Audits and Controls
Define Risk Mitigation Control
What a company does to mitigate any inherent risks.
What types of risk are presented when...A collections merchant is allowed to change their DBA name to something unrelated to their business type without proper supporting documentation and an MCRF is accepted without being signed by their approved signor?
Fraud Risk
Legal Risk
Credit Risk
Compliance Risk
The risk presented when a merchant/client, consumer, vendor etc takes action against the organization that must be handled through litigation it is referred to as...
Legal Risk
True or False? - To mitigate strategic risk initiatives REPAY has policies in place that manage all 3rd party relationships, ensures audits are performed in a timely manner and provides all necessary training for organizational alignment.
True
The Peach state
When department functions are incrementally assessed over time to ensure internal risk policies and procedures are consistently being followed, it is referred to as a...
Periodic Review
What type of risks are presented when...a risk event occurs, and it is not properly documented per current company policies and procedures?
Operational
Compliance
Legal
Reputation
The risk presented when a loss resulting from inadequate or failed internal processes or from external events resulting in unintentional misuse of funds it is referred to as...
Operational Risk
Name TWO ways internal teams help mitigate REPAY's legal risk
Monitoring of civil litigation exposures and class action lawsuits
Proper training on regulations pertaining to information disclosure by publicly traded companies
Quarterly review of lending merchants to ensure they are abiding by individual state law
Primetime Emmy and Golden Globe award winning series starring actor and musician, Donald Glover.
Atlanta
An internal review relative to the various compliance and regulatory segments, done either annually or semi-annually by an individual (or group of individuals) meant to monitor and/or close any previously identified gaps and ensure no additional findings. Typically done in advance of any other audits.
Risk and Control Self-Assessment
What types of risk are presented when...An annual audit of controls reveals several gaps in training, communication, documentation, etc.?
Strategic
Operational
Fraud
Compliance
Legal
Reputation
The risk presented when a loss (or potential loss) is presented to an organization through intentionally dishonest/deceptive acts it is referred to as...
Fraud Risk
True or False? - REPAY has a team(s) dedicated to monitoring overall compliance (portfolio-wide), performing periodic review of individuals/merchants for various contributing factors (credit, negative news, regulatory actions, misconduct etc.) which helps mitigate both compliance and credit risks.
True
What popular game show is filmed and produced in Atlanta?
Family Feud
As assessment of the organization's risk policies, procedures, training and overall control effectiveness - typically performed by an outside firm.
Annual Audit
What types of risk are presented when...A merchant is allowed to update their banking information and/or authorized signor without supplying proper documentation and without proper risk review?
Operational
Fraud
Credit
Compliance
Legal
Reputation
The risk presented by public opinion, interactions/recommendations that are inconsistent with company policy or are against/directly violate rules and regulations is referred to as...
Reputational Risk
Name FOUR ways the risk team helps manage operational risk
Various Acceptable answers determined by moderator
Affectionately nicknamed, "The World's Largest Outdoor Cocktail Party" what two college rivals compete in this annual football frenzy?
FL Gators and GA Bulldogs
*Extra 100 points if you know who won the 2022 game*
True or False? - Organizations who lack consistent controls, do not perform self-assessments or participate in periodic reviews are less likely to have an audit finding.
False
What types of risks are presented when...Validation requests are not followed up on or properly documented/uploaded/logged?
Operational
Compliance
Reputation
The risk presented when a business makes adverse decisions or fails to properly implement appropriate controls in a manner that is consistent with their overall goals it is referred to as...
Strategic Risk
True or False? - REPAY allows for open application of new products and services without any need for approval and does not review any new or ongoing activity for characteristics of fraud.
False
Have a cookie in Savannah & visit the birthplace of Juliette Gordon Low who founded this group in 1912
The Girl Scouts of America