This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Risk management is at the heart of any effective disaster recovery (DR) plan or playbook. A proactive approach to risk management allows businesses to identify, assess, and mitigate these threats before they can bring operations to a standstill. The question isnt if, but when these threats will materialize.
Risk management is at the heart of any effective disaster recovery (DR) plan or playbook. A proactive approach to risk management allows businesses to identify, assess, and mitigate these threats before they can bring operations to a standstill. The question isnt if, but when these threats will materialize.
Welcome to our comprehensive guide on ‘Conducting an ISO 27001 RiskAssessment’. This blog is designed to equip you with effective strategies for a successful riskassessment, incorporating the principles of ISO 31000 risk management. Let’s enhance your riskassessment!
However, this convenience comes with significant cyber risks that can compromise sensitive information and privacy. Therefore, this article explores the common cyber threats in video communication and provides strategies to mitigate them. Common Cyber Risks in Video Communication Video communication offers numerous benefits.
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.
Singapore has released its updated Terrorism Financing National RiskAssessment (TF NRA) and National Strategy for Countering the Financing of Terrorism (CFT) to address terrorism threats. The country also collaborates with the private sector and academic institutions to enhance its understanding of these risks.
However, with this widespread adoption comes an equally significant risk which is the growing threat of data breaches and payment fraud. Regular monitoring and testing of networks: Performing routine security assessments. Implementing strong access control measures: Limiting access to cardholder data based on job responsibilities.
The insurance industry is all about riskmitigation, and not only when it comes to underwriting policies. Averse to the risk of change, the property and casualty (P&C) insurance arena has been resistant to embrace electronic payments when disbursing funds to claimants.
Organization that are certified by CREST goes thorough assessments of their methodologies, quality assurance processes, and data security measures, offering assurance to clients seeking reliable and trustworthy security services. CERT-IN Empanelment : Recognized by the Indian government as a trusted security assessor.
The Economic Crime and Corporate Transparency Act 2023, specifically the “failure-to-prevent fraud” offence, and outlines how businesses can mitigate fraud risks. Compliance requires proactive fraud riskassessment, the implementation of preventive procedures, and a culture of accountability.
While vIBANs offer innovation in payment systems, they introduce risks like money laundering due to insufficient oversight. Payment Service Providers must strengthen due diligence, monitoring, and collaboration with regulators to address these risks. Including structured data would help PSPs monitor and mitigate financial crime risks.
Benefits of PCI DSS compliance for a small business: Enhanced Security reduces the risk of data breaches, fraud, and unauthorized access to sensitive cardholder data. It helps assess and mitigate security risks systematically by identifying vulnerabilities and implementing controls to address them before they materialize.
While the potential returns are attractive, the risks involved can be significant. At Fintech Review we explore yield farming and liquidity mining, analysing the rewards and inherent risks associated with these strategies. One of the biggest risks is smart contract vulnerabilities. Market volatility is another critical risk.
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.
To provide insurance to companies of all sizes against pricing risk at a time of unprecedented volatility in the raw materials market, ChAI , the AI-driven commodity intelligence company, has launched ChAI Protects. ChAI Protect is already utilised by large publicly traded firms and is underwritten by tier one, A-rated, underwriters.
With regulatory scrutiny at an all-time high, payments firms must keep pace with evolving regulations to avoid financial penalties and reputational risks. Firms must ensure robust trust arrangements and clear segregation of customer funds to minimize financial risk. The FCA sees industry collaboration as critical.
Global verification provider Sumsub has partnered Elliptic, a cryptoasset risk management firm, to bolster its crypto transaction monitoring and Travel Rule solutions. Sumsub’s own Identity Fraud Report 2024 indicates that crypto is a high-risk industry for fraud. said James Smith, Co-founder of Elliptic.
Four Years In, The Compliance Gap in the Travel Rule Still Exists In 2021, the FATF updated its risk-based guidance for virtual assets and VASPs, reinforcing the Travel Rule. Source: Sumsub Key issues include weak riskassessments, delayed rollout of the Travel Rule, and a lack of interoperability among compliance tools.
The dual impact of generative AI on payment security, highlighting its potential to enhance fraud detection while posing significant data privacy risks. Data leakage, model biases, and a lack of transparency in AI decision-making are just a few of the potential privacy risks that must be considered. What is this article about?
This PoC provided an opportunity to explore insights into technological risks associated with digital assets across multiple blockchains. Transparency and risk management are critical to supporting institutional engagement in tokenized finance.”
Singapore has released an Environmental Crimes Money Laundering National RiskAssessment (NRA), highlighting the primary threats and vulnerabilities associated with it. The NRA concludes that, given the existing controls, the risk of criminals using Singapore for environmental crimes money laundering is medium-low.
, AI helps companies manage risks better, it's like a big shift. It is changing how businesses deal with Enterprise Risk Management (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 risk managers.
Many investors and stakeholders are attempting to hold companies to a certain standard of emissions and mitigation efforts, or a future commitment to one. These riskassessments are no longer pushed to the back burner of what-if scenarios, but rather companies are treating these scenarios as an important aspect of forecasting.
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. Working closely with the supervisory authority on processing-related matters.
Singapore has released its updated Money Laundering (ML) National RiskAssessment (NRA) , highlighting increased risks in the digital payment token (DPT) services sector. The updated assessment highlights increased risks due to economic and geopolitical shifts, as well as the rise in technology-enabled transactions.
What counterparty risks could affect our liquidity? Recent events, coupled with the interest rate volatility across the world have cause many a treasurer to ask: What is our current liquidity position? What are our primary and secondary sources of liquidity? What are our contingency funding plans in case of a liquidity shortfall?
It assesses whether the new policy is effectively protecting consumers and reducing fraud, while also highlighting ongoing challenges and debates about a broader, cross-sector approach to tackling APP fraud. With increasing attack vectors, organisations need proper software solutions and visibility to mitigaterisk effectively.
This article can help CFOs see the exciting opportunities of Generative AI, while also understanding the risks involved. This improves forecasting and helps in , managing risks better , leading to better choices. Algorithmic Bias: Mitigate biases in AI algorithms to ensure fair decision-making in financial processes.
Resilience , the US-based cyber risk solution company, has introduced two new cyber risk tools to its cyber insurance package, in a move to help its clients reduce losses from cyberattacks. Not only are Resilience’s clients more effective at avoiding loss, but they also are more proactive about assessing and mitigating that risk.
The Bank for International Settlements (BIS) Innovation Hub and the Monetary Authority of Singapore (MAS) have developed a blueprint – Project Viridis – a climate risk platform aimed at helping financial authorities identify, monitor, and manage climate risks in the financial system.
In the rapidly advancing world of payments and eCommerce, merchants find themselves navigating a landscape of risk in payment processing. While these technologies bring unparalleled convenience and global reach, they also introduce a plethora of risks that can impact the financial stability and reputation of businesses.
The merchant underwriting process is a critical step that payment processors and financial institutions use to assess the risk associated with onboarding new businesses. Key steps include application review, riskassessment, credit checks, and compliance verification. Learn More What is Merchant Account Underwriting?
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.
MiCA’s primary aims were to impose stringent requirements on stablecoin issuers in order to protect consumers from potential risks associated with unregulated digital assets, promoting a safer environment for crypto transactions. PSPs were required to enhance their fraud detection and prevention systems to mitigate potential losses.
In fintech, Agentic AI could enhance fraud prevention, risk management, trading, and customer engagement by autonomously analysing financial data, detecting anomalies, and executing decisions in real time. Theres a risk that AI could inadvertently expose data through cyberattacks, algorithmic vulnerabilities, or insufficient safeguards.
Temenos says the solution uses artificial intelligence to assess transactions in real time and support compliance teams in identifying genuine risks more effectively. Temenos argues that automating parts of the workflow can help shift resources toward more complex and high-risk cases.
As the world grapples with the increasingly urgent need to address climate change, industries across the board are being called upon to play their part in mitigating its effects. Among these, the insurance industry stands as a critical player uniquely positioned to drive sustainable initiatives and proactively manage climate-related risks.
The rise of online transactions and evolving cybercrime tactics highlight the urgent need for strong identity risk management and monitoring. Identity theft presents significant challenges to businesses, making proactive riskmitigation essential for regulatory compliance, trust, asset protection, and operational integrity.
In this article, we’ll discuss what SaaS companies looking to become payment facilitators need to know about risk management strategies. PayFacs handle riskassessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks.
A successful digital British pound hinges on a well-defined product, clear processes, and expert people to balance innovation with risk. More complex risks, like counterfeiting and double spending, also need to be addressed to build trust. Retailers and service providers may favour synchronous models to mitigate payment disputes.
However, several complex types of risks come along with this. As such, PayFacs need to equip themselves with an effective risk management strategy that helps them continuously monitor risks and employ appropriate risk responses if needed. Let’s get started.
The GenAI Financial Crime Detection Suite enables financial institutions to improve AML efforts, streamline compliance, and proactively manage risk indicators. “By integrating generative AI in their financial crime detection solutions, organizations can mitigaterisk, drive exceptional efficiencies, and elevate regulatory standards.”
Why responsible data sharing matters The UK GDPR and the Data Protection Act 2018 (DPA) support the responsible sharing of personal data when mitigating scams and fraud. For activities involving a high risk to individuals, a DPIA is a legal requirement.
Comprehensive Gap Assessment One of the first steps was analyzing our existing controls through the lens of ISO 42001s requirements. This wasnt just about complianceit was about making FloQast stronger and more nimble in managing AI risks. At FloQast, our method is deliberate and cautious.
We organize all of the trending information in your field so you don't have to. Join 5,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content