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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.
On the other hand, organizations with Levels 2, 3, or 4 use Self-Assessment Questionnaires (SAQs) to audit their compliance program. Third-PartyServiceProvider ( TPSP or "serviceprovider") refers to an entity other than the Merchant, Acquirer, or Issuer involved in storing, processing, or transmitting card data.
Risk management Financial institutions and third-partyserviceproviders must construct and execute a risk-based approach to detect and prevent fraudulent ACH transactions. This includes developing policies and tools to adequately identify, assess, and mitigate potential fraud.
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