Nanonets

AUGUST 1, 2023

In the rapidly evolving world of auditing, innovative technologies have revolutionized traditional practices. Auditors are now increasingly embracing the agile auditing approach previously used in software development. This strategic allocation of resources optimizes auditing efforts, leading to more focused and effective audits.

Audit 52

Audit Risk Assessment AI Assessments 52

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. The new funding will assist Strike Graph in hiring for more cybersecurity and engineering roles.

Automation 107

Automation Compliance Audit Cybersecurity 107

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 Engage qualified security assessors (QSAs) Work with a QSA to perform a gap analysis, guide you through the compliance process, and conduct formal audits. and 10.2 ).

PCI DSS 130

PCI DSS Compliance Encryption Audit 130

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 Engage qualified security assessors (QSAs) Work with a QSA to perform a gap analysis, guide you through the compliance process, and conduct formal audits. and 10.2 ).

PCI DSS 130

PCI DSS Compliance Encryption Audit 130

Nanonets

AUGUST 1, 2023

The era of automation has brought about a revolution in various industries, and the audit sector is no exception. The integration of Artificial Intelligence (AI), cloud-based data storage solutions, and data analytics tools is set to transform the audit industry, reshaping the way accountants and auditors carry out their tasks.

Audit 40

Audit Automation Risk Assessment Assessments 40

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 88

Money Laundering Compliance AML Due Diligence 88

Nanonets

AUGUST 1, 2023

Over the years, the auditing landscape has undergone remarkable transformations, and among the most significant advancements has been the advent of audit automation software solutions. Computer-Assisted Audit Tools and Techniques (CAATTs) have been available to auditors since the early 1990s. The situation has changed now.

Audit 40

Audit Automation Risk Assessment Payment APIs and Integration 40

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 52

Cannabis Banking Boot Camp Compliance Money Laundering 52

Neopay

MARCH 14, 2024

It will be consulting this year on proposals to close gaps in protection and reduce risks of harm if firms fail. This includes proposals on firms’ systems and controls and improving FCA oversight through improved reporting and independent audit of firms safeguarding arrangements.

Audit 59

Audit Risk Assessment Reconciliation Due Diligence 59

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 88

Risk Management Risk Money Laundering Mitigation 88

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. Our expertise ensures that your business remains compliant, resilient, and well-positioned for growth.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

VISTA InfoSec

FEBRUARY 28, 2024

Specific Requirement - New: Rules for limited shared account use (duration, documentation, approval, auditability). Changes Core Focus Limiting database access to programmatic methods (apps, stored procedures) and database administrators. Interview those in charge: do these accounts follow these strict procedures?

PCI DSS 130

PCI DSS Best Practices Authentication Rules 130

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. . Conducting internal monitoring and auditing.

Money Laundering 98

Money Laundering SARS Fincen Financial Crimes 98

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 52

Audit Risk Assessment Assessments Procedures 52

The Payments Association

MAY 16, 2025

Yet, as adoption increases, so do the risks While AI improves efficiency, speed, and scale, it also introduces new compliance risks, many of which remain under-acknowledged and insufficiently addressed. This supports compliance with SYSC 8 (Outsourcing) and SYSC 13 (Operational Risk) in the FCA Handbook.

Compliance 88

Compliance AI Risk Audit 88

Clearly Payments

JANUARY 8, 2024

Merchants must familiarize themselves with the diverse risks associated with payment processing, encompassing fraud, chargebacks, and cybersecurity threats. Conducting a thorough risk assessment tailored to the specific nature of the business is essential.

Risk Management 97

Risk Management Risk PCI DSS Process 97

Neopay

DECEMBER 5, 2024

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. We ensure your approach to financial crime risks is in line with both FCA expectations and best practices.

Financial Crimes 52

Financial Crimes Crime Money Laundering Risk Assessment 52

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 52

AML Financial Crimes Risk Assessment Due Diligence 52

The Payments Association

MAY 16, 2025

Applicable to large organisations, the offence imposes criminal liability if firms do not have adequate fraud prevention procedures in place, even if senior leadership is unaware of the misconduct. Next steps/action required: Conduct a comprehensive fraud risk assessment across all channels and partners.

Regulations 88

Regulations ISO 20022 Cross-Border Legal 88

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. A PCI QSA audit can provide assurance that you’re on the right track.

PCI DSS 130

PCI DSS Compliance Data Breach Breach 130

Neopay

JUNE 27, 2024

This includes conducting a thorough risk assessment, implementing appropriate risk controls and establishing effective monitoring mechanisms. Provide a clear overview of your risk appetite and mitigation strategies to demonstrate a proactive approach to risk management.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Risk Assessment 52

PYMNTS

NOVEMBER 26, 2018

The researchers examined executive pay as a risk factor because auditing standards include executive compensation in their risk assessment and prior research. Twelve percent of companies analyzed had at least one C-level executive with prior audit experience , either as a partner or manager of a public accounting firm.

Compromise 51

Compromise Accounts Audit Risk 51

Neopay

JULY 4, 2024

Risk assessments : Document actions taken as part of Business Wide Risk Assessments (BWRA) or Enhanced Risk Assessments (EWRA). Related policies and procedures : Review policies like Complaints Handling, Vulnerable Customer protocols, and Customer Onboarding processes.

Consumer 52

Consumer Risk Assessment Assessments Compliance 52

FloQast

MARCH 1, 2024

The Sarbanes-Oxley Act addressed several themes, including increasing oversight of the accounting profession with the Public Company Accounting Oversight Board (PCAOB), establishing new standards to preserve auditor independence, reconfiguring audit committees, and requiring enhanced financial statement disclosures.

Audit 52

Audit Compliance Assessments Procedures 52

FloQast

APRIL 8, 2024

This can impact the company’s stock price and ability to secure financing and increase external audit costs. This includes identifying key controls, establishing clear lines of authority and responsibility, and ensuring that policies and procedures are well-documented and communicated. Conduct regular risk assessments.

Compliance 52

Compliance Audit Best Practices Risk Assessment 52

FloQast

DECEMBER 13, 2023

It was known as the Corporate and Auditing Accountability, Responsibility, and Transparency Act. It prohibits auditors from providing certain consulting services to their audit clients and requires a rotation of the lead audit partner every five years.

Compliance 52

Compliance Audit White Collar Crime Risk Assessment 52

FloQast

NOVEMBER 27, 2023

Similarly, the segregation of duties ensures that no single individual has control over all aspects of any critical financial transaction, reducing the risk of malicious activity or errors. The Critical Role of Internal Audits Ever heard the saying, “Two heads are better than one”?

Compliance 52

Compliance Risk Assessment Audit Risk Management 52

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 59

Cybersecurity Multifactor Authentication Risk Assessment MFA 59

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.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

FloQast

OCTOBER 27, 2023

Write clear internal policies and procedures : Staff at all levels must understand the rules. For this reason, policies and procedures should be simple, clear, and concise. The risk assessment should also identify the potential consequences of each risk and the controls in place to mitigate those risks.

Compliance 52

Compliance Best Practices Mitigation Procedures 52

Neopay

JULY 4, 2024

One of the current focusses is enhanced due diligence – right through the process, so for example risk assessments, operational processes, monitoring and reviews, its effectiveness in practice. Audits, advice and reviews from third-party specialists such as Neopay are essential now really. No problem.

AML 52

AML Due Diligence Suspicious Activity Report (SAR) Risk Assessment 52

FloQast

MAY 13, 2024

The software notifies the accounting team of task completion simultaneously notifying the accountant completing the inventory workflow, and the internal audit team monitoring the effectiveness of the control environment. The manager is able to sign-off and log the count digitally via control software.

Compliance 52

Compliance Audit Automation Accounts 52

Global Fintech & Digital Assets

MARCH 5, 2024

Banks are expected to apply the follow guidance in connection with their digital asset custodial services: Governance and risk management : Prior to launching digital asset custodial services, banks are expected to undertake a comprehensive risk assessment and to implement appropriate policies and procedures to mitigate identified risks.

Authorization 59

Authorization Product Due Diligence Procedures 59

Center for Payments

SEPTEMBER 15, 2022

The Payment Associations represent a group of hard-working payment experts dedicated to assisting financial institutions through business continuity planning education, consultative audits, and risk assessments, providing guidance through various payment rules and regulations.

FFIEC 40

FFIEC Risk Assessment Business Continuity Federal Reserve 40

Seon

JUNE 29, 2023

It achieves this through transaction and behavior monitoring, risk assessment, and alert generation. Risk assessment: KYT is informed by data sources such as politically exposed person (PEP) lists, high-risk jurisdiction lists, and negative media and sanctions lists.

Transactions 52

Transactions Due Diligence Money Laundering AML 52

PYMNTS

SEPTEMBER 29, 2017

Seventy-nine percent of survey respondents said they are performing enterprise-wide risk assessments in response to stricter regulations, while most also said risk management is also taken into account when performing other tasks like testing, training, compliance audit programs and developing policies and procedures.

Treasury 56

Treasury Addressing Treasury Management FinTech 56

Segpay

MAY 1, 2024

Some of DORA’s main pillars are: Operational Risk Management: DORA requires PSPs to implement robust operational risk management practices to identify, assess, mitigate, and monitor operational risks effectively. Protect Consumer Interests: DORA aims to protect consumer interests.

Cybersecurity 52

Cybersecurity Compliance Procedures Risk Management 52