity riskmanagement and monitoring. Identity theft presents significant challenges to businesses, making proactive riskmitigation essential for regulatory compliance, trust, asset protection, and operational integrity.
The growing complexity of international supply chains inevitably adds complexity to riskmitigation and increases risk exposure to all players involved. Once, a company’s top supplier-related risk may have been the threat of a vendor going out of business, or goods failing to make it to their destination on time.
To mitigate these quantum-related cybersecurity risks, MAS advises financial institutions to develop crypto-agility—the ability to transition from vulnerable cryptographic algorithms to PQC efficiently without significantly impacting their IT systems and infrastructure.
It is changing how businesses deal with Enterprise RiskManagement (ERM), and AI algorithms can always watch for risks. AI can look at lots of data, find patterns, and predict risks. AI also does tasks automatically and saves time for riskmanagers. Why is Enterprise RiskManagement Important?
Riskmitigation isn’t a new concept, Simkins noted, but today’s organizations are often unfamiliar with the correct strategies they need to deploy when mitigating third-party cyber risk. . “They manage credit risk and liquidity risk, and more traditional third-party risk verticals,” he said.
Many organizations encounter common obstacles that can hinder progress, ranging from overwhelming administrative demands to fragmented systems that impede effective riskmanagement. Foster a Culture of Proactivity : Shift from reactive to proactive riskmanagement, preparing for potential challenges before they arise.
But lenders themselves, even industry incumbents, are also quickly recognizing the potential that unlocking data has not only on improving the SMB borrowing experience, but on significantly improving their own internal operations, particularly when it comes to riskmitigation.
Coupa , which works in business spend management, is rolling out new capabilities to help with businesses’ spend visibility while lowering risk, through a cloud-based platform, according to a press release.
Yet, understanding and developing a clear strategy for FX riskmitigation can be elusive, even for the largest firms. Studies also show that most executives agree their top challenge is market volatility and the struggle to determine when — and how — to hedge currency risk.
The State of Risk Oversight: An Overview of Enterprise RiskManagement Practices ,” a new report released by the American Institute of CPAs ( AICPA ) and North Carolina State University’s Enterprise RiskManagement ( ERM ) Initiative), surprisingly only mentions cyber risk a handful of times.
More than a third (36 percent) of survey respondents said fraud monitoring and riskmitigation are the areas in which CFOs are most falling short. That’s followed closely by performance riskmanagement and strategic/operational riskmanagement, each cited by 32 percent of survey respondents as areas in which CFOs fail to deliver.
Riskmanagement is complex territory for many businesses, especially those with complex partnerships, vast supply chains and global footprints. For fund investors, active riskmanagement is of particular importance for treasurers, Hazeltree noted. One is in assessing counterparty strength.
Automated riskmanagement solutions can be helpful in theory. That’s the idea behind Dun & Bradstreet’s D&B Compass solution, launched this week to automate third-party riskmanagement for procurement and compliance professionals.
Insurance firm Zurich is introducing a new supply chain riskmanagement service in conjunction with riskmethods, reports in Global Banking and Finance Review said Thursday (March 7). Riskmanagement is about identifying, assessing and controlling risk from an operational level and making decisions to balance the benefits,” she said.
As fintech introduces new dimensions of complexity and opportunity in outsourcing, two distinct challenges have emerged, prompting FIs to reevaluate traditional outsourcing life cycle management models. The first pertains to the need for strategic management with a focus on innovation.
Citi released a new report this week warning corporate treasurers to improve their FX riskmitigation efforts. Most of the companies surveyed have mature FX riskmitigation solutions deployed in their enterprises, the research found. The bank said Thursday (Mar. The bank said Thursday (Mar.
Head of Financial Crime RiskManagement and BSA/AML Officer, with proven leadership and experience. Strengthened oversight structure and accountability across all three lines of defense, starting at the front lines and carrying through to riskmanagement and audit teams. Established a dedicated committee at the U.S.
The need for AI in finance In traditional finance functions, companies often rely on manual processes, extensive paperwork, and repetitive tasks to manage their financial operations. These tasks include data entry, invoice processing, and financial analysis for decision-making, operational planning, and riskmanagement.
and China, as well as Brexit , are among the biggest current geopolitical events that continue to rock the FX market, and companies are at risk of taking significant financial hits as a result. Trade tensions between the U.S.
Many of the risks that companies face not only stem from these vendors further down the supply chain, but often aren’t recognized by corporations struggling to obtain visibility and connectivity to those suppliers beyond the first tier. ” Data Evolution. ”
"That process of gathering data and having your expert personnel evaluate it to determine that risk is definitely the biggest challenge.". Risk Focus In Flux. Pre-pandemic, cybersecurity risks among third-party partners like suppliers had been top priority. Thinking Ahead.
It's one of the biggest blind spots in supply chain riskmanagement, said Allis. It gives a wealth of intelligence, where now you can say, 'in this one facility that needs to continue running, I'm dependent on one main vendor that's got a very high risk score. I need to be proactive there,'" said Allis.
Tokyo Shoko Research, a Japan -based commercial database, has signed an agreement with SAP Ariba in the latter’s effort to strengthen its supply chain riskmitigation offerings. million Japanese companies to augment its SAP Ariba Supplier Risk solution, the companies said in a press release Monday (July 22).
This proactive approach to operations and maintenance represents a paradigm shift from reactive problem-solving to predictive riskmanagement. By automating routine tasks and leveraging AI for complex decision-making, banks can significantly reduce the risk of human error while improving overall operational efficiency.
However, risk orchestration is a process promising to help fintechs and financial institutions combine their customer onboarding, authentication and riskmanagement processes into one place. “This is done through the integration of riskmanagement, adaptive riskmitigation, process automation, and real-time analysis.
Today, they’re managing this workload in a remote setting on top of a slew of other pressures facing organizations. So it’s not exactly surprising that supply chain riskmitigation efforts can fall by the wayside. Lackluster Risk Strategies. ”
ManagingRisk. One of the most crucial areas for banks’ treasuries is riskmitigation , which, according to Beaulande, has become more complex as it relates to other areas of treasury management. Beaulande added that advanced analytics technology is now a must-have for banks to adequately manage these risks.
AU10TIX , the identity verification and management firm, has unveiled a new anti-money laundering (AML) solution, in a move to help businesses ensure a safer approach to riskmitigation.
But sophisticated data management does offer some predictability to vendor riskmitigation and supply chain management. Blake told PYMNTS that, for larger organizations that deal with multiple vendors across multiple geographies, supply chain risk is on the tip of everyone’s tongue.
Petersburg, Florida-based PSCU said that participating “credit unions receive an assigned risk program consultant who, on a daily basis … analyzes the credit union’s fraud and riskmitigation initiatives.”.
According to Jay Wissema, director of business development at cross-border payment solutions provider Volopa, recent events in the global markets have heightened awareness of the importance of foreign exchange volatility riskmitigation. Part of SMBs efforts’ to address a volatile market should be FX riskmitigation.
What does fraud riskmitigation look like in an increasingly digital world? However, it’s critical that we also take the time to reflect on the longer-term changes that will impact our mission to stop fraud and financial crime. Will the shift to online and mobile payment channels be a permanent boost?
The Importance of a VAR Sheet for Banks For banks, the VAR Sheet holds particular significance, offering a multitude of benefits: RiskManagement: By detailing security measures and compliance protocols, the VAR sheet helps banks mitigate the risk of fraud and data breaches associated with payment processing.
Business intelligence company CubeLogic has announced its support for Trade Credit Insurance as part of an overall riskmitigation strategy. ” The company noted while it supported the use of Trade Credit Insurance, the tool should not be used as a replacement for broad riskmitigation strategies.
Best Practices for Managing FX Risks Diversification Strategies Diversifying your currency portfolio is an effective riskmitigation approach. Maintaining accounts in multiple currencies across different providers can also reduce operational risks. SEPA, ACH, Faster Payments) to reduce delays and costs.
In a press release issued on Thursday (June 14), the companies announced their partnership aimed at increasing visibility and riskmitigation in businesses’ supplier sourcing and management processes, and through their overall procurement operations. ”
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