FICO

MARCH 24, 2021

Trade finance has traditionally been a resource-intensive manual process because global trade still depends on paper documents, making it susceptible to documentary fraud. Here are some quick tips to keep you focused on your priorities: Review Risk Assessments and adjust internal controls as needed.

Money Laundering 98

Money Laundering SARS Fincen Financial Crimes 98

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 130

Disaster Recovery Procedures Regulatory Compliance Duplicate 130

Neopay

MARCH 14, 2024

Identification of Funds Auditors will be expecting to see documentation covering how and when relevant funds arise in your business, including transaction flows. They will also want to see that you are undertaking regular reviews to ensure that all relevant funds are safeguarded and that you are properly managing the risks of commingling.

Audit 59

Audit Risk Assessment Reconciliation Due Diligence 59

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. Guide operational enhancements and implement technologies to streamline compliance processes.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 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

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. That way, you can keep track of everything and reduce the risk of security breaches. Let’s find out together!

PCI DSS 130

PCI DSS Compliance Data Breach Breach 130

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

VISTA InfoSec

NOVEMBER 12, 2024

Incident response : SaaS businesses need a documented incident response plan that details how to handle a data breach if one occurs ( Requirement 12.10 ). This includes preparing for potential threats, training staff on response procedures, and regularly testing the response plan ( Requirements 12.10.1 and 10.2 ).

PCI DSS 130

PCI DSS Compliance Encryption Audit 130

VISTA InfoSec

NOVEMBER 12, 2024

Incident response : SaaS businesses need a documented incident response plan that details how to handle a data breach if one occurs ( Requirement 12.10 ). This includes preparing for potential threats, training staff on response procedures, and regularly testing the response plan ( Requirements 12.10.1 and 10.2 ).

PCI DSS 130

PCI DSS Compliance Encryption Audit 130

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 52

Origination Automation Risk Assessment Underwriting 52

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

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 52

Audit Accounts Procedures Compliance 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

Neopay

JUNE 27, 2024

Firms also need to understand the FCA’s approach and guidance, including the FCA Handbook and its Payments Services and Electronic Money Approach Document, which can be found on its website. This includes conducting a thorough risk assessment, implementing appropriate risk controls and establishing effective monitoring mechanisms.

Financial Crimes 52

Financial Crimes Money Laundering Compliance Risk Assessment 52

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 52

Merchant Payment Processing Processors AI Process 52

The Payments Association

MAY 16, 2025

The double-edged sword: AIs promise and pitfalls AI can cut costs and reduce manual errors by automating identity verification, document processing and behavioural analysis. Audit AI systems: Ensure every AI tool in compliance is documented, regularly reviewed, and capable of being explained to regulators and customers.

Compliance 88

Compliance AI Risk Audit 88

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

Seon

SEPTEMBER 20, 2023

Upon acceptance of this information, the organization must request PII from the individual, usually one or more documents confirming their full name, address, and date of birth. Cross-check the PII with the person’s photo ID and/or other documentation. Both AML and KYC onboarding are systems of risk management.

Process 52

Process Due Diligence AML Verification 52

FloQast

APRIL 8, 2024

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. Regularly assess the risk of material misstatement in financial reporting and adjust controls accordingly.

Compliance 52

Compliance Audit Best Practices Risk Assessment 52

Stax

DECEMBER 20, 2023

SaaS companies can avoid having to integrate their software with that of gateways and banks, undergo thorough merchant underwriting, and submit mountains of documents by working with a trusted PayFac like Stax to make their software more comprehensive for their clients. What Is Merchant Underwriting?

Underwriting 88

Underwriting Process Enrollments Payment APIs and Integration 88

Nanonets

AUGUST 1, 2023

AI integration also significantly benefits risk assessment, allowing auditors to perform sophisticated analyses of a client's data, guiding them towards areas that demand closer scrutiny. Risk Assessment: AI assists auditors in assessing risks by analyzing historical data, industry trends, and financial ratios.

Audit 52

Audit Risk Assessment AI Assessments 52

Nanonets

AUGUST 1, 2023

One key advantage is real-time collaboration enabled by cloud-based technology, allowing auditors to access and work on the same document simultaneously from any location, eliminating version control issues and facilitating seamless data updates. An audit is a continuous and iterative procedure.

Audit 40

Audit Automation Risk Assessment Assessments 40

M2P Fintech

DECEMBER 17, 2024

Key Features of a Merchant Management System Merchant Onboarding The onboarding process begins with merchants submitting applications along with required documentation for verification. KYC procedures validate their identity and legitimacy through checks on business licenses and ownership details.

Fraud Detection 52

Fraud Detection PCI DSS Disputes Settlement 52

Nanonets

MAY 10, 2023

From court documents being moved to digital formats to the advent of AI in legal research, a lot has changed. These prompts are designed to help with everything from drafting legal documents and contracts, finding relevant case law, and communicating with clients. Need to understand what is written in 10 pages of legal document?

Legal 52

Legal Laws Procedures AI 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. Covered entities must also retain for five years all documentation supporting a certification of compliance or acknowledgement of non-compliance and remedial efforts.

Cybersecurity 59

Cybersecurity Multifactor Authentication Risk Assessment MFA 59

VISTA InfoSec

AUGUST 22, 2023

Execute a Data Cataloging Process: Identify and document all instances of biometric data processing activities within your entity, outlining the purpose, legal justification, and data movement. Establish internal controls, procedures, and mechanisms of accountability to identify and address any compliance gaps.

Privacy 130

Privacy Legal Best Practices Compliance 130

Nanonets

AUGUST 1, 2023

Risk Assessment: Audit automation helps auditors assess risks more effectively by identifying potential red flags and areas of concern within the data. It enables a more comprehensive and targeted risk assessment process. This proactive approach ensures that auditors can promptly address emerging risks.

Audit 40

Audit Automation Risk Assessment Payment APIs and Integration 40

Trade Credit & Liquidity Management

JUNE 10, 2025

From there, you will be able to compartmentalize both customer risk potential and profit opportunities to focus your Credit and Collection Policy on what is best for your company’s revenue and profit potential. Further Refining Risk Assessment Not every customer will fit neatly into the risk vs. sales categories you identify.

Disputes 52

Disputes Risk Risk Assessment Liquidity Management 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. There’s much more attention as well on documentation and evidence of framework decisions and their justifications and reviews.

AML 52

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

FloQast

MARCH 1, 2024

Step 1: Initial Assessment SOX testing begins with an initial assessment. Here, the company maps out process walkthroughs, documenting the key areas and controls within the company’s financial reporting process. The company usually documents these walkthroughs with flowcharts, narratives, or both.

Audit 52

Audit Compliance Assessments Procedures 52

FloQast

DECEMBER 13, 2023

This section contains the criminal penalties for destroying, altering, or falsifying documents to obstruct a federal investigation. This provision was partly motivated by the fact Arthur Andersen, Enron’s audit firm, destroyed documents related to the Enron audit to eliminate self-incriminating evidence.

Compliance 52

Compliance Audit White Collar Crime Risk Assessment 52

Trade Credit & Liquidity Management

APRIL 16, 2025

Improve Credit Onboarding Automation and Controls: Provide a customizable credit application portal for new accounts that requires the documentation and an appropriate customer credit application to be completed fully and accurately prior to submission to the credit department. Review Credit Card Security Procedures and Fees.

Procedures 52

Procedures Regulatory Compliance Disputes Automation 52

Nanonets

DECEMBER 25, 2023

Reduce patient wait times, amplify workforce , and improve efficiency across your healthcare ecosystem with automated document processing and workflows. These claims contain a comprehensive record of medical procedures, diagnoses, and associated costs. Schedule a Demo What is the Process of Healthcare Claims Processing?

AI 59

AI Process Payer Fraud Detection 59

Nanonets

AUGUST 1, 2023

By harnessing the power of advanced technologies such as Robotic Process Automation (RPA), data analytics, and artificial intelligence, businesses can revolutionize their auditing procedures. Leveraging AI-powered solutions, auditors can analyze historical data to identify potential risks and prioritize their efforts effectively.

Audit 52

Audit Automation Bots Risk Assessment 52

Nanonets

SEPTEMBER 27, 2024

We will also understand how we can leverage AI-based Intelligent Document Processing (IDPs) tools to automate STP and reduce human dependency in this sector. Sample document processed by Insurance industry What is Straight Through Processing in Insurance? So, let’s get started. For example, consider a health insurance claim.

Process 52

Process Underwriting Automation Database 52

FloQast

NOVEMBER 27, 2023

There’s no room for “close enough”; it’s about rigorous internal checks, clear documentation, and full disclosure. 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.

Compliance 52

Compliance Risk Assessment Audit Risk Management 52

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