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A proactive approach to risk management allows businesses to identify, assess, and mitigate these threats before they can bring operations to a standstill. Riskassessments, in particular, serve as a roadmap for navigating potential disruptions. The business landscapeand the threats within itare constantly evolving.
A proactive approach to risk management allows businesses to identify, assess, and mitigate these threats before they can bring operations to a standstill. Riskassessments, in particular, serve as a roadmap for navigating potential disruptions. The business landscapeand the threats within itare constantly evolving.
Welcome to our comprehensive guide on ‘Conducting an ISO 27001 RiskAssessment’. This blog is designed to equip you with effective strategies for a successful riskassessment, incorporating the principles of ISO 31000 risk management. Let’s enhance your riskassessment!
Singapore has released its updated Terrorism Financing National RiskAssessment (TF NRA) and National Strategy for Countering the Financing of Terrorism (CFT) to address terrorism threats. Non-profit organizations are still considered medium-low risk, but foreign online crowdfunding has emerged as a concerning typology.
Compliance requires proactive fraud riskassessment, the implementation of preventive procedures, and a culture of accountability. This article explores the key provisions of the Act, the risks businesses must address, and the steps required to mitigate potential liabilities.
Therefore, […] The post Maximizing MSME Loan Portfolios: AI-Driven RiskAssessment Strategies appeared first on Finezza Blog. By March 2024, for instance, the MSME loan segment witnessed a 17.8 % growth compared to the same period the previous year. The total valuation of the loan portfolio increased to INR 64.1
Although Vietnam’s digital finance market has seen rapid growth over the last few years, many consumers still struggle to access secure and high-quality financial services due to ineffective riskassessment systems.
British FinTech, Lemon, which specialises in SaaS finance for SMB’s has announced a strategic partnership with WiserFunding, a leader in alternative data for credit riskassessment.
But according to Umazi, a next-generation compliance and digital identity platform leveraging AI and Web3 to automate due diligence and riskassessments, while here in the UK business and government face a number of challenges to its roll-out, the rewards could not be greater.
Regtech Financial services compliance company Thistle Initiatives launches its integrated Risk Management as a Service (RMaaS) solution. Insurtech Voice-based riskassessment technology company Clearspeed teams up with insurance provider 1st Central. Munich Re agrees to acquire digital insurance firm NEXT Insurance for $2.6
Set to go live in early 2025, this premiere payments solution will integrate Plaid’s instant account verification (IAV) and network-powered riskassessment capabilities into Dwolla’s pay by bank platform.
ICT Risk Management The first pillar of the DORA ICT risk management implies that financial entities must implement strong risk management frameworks to identify, assess, and mitigate risks related to Information and Communication Technology (ICT).
Since vIBANs are often treated as extensions of master accounts rather than independent relationships, firms fail to apply appropriate riskassessment frameworks. This weakens transaction monitoring, particularly in scenarios involving third-party involvement or high-risk jurisdictions.
With the launch of its new GenAI Financial Crime Detection Suite, ThetaRay aims to enhance riskassessment, streamline operational workflows, and strengthen anti-money laundering (AML) reporting to reduce fraudulent activity, such as money laundering and terrorist financing.
MSB de-risking as a systemic risk: Insights from the UK National RiskAssessment The UK National RiskAssessment (NRA) has identified the de-risking of MSBs as a systemic risk. This disconnect between regulatory intent and market practice creates a systemic issue that warrants urgent attention.
The new offering combines daily credit risk modelling with agentic research to provide a dynamic, 360-degree riskassessment. In todays fast-paced financial markets, access to timely, integrated information is crucial for effective riskassessment, said Rajiv Bhat , CEO of martini.ai. Rajiv Bhat, CEO of martini.ai
Mastercard's new partnership with the software provider is the latest in a string of added ties to fintechs aimed at expanding its payments and riskassessment tool offering.
Cytora has announced the latest version of its digital risk processing platform. Cytora Platform 3.0 enhances the capabilities of the platform by harnessing agentic AI in a fully explainable way.
Artificial intelligence (AI) is also gaining traction, particularly for riskassessment and operational efficiency. In particular, cloud computing is becoming increasingly prevalent, with 60% of banks in Singapore migrating their core systems to the cloud.
We explore the innovations in personalised insurance products, the role of IoT devices in data collection and riskassessment, and the challenges faced by established insurance companies integrating new technologies. Enhanced RiskAssessment IoT data provides insurers with a more accurate understanding of risk profiles.
This approach not only empowers users with rapid, accurate riskassessments but also feeds critical intelligence into banks fraud prevention systems, ensuring proactive defense measures are always one step ahead.
Fintech Galaxy, a leader in Open Banking and financial innovation, has launched innovative credit profiling capabilities in collaboration with Singaporean fintech company FinbotsAI using artificial intelligence models and aggregated Open Banking data.
AI and machine learning: Strengthening security and financial access Artificial intelligence is transforming riskassessment and fraud prevention in the payment ecosystem.
ICT Risk Management The first pillar of the DORA ICT risk management implies that financial entities must implement strong risk management frameworks to identify, assess, and mitigate risks related to Information and Communication Technology (ICT).
A combination of superior riskassessment, fraud detection capabilities, and quick and accurate underwriting turnaround can transform a lender’s success rate with borrowers and reduce non-performing assets. The revenue growth and profitability of a lending business depend on several factors.
It integrates an advanced cyber risk exposure scanning solution into the underwriting process. This technology enhances riskassessment by generating a real-time security posture score within a minute, allowing eligible small and medium-sized enterprises to obtain instant policy issuance in under 10 minutes.
Other Logs Review "periodically" based on the company's riskassessment Periodic review is still required but now explicitly mentioned in Requirement 10.4.2 RiskAssessment Requires performing a riskassessment post-failure, to consider any further actions needed. Maintains the riskassessment step.
Compliance regimes need to respond accordingly, with riskassessments that are proactive and substantive continuous monitoring. Operations such as Machinize are a welcome reminder that money laundering doesn’t only occur through complex international structures. It frequently starts on the high street, in plain sight.
Machine learning is particularly transformative in various fintech applications, such as personalised financial advice and riskassessment, marking a transformative shift in financial methodologies towards more advanced, data-driven approaches. It is essential to mitigate these risks to prevent potentially devastating impacts.
Singapore has released an Environmental Crimes Money Laundering National RiskAssessment (NRA), highlighting the primary threats and vulnerabilities associated with it. Environmental crimes, such as illegal wildlife trafficking and illegal logging, generate an estimated US$110 billion to US$281 billion in criminal gains annually.
This demand is driving a transformative shift towards leveraging Artificial Intelligence (AI) and automation to redefine credit and riskassessment strategies. In the dynamic world of financial services, the need for rapid and precise credit decisions has never been more crucial.
However, the path to compliance is fraught with challenges , including large upfront costs, organizational chaos, and reactive riskassessment processes. They not only uphold regulatory standards but also inform strategic decisions and protect stakeholders’ interests.
Key steps include application review, riskassessment, credit checks, and compliance verification. Merchant account underwriting is the evaluation process payment processors use to assess whether a business meets the criteria for accepting credit card payments. Learn More What is Merchant Account Underwriting?
The integration of ADVANCE.AI’s technology provides features such as real-time identity verification, fraud detection, and riskassessments, which help financial institutions meet regulatory demands securely. These tools are also intended to reduce the risk of fraud and scams.
These professionals can conduct a thorough riskassessment, identify vulnerabilities, and implement appropriate incident response measures. To stay ahead of cyber security threats, SMEs must adopt a proactive approach by conducting regular riskassessments and investing in effective cyber security solutions.
These professionals can conduct a thorough riskassessment, identify vulnerabilities, and implement appropriate incident response measures. To stay ahead of cyber security threats, SMEs must adopt a proactive approach by conducting regular riskassessments and investing in effective cyber security solutions.
based company’s hardware can increase the accuracy in statistical modeling, speeding processes like trading activities and riskassessment by 15% to 20%, Annika Moslein, technical project manager at Quantum Dice, told Bank Automation News Feb. […] The Oxford, U.K.-based
The integration with Backbase’s engagement banking platform will provide banks with real-time, AI-powered, proactive fraud prevention, plus lower operational costs thanks to AI-powered riskassessment that minimizes false positives.
“Open Banking sits at the core of SME credit decisioning and brings confidence to underwriting riskassessments,” Capitalise Co-Founder Ollie Maitland said. Plaid reported that adoption of open banking by U.K.-based based SMEs has increased by 18% year-over-year.
Neovest, a fintech for brokers and dealers, will now be able to help clients monitor portfolios, conduct riskassessments and send orders to their brokers, it stated in a March 1 release. “Neovest can enable clients to manage their […]
Ltd : Developed an ‘e-KYC’ solution to digitally onboard customers, using advanced technologies like artificial intelligence, machine learning, thumbprint and facial recognition for a streamlined digital KYC platform Soft Net Technology : Proposed a centralised loan application platform in response to pre- and post-Covid challenges.
Arctic Intelligence (Australia) Headquartered in Sydney, Australia, Arctic Intelligence is a multi-award-winning regtech company specializing in financial crime riskassessment technologies. Founded in late 2015, the company provides regulated entities with tools to manage audit, risk, and compliance programs effectively.
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