Third Party Risk Management: A Primer With Yakut Akman

Posted by Taylor Nemeth on Feb 2, 2021 10:01:00 AM

 

 

Yakut Akman has 40 years of experience in financial services, covering a wide range of functions globally, including Operations & Technology, Risk Management, Audit, and Regulatory Compliance.   yakut akman headshot

She recently joined us for our Risky Business Podcast.  Excerpts from that conversation are below.  You can listen to the entire interview here.

Ms. Akman started her career at Citibank Istanbul as an Executive Trainee and then worked in multiple locations gaining extensive global experience. Over time, she excelled in Operations Management as a thought leader and a change agent as the financial markets, and in response, the regulatory expectations grew more complex. Ms. Akman focused on process efficiency and effectiveness while balancing operational risks and controls. She sharpened these skills in Internal Audit overseeing new emerging risks. As a Risk Manager of key businesses, Ms. Akman actively interacted with government agencies around the world. She successfully addressed high-profile, enterprise-wide issues by setting standards, building trust and achieving sustainable results.


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Topics: compliance, podcast, risk

Lessons from David Kurrasch

Posted by Angela Sarno on Dec 7, 2020 10:02:00 AM

David Kurrasch, President of Global Payment Advisors and a Financial Service consultant with decades of experience in the payments industry, recently sat down with us for a lively and far ranging conversation around ACH, banks and payments fraud risk.  Excerpts are below.

 

David Kurrasch headshot

Dave Kurrasch, President of Global Payments Advisors, has worked in corporate treasury, banking and consulting for over 40 years. His career started as a cash manager at a large, diversified corporation where he ran the day-to-day cash desk, short term borrowings and investment, and bank relationships. Dave joined Wells Fargo Bank as Vice President and National Sales Manager for the Bank’s Treasury Management Division and later was promoted to Senior Vice President in charge of the Bank’s Treasury Management Product Development and Management operations. Dave and his team were responsible for all product development, risk and fraud management, unit costing and profitability analysis.

After 15 years at Wells Fargo, Dave founded Global Payments Advisors in 1997 and has provided consulting advice and contracting services to banks, corporations, universities, governments and FINTECH start-ups in the United States, Canada, Europe and Asia. He has deep experience in all facets of treasury management, payments, risk and fraud management and their statutory/regulatory compliance.



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Topics: ACH, vendor master, risk

"Where is My Vendor?"

Posted by Taylor Nemeth on Nov 17, 2020 10:01:00 AM

 

Wendy Grayauskie, Assistant Director for Procurement at Villanova University, and Miguel Silva, Procurement Assistant for CSU Monterey Bay, joined us for the 4th installment of our podcast: PaymentWorks Presents Risky Business. 

Below is an edited excerpt from that conversation where they discuss how the title of this blog is what keeps them up at night. You can listen to the full podcast here.

Wendy Grayauskie and Miguel Silva

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Topics: higher education, AP, procurement, podcast, vendor master

Payments Fraud and Your Vendor Master: Uncovering Hidden Risk

Posted by Angela Sarno on Oct 29, 2020 8:30:00 AM

Spoiler alert: the scourge of business payments fraud is not going away. The challenges facing organizations with maintaining and securing their vendor master data were already daunting in a pre-Covid world, never mind now that the way people work has been radically reimagined. 

Against this backdrop, we were thrilled to host a panel discussion, "Payments Fraud and Your Vendor Master: Uncovering Hidden Risks," where we brought together Clay Deutsch, a former bank CEO, Rob Unger from Nacha and Thayer Stewart, our CEO, to provide their divergent perspectives on the problem of business payments fraud, and what organizations should be doing to combat it.

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Topics: payments fraud, ACH, vendor master, risk

Matt Klein Answers The Million Dollar Question About Coverage

Posted by Taylor Nemeth on Oct 13, 2020 9:59:00 AM

Matt Klein, National Fidelity Product Leader at Willis Towers Watson, joined us for the 3rd installment of our podcast: PaymentWorks Presents Risky Business.  Below is an edited excerpt from that conversation.  You can listen to the full podcast here. 

Ed note: if you have even a passing interest in protecting your organization from payments fraud, we highly recommend you give this podcast a listen.  

 

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Topics: payments fraud, insurance, podcast, risk

5 Ways Your Vendor Master is Costing You Money - Mistakes & Fraud Edition

Posted by Angela Sarno on Oct 6, 2020 10:02:00 AM

Mistakes are going to happen in any business, at least any business that involves humans. There really isn’t any way around that. 

While it would be wonderful to eliminate the scourge of mistakes completely, that just isn't realistic. The goal, instead, should be to minimize exposure to risks while decreasing the high costs that come with onboarding and maintaining your vendor master. And make no mistake, the costs are indeed high. Benchmarking among our customer base indicates it costs $100-200 to onboard and maintain each of your vendors, each and every year you keep them on your vendor master!  

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We have five ways your vendor master is costing you money, along with some practical advice on how to keep those costs down.

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Topics: payments fraud, AP, procurement, ACH, vendor master

Five Ways Your Vendor Master is Costing You Money- Compliance Edition

Posted by Angela Sarno on Sep 29, 2020 10:15:00 AM

Compliance is not anyone’s favorite word. The angst and tension many procurement and AP staff work with on the daily is only exacerbated by the worry of accidentally violating terms of compliance.  There are the considerations of the external world, such as the OFAC and debarment lists that haunt payments professionals (hello giant federal fine!), but there is also the world of internal compliance- much of it shifting with stunning regularity.  linkedin wasted money

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Topics: compliance, AP, insurance, vendor master

Treasury in Higher Ed: Protecting and Serving

Posted by Taylor Nemeth on Sep 22, 2020 9:58:00 AM

 

We recently spent time with Valarie Van Vlack, the Treasurer at Texas State University, discussing the role of Treasury in supporting the university’s mission, as well as the ubiquity- and creativity- of fraudsters attempting to scam higher education institutions.  Excerpts are below.  You can listen to the full interview here.

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Topics: compliance, higher education, podcast, #paymentsfraud

Q&A: Clay Deutsch on the Evolution of Risk

Posted by Taylor Nemeth on Aug 26, 2020 10:05:00 AM

Clayton Deutsch has been a strategic advisor to PaymentWorks since our early days, bringing us decades of experience in the financial sector, most recently as CEO of Boston Private Bank.  Prior to that he was a managing director at McKinsey.  Clay brings an unrivaled perspective on what risk assessment entails and what is at stake for a company if a payments fraud gets through.  Our head of strategy and market development, Taylor Nemeth, recently sat down with Clay to discuss why it’s so difficult to solve the problem of securely and efficiently onboarding vendors, and how this problem contributes to the overall risk a company needs to manage.

Originally recorded for our initial podcast,  the conversation is excerpted below and has been edited for clarity. You can listen to the entire podcast here.

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Topics: compliance, payments fraud

Mutually Exclusive? Cyber Insurance Coverage & Payments Fraud

Posted by Angela Sarno on Aug 11, 2020 10:02:00 AM

Mapping the landscape of insurance that businesses require to secure their property, assets, and employees is a massive and complex task. Policies are simultaneously hyper-specific and unintelligible; counsel and executives alike can find the paperwork confusing or obtuse.

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Topics: compliance, payments fraud, insurance

 

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