Unimarket

Enhancing Enterprise Risk Management with the Payment Risk Score (PRS).

A Comprehensive Approach to Payment Method Risk Assessment

A white paper that explores how the Payment Risk Score (PRS) can be integrated into an ERM strategy, providing a systematic approach to assessing and mitigating payment risks across various methods.

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In today’s increasingly digital economy, enterprises face a complex and evolving landscape of financial risks, with payment fraud being one of the most significant challenges.

As organizations accelerate their digital transformation initiatives, the diversity of payment methods—ranging from traditional checks to Automated Clearing House (ACH) transfers, virtual cards, and wire transfers—introduces varying levels of risk into their financial systems.

Understanding and managing these risks is crucial for safeguarding financial assets, enhancing operational efficiency, and ensuring compliance with regulatory requirements. The Payment Risk Score (PRS) provides a powerful tool to quantify and manage the risks associated with these payment methods.

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What’s inside?

According to the 2024 AFP Payments Fraud and Control Survey, a staggering 80% of organizations experienced attempted or actual payment fraud in the past year, highlighting the urgent need for robust payment security measures as an integral part of any Enterprise Risk Management (ERM) strategy.

This white paper outlines a comprehensive approach to payment method risk assessment and provides practical suggestions for how to integrate the Payment Risk Score (PRS) into Enterprise Risk Management. 

  1. The Importance of Payment Security in Enterprise Risk Management
    1. The Evolving Threat Landscape
    2. The Prevalence of Common Payment Methods
  2. Introducing the Payment Risk Score (PRS)
    1. How PRS is Calculated
  3. Understanding Risk Levels by Payment Method

 

  1.  Rationale for Weighting on Each Payment Method
  2. Applying PRS in an Enterprise Context
    1. Case Study 1: High-Risk Scenario
    2. Case Study 2: Low-Risk Scenario
  3. Integrating PRS into Enterprise Risk Management
    1. Proactive Risk Management
    2. Supporting Compliance and Governance
    3. Continuous Improvement

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Enhancing Enterprise Risk Management with the Payment Risk Score (PRS):

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About Unimarket

At Unimarket we believe in the power of simplicity. That's why we made our eProcurement solution easy to use, so your people can focus on what they do best and deliver the results your organization needs.

We understand that every organization has unique needs and we tailor our platform to deliver exactly what you need — and nothing you don't.

We're on the ground with your people from start to finish, ready to roll up our sleeves with a fully collaborative approach to get the job done together. We've helped many organizations like yours build their case for a Spend Management solution and we're here to help you too.

You’re in good company

Murdoch Children's Research Institute
New South Wales Government Department of Education
1300 Smiles Dentists
Xavier University
ASB
National Institute of Water and Atmospheric Research
Hill Laboratories
Loyola University Maryland
University of Otago
A.T. Still University

What our clients say

“It’s a system that streamlines for you. I never felt that it was cumbersome or too involving. We can now track our spending in real time and address any issues before they escalate."

Melvin Szwerin, Head of Purchasing, Upstate Services Group
“It’s much easier to track spending and we can respond to overspending issues now that we can monitor all transactions in one place.”

Liz Kash, Director of Procurement, Adelphi University