ComplianceOnline
"Payment Risk Management - Overcoming Payments Risk" - This course is approved by NASBA (National Association of State Boards of Accountancy). Seminar attendees are eligible for 16.5 CPE credits upon completion of this workshop.

Course Description:

Payments risk is everywhere in business today. Whether you process payments for payroll, for consumer payments, or for transfers to other businesses, there is a lot to consider that extends well beyond the processing rules of the payment platform.

In 2015, OFAC fines averaged just shy of $43million per case. Ranging from just under $23,000 against one company to over $329million for another, you can see how these fines can add up or even put a business out of business for good. In addition, businesses may face the Federal Trade Commission, their State Attorney General’s Office, and other oversight or government entities if payments fail to adhere to best practices, consumer-security, data breach laws, and more. The more types of payments you process, and how you process them, opens your business to more risk.

To reduce exposure, payments require compliance, risk management, fraud prevention, vendor management and incident response plans. Following processing rules ends up being the easy part; failure to properly manage other aspects leaves a business in a position of liability, reputational risk, damaged brand and financial loss. In this information packed, collaborative 2-day course attendees will explore these other aspects of processing payments to aid the business in reducing the damaging effects of payments risk.

In this course attendees will:

  • Observe cases where businesses suffered damage and/or financial loss due to insufficient payments risk management
  • Test their powers of observation to assist in risk identification
  • Examine federal regulations governing the exchange of funds in the U.S. and cross-border
  • Identify appropriate risk management strategies
  • Record fraud prevention approaches
  • Isolate sound business practices for vendor management
  • Recognize critical components to incident response plans

Seminar Fee Includes:

Lunch
AM-PM Tea/Coffee
Seminar Material
USB with seminar presentation
Hard copy of presentation
Attendance Certificate
$100 Gift Cert for next seminar



Learning Objectives:

  • Isolate areas of risk in different payments scenarios
  • Identify and record appropriate risk management strategies to reduce exposure
  • Record appropriate fraud prevention and cyber incident response strategies
  • Develop a unique, individual list to take back to the office to help enhance risk management policies and procedures


Areas Covered in the Seminar:

  • Payments risk
  • Cost of not managing risk properly
  • Federal Compliance, including:
    • Office of Foreign Assets Control, including Bank Secrecy Act / Anti-Money Laundering Act
    • U.S. Patriot Act
    • Federal Trade Commission Act
    • Cybersecurity
  • Payments fraud including:
    • Embezzlement
    • Business Email Compromise
    • Account Takeover
    • Fraud mitigation strategies
  • How vendors present increased risk and steps to mitigate threat including:
    • Clean Desk Policy
    • Vendor due diligence
    • Vendor management
    • Critical contract provisions
  • Cyber Incident Response Plans
    • Critical components of every plan
    • Resources


Who will Benefit:

All payments professionals who want to expand their knowledge of payments risk and risk management strategies, including business or bank investigators, auditors / compliance professionals, third-parties who process payments for other entities, CPAs, and payments processors.



We are registered with and adhere to the Statement on Standards for Continuing Professional Education programs of the National Registry of CPE Sponsors. Our registration number is 109066. Please check with the governing body of your license and state for specific CPE requirements. Grievances may be forwarded to the company at 650 620 3961. Grievances may also be forwarded to the National Registry of CPE Sponsors-NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417, 615-880-4200, www.learningmarket.org, e-mail cpe@nasba.org.



Field of Study:
  • Management Advisory Services: 16.5 CPE Credits
  • Total CPE credits earned in this workshop: 16.5 CPE Credits

Program Delivery Method: Group-Live
Program Level: Basic
Advance Preparation/Program Prerequisites: None





Course Outline:

Day 1 (8:30 AM – 4:30 PM) Day 2 (9:00 AM – 4:30 PM)
  • 8:30 – 9:00 AM: Registration
  • 9:00 AM: Session Start Time
  • 9:00 am - 9:30 am: Session Opening
    • Introductions
    • Attendees detail their expectations of class / develop initial needs and questions list
  • 9:30 am – 10:30 am: Payments Risk
    • Discuss the agenda
    • Define areas of payments risk
    • Review the cost of risk
    • Awareness test (group activity)
  • 10:30 am - 10:45 am: Break
  • 10:45 am – 12:00 pm: Federal Compliance Obligations
    • Office of Foreign Assets Control
    • Bank Secrecy Act
    • Anti-Money Laundering
    • Federal Trade Commission Act
    • Federal Financial Institutions Examination Council
    • Payments Risk Assessments
  • 12:00 pm – 1:00 pm: Lunch
  • 1:00 pm – 2:30 pm: Payments Fraud
    • Phishing
    • Business Email Compromise
    • Supply Chain Fraud
    • Embezzlement
    • Account Takeover
    • Ransomware
    • Social engineering
  • 2:30 pm – 2:45 pm: Break
  • 2:45 pm – 4:15 pm: Payments Fraud Continued
      • Security and fraud challenges
      • Passwords
      • Challenge questions
      • Out of band authentication
      • Technology vs. user knowledge
      • User behavior
    • Good business practices
      • Audits
      • Clean desk policy
      • Vacation policy
      • Dual-control
      • Segregation of Duties
      • Education
      • Positive pay
      • Credit-only accounts / unique account structuring
  • 4:15 pm – 4:30 pm: Questions and Individual Exercise
    • Attendees document day’s Take-Aways and begin developing their to-do list when they return to work
  • 9:00 am – 9:30 am: Session Opening
    • Review Day 1 / address any additional questions
    • Present Day 2 agenda
    • Attendees detail their additional expectations of class / develop final needs and questions list
  • 9:30 am – 10:30 am: Vendor Management
    • Unique risks of vendors
    • Vendor due diligence
  • 10:30 am – 10:45 am: Break
  • 10:45 am – 12:00 pm: Vendor Management continued
    • Vendor management
    • Critical contract provisions
    • Individual exercise: define vendors your business uses and the risk(s) they represent
      • 12:00 pm – 1:00 pm: Lunch
      • 1:00 pm – 2:30 pm: Cyber Incident Response Plans (CIRP)
        • How CIRP differs from a Disaster Recovery Plan
        • Unique qualities of a CIRP
        • Cyber communication plan
        • Resources to development
      • 2:30 pm – 2:45 pm: Break
      • 2:45 pm – 4:00 pm: Group Activities
        • Attendees presented with case studies; goal is to isolate various types of risk presented, define controls necessary to detect / mitigate threat, and isolate potential loss associated with case.
      • 4:00 pm – 4:15 pm: Questions and ensure all previously identified needs / questions complete
      • 4:15 pm – 4:30 pm: Individual exercise
        • Attendees document day’s Take-Aways and finalize their to-do list




Meet Your Instructor

Rayleen M. Pirnie, AAP
CEO and Founder, RP Payments Risk Consulting Services, LLC

Rayleen is a recognized payments risk and fraud expert who works with financial institutions and businesses across the nation to help them understand today's threats and develop appropriate risk mitigation strategies. She also speaks to consumer groups revealing real-world methods to reduce the chances of devastating frauds, and law enforcement on payment system processing and evidence collection in electronic payment channels. Rayleen's areas of expertise include regulatory compliance, payment system risk management, cybercrimes, and information security.

Rayleen conveys current trends via conference presentations, blogs, and newsletter articles plus supports groups with special projects.

Prior to her leap to private consulting, Rayleen was the Director of Payments Risk & Fraud at EPCOR for 8 years. She joined EPCOR after a 10-year career as a fraud investigator in banking.

Rayleen graduated with honors from The University of Phoenix earning a Bachelor's of Science in Criminal Justice Administration and is an Accredited ACH Professional (AAP).

Rayleen enjoys gardening with the best helper in the world, her grandson. She also enjoys reading and music. She is an advocate and supporter of The Animal Rescue Alliance. Rayleen and her husband Mike currently have four adopted fur-kids of their own.

Anonymous feedback from 2014 360REACH:

“Rayleen exemplifies knowledge and integrity. Her outstanding presentation style conveys her strengths as well as inspires confidence.”

“Her organizational skills - over the years she has been involved in multiple projects/committees at any given time and I have not seen her ever appear unprepared. She is also quite successful in asking for others to become more active/involved in a manner that makes the person asked WANT to be involved.”





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