Financial Operations Networks (FON)’s Post

Join us for this free webinar: Safe Payments, Sound Sleep: Best Practices for Supplier Onboarding and Vendor Data Management Wednesday, July 24, 2024 1:00 PM - 1:45 PM EDT Ensuring the accuracy and integrity of supplier information is crucial. A single oversight or error in how supplier details are collected, verified, validated and managed could expose an organization to significant compliance and fraud risks, jeopardizing its financial security and operational efficiency. During this webinar, our expert speakers will reveal how traditional onboarding and vendor data management practices can leave an organization susceptible to compliance violations and fraud, share best practices for supplier onboarding and vendor master data management, and provide a live demonstration of a solution that enhances vendor master data management accuracy and security. What you will learn: • Key vulnerabilities in traditional supplier onboarding and vendor data management practices • Actionable strategies to fortify your onboarding and vendor data management processes • How a self-service online portal automates the collection of vendor details, TIN matching, OFAC checking, sanctions screening, bank account ownership verification, and more Expert Speakers: Mark Brousseau, President Brousseau & Associates Phil Binkow, CEO Financial Operations Networks Register here: https://lnkd.in/eUUgJGkh

Save your seat for this free educational webinar: Safe Payments, Sound Sleep: Best Practices for Supplier Onboarding and Vendor Data Management Wednesday July 24, 2024 1:00 PM - 1:45 PM EDT Ensuring the accuracy and integrity of supplier information is crucial. A single oversight or error in how supplier details are collected, verified, validated and managed could expose an organization to significant compliance and fraud risks, jeopardizing its financial security and operational efficiency. During this webinar, our expert speakers will reveal how traditional onboarding and vendor data management practices can leave an organization susceptible to compliance violations and fraud, share best practices for supplier onboarding and vendor master data management, and provide a live demonstration of a solution that enhances vendor master data management accuracy and security. What you will learn: • Key vulnerabilities in traditional supplier onboarding and vendor data management practices • Actionable strategies to fortify your onboarding and vendor data management processes • How a self-service online portal automates the collection of vendor details, TIN matching, OFAC checking, sanctions screening, bank account ownership verification, and more Our Speakers: Mark Brousseau, President Brousseau & Associates Phil Binkow, CEO Financial Operations Networks Register now: https://lnkd.in/eUUgJGkh

Security and compliance are two cornerstones of any banking system. In chapter 10 of our new eBook, “Transforming Banking: An Introduction to Implementing a New System” we delve into indispensable strategic insights for any banking professional. → Early security inclusion: Learn why bringing in Cyber Security and FinCrime experts from day one can make or break your project. → Data privacy compliance: Learn the best practices for data handling, from synthetic data use in initial phases to production data introduction in final stages. → Regulatory navigation: Explore how to configure system access, role-based authorization, and activity audits to meet regulatory standards. → Holistic security testing: Understand the importance of nonfunctional testing, including access controls and penetration testing, for a robust system. → Proactive certification: Gain insights on integrating certification requirements early to ensure seamless compliance. → FinCrime safeguards: Equip yourself with the knowledge to tackle fraud, AML, and more, ensuring your system aligns with financial regulations. Dive into Chapter 10 and fortify your projects from the ground up. 📖 Download your copy now and transform your banking approach.  https://www.2oaks.ca/ 

Bank insiders leaking sensitive customer data is a growing concern in the US, leading to a rise in sophisticated scams and exposing vulnerabilities in banks' risk management protocols. According to R.J. Cross from the US Public Interest Research Group, organizations must implement stringent technical safeguards to prevent unauthorized access to customer information by employees and contractors. It is crucial for companies to restrict access to data that is not essential for their job responsibilities, emphasizing the importance of robust security measures in safeguarding sensitive information.

Regulatory compliance is a crucial challenge for all financial services. Our blog, "Top 5 Regulatory Compliance Issues Facing Financial Services in the Next 5 Years," dives into the challenges and solutions the industry will face in the near future. From climate change and ESG to cybersecurity and operational resilience, we've got you covered with insights and strategies to stay ahead. Discover how Trust Your Supplier (TYS) and strategic partnerships with risk data leaders can transform your compliance game. https://hubs.ly/Q02FV8ws0 #FinancialServices #Compliance #Banking #RegulatoryCompliance #TYS #ESG #Cybersecurity #OperationalResilience

🔐 DORA is a pivotal EU regulation for enhancing the IT security of financial entities. The act comes into full effect on  January 17, 2025, so organizations must swiftly adapt to comply with its requirements. Adel Al-Keysi, our Director of Information Security Compliance, explores the main fields of operations that #DORA will affect for your financial business 🔔 Join him on Banking Dive and stay ahead of the regulatory curve!  #Avenga #AvengaInsights #DigitalOperationalResilienceAct #FinancialSecurity #Banking

We get it: Infosec compliance is a lot. But it's a great asset for your business. And our job is to make "a lot" feel like "a lot less than I thought". We partner with teams like SciSpike because we want our customers to not only have a smooth experience, but most importantly the best outcome: high quality compliance program, vetted by a thorough audit that becomes a business enabler. No compromise on quality. Allison saw a direct impact of their compliance program: more pipeline, higher conversion, better retention. That's what we live for at Thoropass

Nowadays, staying agile against emerging threats is more important than ever. Risk orchestration is transforming how financial institutions manage fraud, compliance, and customer security by integrating onboarding, authentication, and risk management into one streamlined process Key benefits of risk orchestration: 🔐 Proactive threat detection with real-time monitoring 🔐 Automation to ensure faster fraud response and compliance 🔐 Improved collaboration between departments for a more cohesive risk strategy 🔐 Building resilience to adapt to new threats and regulatory changes Payment gateways play a critical role by adding layers of security and compliance through features like tokenization, encryption, and fraud detection features. This integration helps financial institutions protect sensitive data, ensure regulatory compliance, and respond swiftly to threats. Combining risk orchestration with secure payment gateways empowers financial institutions to stay ahead of risks, maintain customer trust, and operate efficiently in a rapidly changing world. Find out more on how to secure your business: https://bit.ly/4ebK87r #FinancialSecurity #RiskManagement #FraudPrevention #PaymentGateway #FintechAgility #Compliance #Transferty

The first Chartis Research Financial Crime and Compliance ranking (FCC50) is out, and guess what? Moody's’s has been listed as one of the top 5 providers, in addition to winning awards in two categories: 1. Core technology, for perpetual KYC (#pKYC) 2. Innovation, for our #ShellCompany detection solution This is a big achievement overall, but to me, it’s particularly pleasing to be recognized for pKYC, which is crucial for the future of #Compliance. Given the speed at which everything changes, from legislation to emerging threats, being able to keep a watchful eye on all the risk factors at all times is essential for staying safe. You can check out the entire report below. https://lnkd.in/er_ZYkKj

Member Information Security Policy Template This comprehensive Member Information Security Policy template is an essential tool for credit unions committed to safeguarding sensitive member data. Designed by industry experts, this downloadable Word document provides a robust framework for implementing and maintaining a strong information security program. The template covers crucial areas such as access controls, data encryption, incident response, and employee training, ensuring compliance with regulatory requirements and best practices. The policy template is fully customizable, allowing credit unions to tailor #it to their specific needs and risk profile. It includes detailed sections on risk assessment, vendor management, and business continuity planning, addressing the unique challenges faced by financial institutions in today's digital landscape. The document also outlines clear roles and responsibilities for staff members, promoting a culture of https://lnkd.in/e4BB2EWj #CreditUnionPoliciesTemplates