In this 45-minute module, you will learn the fundamentals of managing risks by creating controls to mitigate both non-fraud and fraud outcomes. Specifically, you will:

• Explore business, settlement, and legal risks to understand their potential impact on your operations, helping you identify vulnerabilities in your payment processes and take proactive measures.
• Dive into the various types of controls used to manage these risks, including preventative, detective, and corrective controls, and how they can be applied across different stages of the payment process in both manual and automated environments.
• Understand the importance of administrative, technical, and physical controls, from education programs that raise employee awareness to technical solutions like firewalls and data encryption, and how these controls contribute to securing payment processing.
• Learn how layered controls help mitigate risks when one control fails, ensuring a more robust risk management approach.

By the end of this module, you will understand how to use a risk and controls inventory to prioritize and strengthen your control measures. This will help you effectively manage risks and collaborate with cross-functional teams to create secure and efficient payment processing for your business.