Remove Consulting Remove Disaster Recovery Remove Mitigation
article thumbnail

The Modernization Imperative: Why Financial Services Cannot Afford Legacy System Inertia

Finextra

Implementation Considerations and Risk Mitigation Regulatory Compliance in Modernized Environments Modernization efforts must maintain regulatory compliance throughout transformation phases. This requires careful planning around data residency, audit logging, access controls, and disaster recovery capabilities.

article thumbnail

Strengthening Financial Resilience: Huawei’s Role in the Future of Finance

Fintech News

Huawei’s approach leverages automation and AI to simplify processes, provide key insights, and mitigate risks. Comprehensive risk mitigation for financial resilience Huawei’s suite of solutions goes beyond mere equipment upgrades.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Understanding Risk Management Strategies as a PayFac

Stax

To mitigate some of the financial risks, you can look into retaining a portion of the funds and creating reverse accounts. Maintain a comprehensive disaster recovery program and undertake contingency planning so that you can resume operations quickly. The due diligence doesn’t stop at onboarding.

article thumbnail

Hong Kong Monetary Authority Issues Guidance for Banks on Crypto Custody and Sale of Tokenised Products

Global Fintech & Digital Assets

The guidance continues the momentum of digital asset regulation in Hong Kong, following a raft of other rules and consultations recently published by Hong Kong regulators. Banks’ contingency and disaster recovery arrangements should cover any disruption to the outsourced services.

article thumbnail

FCA Authorisations: How are things changing? Are things improving?

Neopay

If you are partnering with a consultancy firm, make sure they provide workshops and training to help you ensure that you have a good understanding of the regulations that apply and, more importantly, how they apply to your specific business model and services.

article thumbnail

Master SOX Compliance: A Comprehensive Guide for 2023

FloQast

It prohibits auditors from providing certain consulting services to their audit clients and requires a rotation of the lead audit partner every five years. It should be remembered that Arthur Andersen, the accounting firm contracted by Enron to handle its audits, used to provide Enron with substantial consulting services as well.

article thumbnail

Generative AI in Banking and Adult Entertainment

Segpay

This proactive approach to fraud detection minimizes financial losses for banks and customers, strengthens cybersecurity posture, and mitigates data breaches and cyber-attack risks. Industries that use AI must find a balance between harnessing the power of AI for positive transformation and mitigating its potential risks.

AI