ValidMind raises $8.1m for AI risk management platform
Finextra
APRIL 1, 2024
ValidMind, an AI and model risk management platform for financial services, has raised $8.1 million in seed funding.
Banks told to expand risk management to cover AI
Finextra
MARCH 28, 2024
A report from the US Treasury has called on banks to bolster their risk management frameworks in order to avoid being overwhelmed by AI-powered fraudsters and cybercriminals.
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PayPal uses stablecoin to invest in blockchain risk management startup
Finextra
SEPTEMBER 22, 2024
PayPal has used its own stablecoin to make an additional investment in blockchain risk management specialist Chaos Labs.
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Proactive Credit Risk Management: Developing an Early Warning System
Finezza
OCTOBER 30, 2024
This highlights the inherent risks lenders face. Therefore, financial institutions (FIs) need robust credit risk management to minimise risk and boost returns and productivity. As per a report, as of March 31, 2023, 2,623 borrowers classified as wilful defaulters in India owe Rs 1,96,049 crore to the banks in India.
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Top Strategies to Future-Proof & Sustain Your Merchant Services Portfolio
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Diversify across industries to spread risk and stabilize income, balancing high-risk and low-risk clients for a robust mix. Embrace technology and data analytics to enhance service offerings, streamline processes, and improve risk management.
Risk Management for High-Risk Merchants
National Processing
APRIL 26, 2024
No one has more incentive to reduce business risk than merchants already considered to be in a high-risk industry or niche. Reducing risk saves you money on processing fees, saves time, and prevents major problems that hurt your business over the long run.
Mckinsey: Generative AI to Transform Risk Management in The Next 5 Years
Fintech News
APRIL 16, 2024
Generative artificial intelligence (AI), also known as gen AI, is expected to significantly impact risk management over the next five years, allowing financial institutions to automate tasks, accelerate processes and improve efficiencies. The tech can also draft model documentation and validation reports.
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Understanding Risk Management Strategies as a PayFac
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.
Merchant Account Reserves: A Strategic Risk Management Tool for Banks
Fi911
FEBRUARY 14, 2024
Merchant accounts, while essential for facilitating electronic transactions, inherently carry a level of risk. To mitigate this risk, banks may mandate the establishment of a merchant account reserve, which involves setting aside a predetermined portion of a merchant’s revenue. Why Do Acquirers Mandate Account Reserves?
Securing Your Wealth: How Cybersecurity Affects Investment Decisions
VISTA InfoSec
JUNE 26, 2024
Such due diligence is of interest to you as an investor because cybersecurity affects the following: Regulatory Compliance Businesses with strong compliance records are safer investments, capable of mitigating risks and sustaining growth. Companies with strong cybersecurity risk management have the resilience to maintain business continuity.
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Lloyds Bank cuts risk dept headcount
Finextra
APRIL 10, 2024
UK high street bank Lloyds Bank is reducing the size of its risk management department because it is seen as a “blocker” to the bank’s “strategic transformation”.
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Chaos Labs secures USD 55 million to upgrade Defi risk management
The Paypers
AUGUST 19, 2024
Chaos Labs has secured USD 55 million in a Series A funding round to upgrade its on-chain risk management platform for decentralized finance (DeFi).
BlueSnap Appoints Bill Christensen as SVP of Acquiring & Risk
Fintech Finance
SEPTEMBER 6, 2024
BlueSnap , a global payment orchestration platform for leading B2B and B2C businesses, has appointed Bill Christensen as SVP, of Acquiring & Risk. He brings 20 years of experience in financial risk, electronic payments and credit cards to the role. Bill earned his Bachelor’s degree in Business from Hofstra University in New York.
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Ingo Payments and Sardine launch risk-managed instant account funding
The Paypers
OCTOBER 24, 2024
Ingo Payments and Sardine have partnered to offer instant, risk-managed account funding via card and ACH, with the added option of a zero-liability fraud guarantee.
How to Conduct an ISO 27001 Risk Assessment
VISTA InfoSec
OCTOBER 25, 2023
Welcome to our comprehensive guide on ‘Conducting an ISO 27001 Risk Assessment’. This blog is designed to equip you with effective strategies for a successful risk assessment, incorporating the principles of ISO 31000 risk management. Let’s enhance your risk assessment!
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OKX Names Yuri Mushkin as Global Chief Risk Officer
Fintech News
OCTOBER 15, 2024
OKX, a global cryptocurrency exchange and onchain technology company, has named Yuri Mushkin as its Global Chief Risk Officer. Yuri Mushkin Based in Singapore, Mushkin will oversee the company’s global risk strategy and lead its independent enterprise risk function, reporting to the CEO and Board of Directors.
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Navigating the Fintech Frontier: Essential Risk Metrics Every Fintech Leader Must Know
The Fintech Times
OCTOBER 18, 2024
Risk management is a necessity in fintech, as well as a legal obligation. However, the depth and quality of this management can become a significant competitive advantage. The new fintech paradigm: balancing innovation and risk Fintech has shaken up the financial sector, but with this innovation comes a unique set of risks.
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CeFPro: Are Financial Institutions Prepared for Supplier Risks? New Survey Uncovers Critical Gaps
Fintech Finance
OCTOBER 7, 2024
The Supplier Stability in Operational Resilience Report highlights that over 32% of the organisations surveyed are unclear about who is responsible for mitigating the risks of supplier failure, service deterioration, and concentration risk for Software as a Service (SaaS) solutions. While 70.1% Download the report here.
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Bankers Beware - All that is green is not gold - A view through the Risk Management Lens
Finextra
MAY 12, 2024
Banks are accelerating green lending and investing initiatives as they march towards realizing their.
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Thredd Launches Suite of Enhanced Compliance and Risk Services
Fintech Finance
OCTOBER 31, 2024
Across the globe, the dialogue about compliance and risk has changed and it has become increasingly challenging for emerging fintechs and bank sponsors to keep pace. This suite addresses specific factors that challenge today’s fintechs, programme managers and bank sponsors.”
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PayU GPO appoints Simona Covaliu as Chief Risk Officer
Fintech Finance
JULY 24, 2024
PayU GPO , the leading online payment service provider operating in over 50+ emerging markets, today announces the appointment of Simona Covaliu as Chief Risk Officer. Simona Covaliu, Chief Risk Officer comments: “I’m excited to be taking on a new challenge at PayU GPO.
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Exploring the Next Frontier in Compliance: Risk Orchestration
FloQast
SEPTEMBER 18, 2024
The Strategic Shift: From Compliance to Risk Orchestration FloQast’s survey uncovered a pretty notable opportunity in the compliance landscape. While a significant 47% of compliance professionals are focused on reducing administrative demands, only 16% are exploring strategic risk orchestration. You know what’s the best defense?
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De-risking dilemmas: The unintended consequences threatening UK-Iran personal remittances
The Payments Association
NOVEMBER 25, 2024
De-risking endangers financial inclusion, driving MSBs out and boosting unregulated markets, calling for urgent reform. As professionals deeply embedded in the payments industry, we are acutely aware of the delicate balance between risk management and financial inclusion.
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Grasshopper reduces manual reviews with Alloy risk solution
Bank Automation
SEPTEMBER 20, 2024
Grasshopper Bank has reduced manual reviews in its onboarding process by 57% through fintech Alloy’s risk-management solution. The bank implemented Alloy’s Identity Risk Solution in March 2022. With Alloy’s […] The post Grasshopper reduces manual reviews with Alloy risk solution appeared first on Bank Automation News.
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Minimising FX risk in International payments: Strategies for 2025
The Payments Association
DECEMBER 16, 2024
In addition to navigating multi-country operations and handling diverse currencies for payments and receipts, they must also address foreign exchange (FX) riskor exchange rate risk. This article explores FX risks in international payments and outlines strategies to minimise them, ensuring efficient and cost-effective operations.
Understanding the Dora Compliance: A Comprehensive Guide
VISTA InfoSec
OCTOBER 21, 2024
As financial institutions increasingly rely on digital infrastructure to enhance operations, customer experience, and security, they also face growing challenges in mitigating the risks that come with it, such as cyber threats, system failures, and other operational vulnerabilities.
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Managing Risk in Turbulent Times
Finextra
NOVEMBER 19, 2024
The expanded scope of risk management in banking Chief Risk Officers (CROs) must stay vigilant on c.
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Top threats of the evolving risk landscape
Nomentia
NOVEMBER 24, 2024
Actionable insights into the most pressing risks companies face today and why an effective risk management strategy is critical for businesses?
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Citi COO relieved of responsibility for data overhaul following $136 million fine
Finextra
SEPTEMBER 16, 2024
Citigroup is stripping chief operating officer Anand Selva of his responsibility for data compliance after the bank was hit with $136 million in fines for its failure to address long-standing deficiencies in risk management and data governance.
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Dennis Martin Joins ADVANCE.AI as Credit Reporting CEO
Fintech News
JANUARY 29, 2024
ADVANCE.AI, a provider of digital identity verification and risk management solutions in Southeast Asia, has announced the appointment of Dennis Martin as the CEO of its credit reporting business. His past roles include being the Managing Director at Experian Southeast Asia and Dun & Bradstreet New Zealand.
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ADVANCE.AI Expands ‘Know Your Business’ Service in Singapore and Malaysia
Fintech News
AUGUST 1, 2024
ADVANCE.AI, a provider of digital identity verification and risk management solutions in Southeast Asia, has expanded its capabilities in Singapore and Malaysia with an upgraded Know Your Business (KYB) service. JewelPaymentech, acquired by ADVANCE.AI
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ServiceNow Lands AI Partnerships with Visa and EY
Fintech News
JANUARY 25, 2024
ServiceNow Gen AI to help EY risk management The alliance with EY involves ServiceNow offering solutions in generative AI (Gen AI) for compliance, governance, and risk management. These collaborations mark another noteworthy step in the integration of advanced AI technologies in compliance and financial services.
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FinbotsAI Expands Footprint to Myanmar via KBZ Bank Partnership
Fintech News
APRIL 16, 2024
This collaboration aims to introduce AI-led credit risk management to KBZ Bank, enhancing its ability to assess creditworthiness across retail and SME products with greater accuracy and efficiency. These advancements are expected to lower credit risks and enhance operational efficiencies within the bank’s lending operations.
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How Has AI Impacted the Embedded Finance Space in Recent Years?
The Fintech Times
APRIL 15, 2024
“By analysing big data and rapidly assessing risks, AI empowers financial companies to make well-informed decisions. This approach not only fine-tunes the assessment of credit risks but also customises financial products to meet individual requirements, balancing personalisation with risk management.
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MAS Warns Financial Institutions of Quantum Computing Cyber Threats
Fintech News
FEBRUARY 21, 2024
However, they also pose a significant threat to the integrity of widely-used encryption methods, putting financial transactions and sensitive information at risk. FIs are also encouraged to explore other quantum security solutions, including QKD, as part of their risk management strategies.
MAS Seeks Feedback to Close Regulatory Gaps for Crypto Service Providers
Fintech News
OCTOBER 8, 2024
The aim is to mitigate the risks associated with such businesses. The purpose of these requirements is to address the risks of money laundering and terrorism financing, to which DTSPs may be particularly exposed due to their cross-border operations.
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Tribe Payments Secures ISO 27001 Certification, Strengthening Information Security
Fintech Finance
SEPTEMBER 18, 2024
ISO 27001 certification demonstrates that Tribe has implemented robust information security and risk management systems to protect information confidentiality, integrity, and availability in today’s evolving cyber landscape.
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Fraudsters are Turning to Third Party Vendors as New Means of Attack as Firms Improve Cybersecurity
The Fintech Times
JUNE 3, 2024
Using the world’s largest proprietary risk and threat intelligence dataset, SecurityScorecard , the cybersecurity analyser, studied cybersecurity breaches across the UK’s 100 largest companies by market capitalisation, releasing a comprehensive analysis of the landscape of the FTSE 100 in the UK.
NexGen Banking Summit
Open Banking Excellence
SEPTEMBER 25, 2024
As banks adapt to these transformative forces, attendees gain insights into innovative strategies, regulatory compliance, and customer-centric approaches that will define the future of banking.
Bank of Thailand to Test Programmable Payments in Enhanced Sandbox
Fintech News
JUNE 11, 2024
The new project will test programmable payments, which use technology to automatically set transaction conditions for goods and services, offering a variety of applications with proper risk management processes.
Citi COO shares responsibility for data overhaul following $136 million fine
Finextra
SEPTEMBER 16, 2024
Citigroup is stripping chief operating officer Anand Selva of his full responsibility for data compliance after the bank was hit with $136 million in fines for its failure to address long-standing deficiencies in risk management and data governance.
Numerated Partners With Alloy To Supercharge Fraud Prevention In Commercial Lending
Fintech Finance
OCTOBER 3, 2024
Numerated, the leading AI-driven commercial lending platform, today announced its partnership with Alloy, the identity risk management company trusted by over 600 leading banks, credit unions and fintech companies, to deliver best-in-class fraud checks within commercial lending.
How to Appoint a Qualified Data Protection Officer(DPO)?
VISTA InfoSec
OCTOBER 21, 2024
They are appointed based on article 37 of GDPR, and help organizations stay compliant with data protection laws by overseeing data security policies, monitoring internal compliance, and providing expert advice for staffs managing the potential data privacy risks.
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SBI and SIX Swiss Exchange’s AsiaNext Begins Trading in Crypto Derivatives
Fintech News
JANUARY 9, 2024
This ecosystem is expected to address the needs of institutional investors, offering solutions like reduced risks in counterparty and settlement, and capital efficiencies through innovative risk management processes. said Chong Kok Kee, Chief Executive Officer of AsiaNext.
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