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Board of Education: What Top Execs Need to Know About Compliance |
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Although risk management has always been a critical business strategy in the electronic payments space, it’s recently become a major component to ISOs’, acquirers’, and merchant service providers’ (MSPs) survival.
Given an environment that is rife with data breaches and M&A activity, and also suffering the effects of a languishing economy, proper risk management calls for keeping the board of directors abreast of internal and market developments. Left unaddressed, even slight business changes could lead to major consequences, such as merchant attrition, financial loss, and even organizational failure.
“Without a handle on areas of potential risk, directors will have trouble fulfilling their management obligation to stockholders to oversee the operation of the business and support viability going forward,” says Nicholas Baxter, ETA president and senior vice president of First National Bank in Omaha. “Boards cannot be expected to do this” in a vacuum.
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