WesPay has a long tradition of working with financial institutions in the Western US to promote the use of electronic payments and increase effectiveness through professional development and client support. The Payments Strategy Series is a collection of white papers that examine industry sound practices in the areas of payment systems, risk management, customer engagement and revenue stabilization. These insights are designed to help financial institutions of any size develop comprehensive payments strategies.

Six Critical Elements of a Comprehensive Risk Management Program

Stopping fraud before it happens and quickly identifying fraud when it does happen is key to reducing overall risk. Establishing strong internal controls improves the security of every level of operations. In addition, having a ready response system in place for computer system failures or other operational issues is critical to every aspect of your organization. This paper identifies six critical elements of a comprehensive risk management program that can help you improve your current program.