FloQast

NOVEMBER 20, 2023

One of the first steps in carrying out an effective internal audit is to perform an internal audit risk assessment. This planning process is the foundation for a successful audit, helping auditors identify and prioritize significant risks and areas of concern within an organization. What Is an Internal Audit Risk Assessment?

Risk Assessment

VISTA InfoSec

MARCH 6, 2024

assessment, understanding these changes to Requirement 10 will help you strategize your implementation approach. Testing Procedures Broad testing, looking at system settings, monitored files, etc. Testing procedures align with updated access language. Similar emphasis on policies and procedures. No changes. No changes.

PCI DSS

VISTA InfoSec

MARCH 5, 2024

specifically to visitor access procedures. Reflects the higher risk visitors can pose. Broadened to observe and interview for CDE-wide visitor management procedures. Same principle but adapted to check procedures across the CDE. Focused testing procedures. More comprehensive access management focus. PCI DSS v4.0

PCI DSS

VISTA InfoSec

JULY 31, 2023

After completing all the applicable requirements and steps mentioned in the PCI DSS checklist, businesses may engage a Qualified Security Assessor (QSA) to perform a formal assessment of their compliance with the PCI DSS. If any areas of non-compliance are identified during the assessment, the QSA will report their findings to the business.

PCI DSS

VISTA InfoSec

OCTOBER 20, 2023

According to the Contingency Plan Policy in HIPAA section 164.308(a)(7)(i) , covered entities must “formulate and execute, as needed, guidelines and procedures to respond to emergencies or other incidents (like system failure, fire, vandalism, or natural disaster) that damage systems containing ePHI.” What is a Contingency Plan Policy?

Disaster Recovery

VISTA InfoSec

NOVEMBER 12, 2024

This includes preparing for potential threats, training staff on response procedures, and regularly testing the response plan ( Requirements 12.10.1 SaaS providers must assess and monitor these vendors to ensure they meet PCI DSS requirements as well ( Requirement 12.8.4 ). Q2: How Often Should We Conduct PCI DSS Assessments?

PCI DSS

VISTA InfoSec

NOVEMBER 12, 2024

This includes preparing for potential threats, training staff on response procedures, and regularly testing the response plan ( Requirements 12.10.1 SaaS providers must assess and monitor these vendors to ensure they meet PCI DSS requirements as well ( Requirement 12.8.4 ). Q2: How Often Should We Conduct PCI DSS Assessments?

PCI DSS

The Payments Association

JANUARY 29, 2025

Inadequate risk management and due diligence : Institutions faced challenges in ensuring effective customer risk profiling and due diligence, particularly for high-risk clients and correspondent banking relationships. October 2024: TD Bank$3 BillionAML TD Bank was fined $3 billion, including a $1.3

Financial Crimes

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

Innovative Payments Association

AUGUST 29, 2024

Conduct a Risk Assessment Before building a compliance program, businesses should conduct a thorough risk assessment to identify potential compliance risks. This includes assessing the risk of money laundering, financial crime, and regulatory violations.

Cannabis Banking

PYMNTS

OCTOBER 9, 2020

By helping firms scope appropriately sized audits and dynamically modify controls, Strike Graph seeks to take away the confusion around cybersecurity audit and certification procedures.

Automation

Fi911

DECEMBER 19, 2023

Risk Management: Pinpointing potential risks through vast data analysis Machine Learning in Chargeback Management Chargebacks, while designed to protect consumers, pose significant challenges for businesses, including financial losses and reputational damage. However, machine learning is revolutionizing chargeback management.

Fraud Prevention

Clearly Payments

JANUARY 8, 2024

In this guide, we go into the topics of risk management in payment processing, equipping merchants with the knowledge and strategies needed to secure their transactions. Identifying and Assessing Risks Understanding the lay of the land is the first step in effective risk management.

Risk Management

VISTA InfoSec

FEBRUARY 28, 2024

Changes Core Focus Limiting database access to programmatic methods (apps, stored procedures) and database administrators. assessments.) Make sure these records outline who does what in terms of managing user accounts. Interview those in charge: do these accounts follow these strict procedures? Requirement v3.2.1 (8.7)

PCI DSS

PYMNTS

DECEMBER 9, 2020

Banks that use AI-driven predictive models are able to detect the risk of delinquency as many as 12 months before a customer ever misses a payment, providing banks and their customers the breathing room they need to take action. The practical applications for AI extend far beyond credit risk assessment and detection, however.

Credit Risk

Stax

JANUARY 8, 2024

To establish an effective risk management program as a PayFac, you must establish a dedicated risk management team, utilize the right tools and technology, develop proper risk management policies and procedures, conduct regular risk audits, and stay up-to-date with the latest industry regulations.

Risk Management

Neopay

MARCH 7, 2024

Risk Assessment weaknesses: Annex 1 firms have demonstrated inadequacies in conducting comprehensive Business Wide Risk Assessments and Customer Risk Assessments, leaving significant gaps in their AML frameworks.

AML

Neopay

MARCH 14, 2024

Risk assessments and due diligence of third parties should be reviewed regularly based on your safeguarding policy. Your justification for the frequency of reconciliations, along with other factors, should be included within your risk assessments.

Audit

VISTA InfoSec

JULY 5, 2023

This widely accepted set of policies and procedures is designed to enhance the security of credit, debit, and cash card transactions, while also protecting cardholders from the misuse of their personal information. Regularly test and assess network vulnerabilities to identify and address any weaknesses.

PCI DSS

VISTA InfoSec

AUGUST 22, 2023

Principle of data minimization: Only the minimum amount of biometric data necessary for the intended purpose should be collected and processed, requiring careful assessment and avoidance of excess. Voiceprint: Assessment of vocal attributes such as tone, pitch, and enunciation.

Privacy

Neopay

DECEMBER 5, 2024

It also introduces new self-assessment questions and emphasises the importance of senior management accountability. Proliferation Financing (PF) In response to the 2022 changes in the Money Laundering Regulations (MLRs), the Guide now explicitly addresses the need for firms to conduct PF risk assessments.

Financial Crimes

FICO

MARCH 24, 2021

Apart from identifying money laundering and terrorist financing risks in trade transactions, organizations must also think about potential anti-bribery and corruption concerns, as being pressured to pay bribes can lead to FCPA (Foreign Corrupt Practices Act) violations and hefty fines. . Set clear and realistic priorities.

Money Laundering

The Payments Association

MAY 16, 2025

These developments will impact merchant compliance, cost structures, customer experience, and operational risk. Merchants should assess exposure, engage with providers, and begin implementation planning ahead of key deadlines. Next steps/action required: Conduct a comprehensive fraud risk assessment across all channels and partners.

Regulations

Neopay

JULY 4, 2024

These reports are critical for assessing and evidencing how firms have provided good outcomes for consumers under the Duty. Importance of board reports According to the Financial Conduct Authority (FCA), “Board reports are key to assess and evidence how firms have provided good outcomes for consumers under the Duty.”

Consumer

Neopay

MAY 7, 2024

The FCA aims to assist firms in understanding regulatory expectations while empowering them to assess the adequacy of their financial crime systems and controls. This includes references to the travel rule and updates to sections on risk assessment and fraud.

Financial Crimes

Neopay

JUNE 27, 2024

It is crucial to conduct a thorough assessment of your financial position and ensure that you meet the minimum capital requirements. To demonstrate financial adequacy, firms should consider the following: Capital Planning: Develop a robust capital planning strategy that takes into account potential risks and contingencies.

Financial Crimes

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

Segpay

JANUARY 30, 2025

As financial institutions, these companies must implement risk management procedures and regulatory compliance to prevent reputational and financial damage. High-risk classified businesses should partner with a PSP that understands high-risk business from a regulatory and a processing perspective.

Merchant Payment Processing

Nanonets

APRIL 11, 2023

The need to minimize risk and maintain loan portfolio quality : In a volatile economic environment, lenders must carefully manage risk to protect their loan portfolios and maintain financial stability. Manual compliance processes increase the risk of non-compliance and may result in costly fines or penalties.

Origination

The Payments Association

MAY 16, 2025

85% of digital-first payment firms report live AI integration, particularly in fraud analytics and real-time risk scoring. Among investment firms, over 50% now use AI in regulatory reporting, suitability assessments, and surveillance of employee trading. A growing skills gap compounds this issue.

Compliance

Fintech News

JULY 4, 2024

The insurance industry stands to benefit from AI’s prowess in risk assessment and claims processing, while asset managers can leverage AI for more sophisticated portfolio allocation and algorithmic trading. One promising application is in ‘nowcasting’ – using real-time data to assess current economic conditions.

Central Bank

Nanonets

FEBRUARY 9, 2024

Remember that internal controls are procedures and processes management emplace to ensure accounting integrity and financial transparency. In this case, the referee (actual control measures and checks) uses the playbook (company procedures built on accepted accounting principles) to manage the game (financial reporting).

Audit

Finovate

FEBRUARY 8, 2024

Dotfile Dotfile is an end-to-end business verification platform that automates KYB and AML procedures, reduces fraud, and streamlines compliance operations. Banks, credit unions, payment providers, and small-and-medium-sized businesses.

Payment APIs and Integration

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

M2P Fintech

DECEMBER 17, 2024

KYC procedures validate their identity and legitimacy through checks on business licenses and ownership details. A risk assessment follows, evaluating the merchants profile through credit checks and performance analysis, leading to application approval or rejection based on these findings.

Fraud Detection

Seon

JUNE 24, 2024

A critical aspect of cybersecurity, the fundamentals within this realm center on three main components: identifying, assessing and mitigating risks associated with digital identities and access controls across an organization. The following details a five-step process.

Risk Management

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