The Finance Weekly

AUGUST 26, 2023

So, AI is super useful for businesses to manage risks well, especially now when things are uncertain. Conclusion Organizations stand to gain advantages by transitioning their corporate culture away from merely fulfilling IT compliance requirements and redirecting it toward comprehensive risk mitigation. What is ERM?

Risk Management

Fintech News

FEBRUARY 14, 2024

The trade finance industry has been aspiring for greater digitalisation, striving to tap into potential benefits such as improved transparency, efficiency, risk mitigation and support for small and medium-sized enterprises (SMEs). Finally, efforts to digitalize trade have been held back by the lack of clear direction.

Finance

Fintech News

JULY 24, 2024

The Step phase involves implementing solutions and procedures for seamless upgrades, migrations, and reconstructions. By automating routine tasks and leveraging AI for complex decision-making, banks can significantly reduce the risk of human error while improving overall operational efficiency.

Finance

The Payments Association

DECEMBER 16, 2024

Best Practices for Managing FX Risks Diversification Strategies Diversifying your currency portfolio is an effective risk mitigation approach. Maintaining accounts in multiple currencies across different providers can also reduce operational risks. Paying suppliers in their preferred currency eliminates net exposure.

International Payments

Nanonets

MAY 31, 2023

AI can help mitigate these issues. Technologies such as machine learning and natural language processing have revolutionized the finance function by automating and streamlining various financial procedures. Further, the aggregate potential cost savings for banks from AI applications is estimated at $447 billion by 2023.

AI

PYMNTS

OCTOBER 30, 2020

Strategic sourcing will also be key for organizations looking to outsource more work to contractors and third-party vendors, while risk mitigation, said Allis, will increasingly involve analysis of organizations' environmental and safety policies and procedures.

Risk

PYMNTS

SEPTEMBER 29, 2017

Managing Risk. One of the most crucial areas for banks’ treasuries is risk mitigation , which, according to Beaulande, has become more complex as it relates to other areas of treasury management. Sixty percent said that internal regulatory examinations include an assessment of risk management practices.

Treasury

Trade Credit & Liquidity Management

APRIL 16, 2025

Work with Sales to ensure prompt credit decision-making and proactive risk mitigation tools are in place. Review Credit Card Security Procedures and Fees. Have a clear plan for training, and how to adapt policies and procedures to market and economic changes. Implement Staff Incentives and Morale-Building Activities 16.

Procedures

Stax

AUGUST 22, 2024

Payfacs need to have regular AML screenings and strictly implement KYC procedures. Review your risk mitigation and risk acceptance policies regularly and update them. Final Words There is no doubt that you need an effective, robust yet easy-to-follow risk mitigation strategy as a PayFac.

Risk Management

PYMNTS

APRIL 27, 2017

The Central Bank said it also found AIB’s policies and procedures regarding anti-money laundering and anti-terror financing failed to meet the compliance of the law in several areas, including its trade finance business. “A

Money Laundering

Nanonets

JULY 11, 2023

Receipt and Inspection of Goods: Purchases controls include procedures for receiving and inspecting goods to ensure that they meet the organization's specifications and quality standards. Photo by Austin Distel / Unsplash What are Test of Control Procedures? How can a Test of Control Procedure Evaluate Purchase Controls?

Procedures

Neopay

JUNE 27, 2024

Provide a clear overview of your risk appetite and mitigation strategies to demonstrate a proactive approach to risk management. Key considerations for AML and financial crime compliance include: AML policies and procedures: Develop comprehensive AML policies and procedures that meet the regulatory requirements.

Financial Crimes

Nanonets

APRIL 24, 2024

This audit aims to verify the accuracy and completeness of the bank reconciliation procedures and ensure that they are conducted in accordance with established accounting standards and regulatory requirements. Testing Controls : The auditor evaluates the effectiveness of internal controls related to bank reconciliation processes.

Reconciliation

Center for Payments

SEPTEMBER 15, 2022

The purpose of a Business Continuity Plan is to focus on a subset of operational risk factors, identifying, assessing, and reducing risk to an acceptable level through the development, implementation, and maintenance of a written, enterprise-wide business continuity plan.

FFIEC

Nanonets

SEPTEMBER 22, 2023

Effective  vendor management  contributes to cost optimization,  risk mitigation , and quality assurance.   Risk mitigation : Thorough   vendor evaluation   and ongoing monitoring can minimize the risks associated with disruptions, delays, or subpar product or service quality.

Risk Mitigation

PYMNTS

NOVEMBER 9, 2017

More than a third (36 percent) of survey respondents said fraud monitoring and risk mitigation are the areas in which CFOs are most falling short. That’s followed closely by performance risk management and strategic/operational risk management, each cited by 32 percent of survey respondents as areas in which CFOs fail to deliver.

Risk Management

Seon

JUNE 24, 2024

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 risk mitigation essential for regulatory compliance, trust, asset protection, and operational integrity.

Risk Management

Fi911

AUGUST 31, 2023

For instance, the right of rescission for certain transactions, advertising regulations, and procedures for resolving credit billing errors. Risk Mitigation Complying with TILA reduces the risk of litigation and regulatory fines. The Act also contains provisions pertaining to certain consumer rights in transactions.

Consumer Financial Protection Bureau (CFPB)

Nanonets

FEBRUARY 21, 2024

Businesses are encouraged to familiarize themselves with the procedural steps of cash reconciliation, adopt best practices to enhance accuracy, and consider the benefits of automating the process to mitigate risks associated with manual reconciliation.

Reconciliation

Segpay

OCTOBER 4, 2023

Enhanced Due Diligence: High-risk PSPs often conduct thorough due diligence on their clients and affiliates instead of leaving this up to the merchants. This involves reviewing business practices, compliance procedures, and risk management strategies to identify and address potential compliance issues before they become problems.

Security

Trade Credit & Liquidity Management

APRIL 25, 2025

Do you work with stakeholders beyond the walls of your department to identify issues, improve broken processes, and fix control procedures? What are the risks and opportunities for the company to keep or gain market share? Identify the customers or channels with the highest growth “risk vs. reward” potential?

Risk

FloQast

NOVEMBER 20, 2023

The risk rating methodology doesn’t have to be perfect—it’s more important to consider the end goal, which is to prioritize key risks and develop risk-based audit plans. Which Tools Are Helpful in Planning an Internal Audit Risk Assessment?

Risk Assessment

PYMNTS

JULY 19, 2018

We can’t stranglehold innovation by putting all sorts of different rules and risk mitigation platforms in place.”. The assessment phase demands that standardized procedures be put in place for management and reporting purposes. Embracing a Multidisciplinary Approach. Identification means cataloging third-party relationships.

Risk

PYMNTS

FEBRUARY 11, 2020

The procedural burden of verifying a high volume of documents and mitigating fraud and cybersecurity risks has had a particularly profound impact on the ability of smaller businesses to access trade finance, noted Tarone, adding that one of SMBs’ biggest barriers to global expansion is accessing the financing that is necessary to grow.

Finance

Nanonets

MARCH 12, 2024

Risk Mitigation: Compliance Risk: Reduces the likelihood of non-compliance with industry and geographical financial reporting standards. Financial Risk: Minimizes errors in financial reporting, thereby avoiding potential fines, legal consequences, and reputational damage.

Process

FloQast

DECEMBER 13, 2023

SOX controls , also known as SOX 404 controls, are processes, policies, and procedures aimed to prevent and detect errors in a company’s financial reporting process. In the context of internal controls, risk assessment identifies and evaluates the risks that could prevent the company’s internal controls from operating effectively.

Compliance

CB Insights

JULY 23, 2020

As a building’s first point of contact — and first line of defense — entrances and lobbies are poised for a revamp in policies and procedures when it comes to fighting the spread of Covid-19. Her temperature is checked before she waits in a socially distanced line for the elevator.

Posting

The Payments Association

MAY 19, 2025

This legislative shift is more than a procedural updateit represents a strategic turning point for the UKs approach to digital finance. It demands a reassessment of licensing, governance, risk management, and safeguarding procedures across all crypto-related operations.

Compliance