Solution
Improving payment controls
In today’s digital and evolving payments world, the risks of fraud are high, and it is increasingly critical for businesses to protect themselves from unauthorized payments and fraudulent activities. Improved payment sanctions are necessary to detect and prevent high risk payments and mitigate business disruption and financial losses. Failure to do so results in reputational damage due to public notice of unauthorized payments, along with a loss of business, revenue and profit. However, payment controls oversight and sanction measures often are outdated and ill-equipped to prevent today’s fraudulent activities and technology hacks. Facing heightened risks, financial institutions cannot afford to fall short in meeting payment business requirements and making payment controls a priority.
CGI’s Payment Controls Consultancy Program provides a focused assessment of current payment controls and sanctions. Once current controls and exceptions have been identified, a future state model with enriched product options is presented to a client’s financial management team. These recommendations lay out benefits and results based on business changes and events, along with observed payment processes. CGI then works with the financial management team to implement recommended solutions and monitor improvements.
