Compliance Technologies

Security compliance is essentially the ‘corporate police’. It involves a lot of cross-company data crunching, deep investigation, comparison, technical knowledge across law, technology, and business regulation, and telling people internally what they should be doing.

Security compliance the controls businesses put in place to meet the requirements of industry security standards, regulatory compliance obligations, and internal policies for data protection, consumer security, and safeguarding IT assets. It exists to meet legal obligations necessary to protect individuals and businesses. However, security compliance is more than a regulatory requirement or adhering to best practices established by security standards councils. It is also essential for protecting your business and customers.

Security compliance software is the technology and tools an organisation uses to comply with regulations and standards, as well as monitor its own internal compliance systems. Technology is introducing complexity to compliance, but it’s also what makes it possible to carry out complex auditing to do due diligence and achieve and maintain compliance.

Are you compliant with taxation requirements? Human resources and occupational health and safety areas? Environmental management reporting? Safety training? The list gets longer every year, and the consequences for not complying get more serious. The right technology and AI-powered software can help with automating processes, risk assessment management, and addressing new and updated rules and regulations.

Compliance should be an integral part of a business’s core operations. It requires a broad and continuously updated knowledge of domestic and international compliance requirements, addressing future problems before they become an issue.

The five steps that must be covered (repetitively) in effective compliance functions are:

1. Detect: Utilising audit services, detect process and payment errors in your procure-to-pay process.

2. Recover: Intelligently recover losses caused by the detected errors and highlight opportunities to mitigate future risk.

3. Automate: Use recovered funds to automate processes, streamline workflows and minimise payment risks.

4. Control: Implement detections and prevention controls to mitigate risk and ensure you remain compliant.

5. Improve: Turn the data collected in steps 3 and 4 into insights to improve and optimise your compliance strategy.

Payment compliance is adherence to the regulations, rules, and laws that govern best practices for payments. It’s essentially the rulebook for financial transactions in the digital age. There are global and local regulatory standards to meet, requiring multiple regulatory bodies to achieve comprehensive oversight.

Payments compliance covers a wide range of business aspects, but most payment regulations focus on:

● Fraud prevention – detecting fraudulent payment activities, deterring financial crime, safeguarding financial transactions and payment data, and undertaking requirements for anti-money laundering (AML), Know Your Customer (KYC) and Know Your Business (KYB).

● Data privacy – keeping customer data and company information secure, ensuring lawful handling of payment data, protecting sensitive information throughout the payment process, and adhering to data privacy regulations.

● Consumer protections – protecting customer data and private information and setting regulatory compliance standards for consumer rights (transparent fee structures, fair financial transactions, clear terms and conditions in credit card payments, for example).

Payment processing (also known as electronic payment authorization) is the procedure businesses use to manage and accept payments from clients or customers. Some examples might include online payments, direct bank transfers, credit cards and debit cards, mobile payments, and ‘buy now, pay later’ (also known as BNPL). Payment processing can involve various authentication (including multifactor authentication) and authorisation steps.

It’s an essential part of any business. If done well, payment processing has advantages for businesses, including improving efficiency and customer service, and helping businesses keep a competitive edge.

Transaction monitoring is the monitoring of customer transactions, including financial (withdrawals, deposits, and transfers), historical, and current. It provides a complete picture of customer activity, and is helpful for anti-money laundering (AML) and fraud protection.

Businesses should do their due diligence and protect themselves and their company information with transaction monitoring programs to identify suspicious activity and transactions, helping to protect your business and customers. Compliance platforms, systems, and technology like AI and pattern-based detection can help identify hidden threats and errors in transactional data.

As compliance specialists, we are the leading technology-driven services provider of compliance and recovery solutions.

We can help you take control of your spend, whilst also meeting the requirements of the complex compliance process. It’s a big ask for organisations to invest and build in their own various compliance systems and processes, when they should be focused on leveraging technology for their core strategic goals. It is far more cost effective and results focused to outsource these goals to an organisation like Profectus, whose core business is transactional compliance, and who can take away the pain of trying to constantly keep up with risk assessment and your regulatory and compliance requirements.

Our compliance technology, combined with our deep industry know-how, ensures we find compliance issues at both micro and macro levels. With Profectus as your compliance partner, you’ll have the very latest in industry knowledge and experience, as well as insights leveraged from all the industries we work with.

Contact our friendly and helpful team today to learn more about how we can help your business.