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A Practical Approach to Acquiring Risk Assessment (April 2007) |
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Pick up any payments industry publication or attend any industry forum, and at some point the subject of risk mitigation, compliance, and confidence in the payments system is discussed. It is one of the most compelling challenges demanding our immediate attention and call to action—action that must result in a more uniformed approach to risk assessment.
Though risk management programs vary by company and are dependent upon risk profiles and a range of other factors, the core methodologies of an effective risk management program for the payment services industry are the same. They start with a solid credit program that evaluates all new business engagements and span through daily monitoring and ongoing reporting; all designed to mitigate risk while satisfying compliance and audit requirements.
We have compiled an assessment of the applicable risk categories and provided guidance on how to structure risk thinking around these components. These categories apply at the time of the credit review for new merchants, business partners, and acquisitions. They also provide the best way to prepare for the audit review.
The purpose of this white paper is to propose entity level risk assessment methodologies and to provide you with suggested processes and tools for documenting and analyzing risks within your company. This resource is intended to be reviewed and then adapted and customized by individual users within the payment services industry.
The appendix of this document contains a model worksheet intended to provide a framework for developing a customized risk assessment program. The template and criteria outlined in the document are intended to be illustrative in nature. Each company should consider factors unique to its own portfolio and risk management capabilities.
Download the full white paper.
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