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“AI will completely change the industry.” – Interview with the Head of the Risk&Compliance

One of the main merchants’ concerns is the security of the payment system. We spoke to our Head of Risk and Compliance (R&C) to learn more about the intricacies of their responsibilities and strategies employed to prevent problematic situations from happening.

Can you tell us about the beginning of your journey in Risk and Compliance?

Tetiana Tsereteli: I began my career in the banking industry, where I first encountered real credit risk and its mitigation strategies. This experience significantly changed my perspective on risk management, as it was quite different from the theoretical descriptions I learned from university textbooks. Three years later, I transitioned to the Compliance area within the same sector, tackling various challenges such as sanction, operational, non-compliance, reputational, and other risks.

Truth be told, we all face risks at work, regardless of the industry, as well as in our personal lives. In essence, everyone is a risk manager to some degree and has experience in managing risks. The ability to do it effectively is essential to prevent failures.

What are the responsibilities of employees in the Risk and Compliance department?

T.T.: I strongly believe that R&C team is the front guard of a company, playing a vital role in ensuring stable operations. Our responsibilities range from customer onboarding, transaction monitoring, and fraud screening to account closure. The core purpose of R&C is to ensure the company complies with regulations and laws, thereby safeguarding it from potential risks, losses, or damages.

How does Payop handle the recent regulatory changes in the payments industry, and how will these changes impact merchants?

T.T.: We constantly monitor regulatory changes. As soon as they are announced, we immediately begin reviewing them, discussing them with stakeholders and implementing them as required by regulators. Meeting regulatory requirements and maintaining compliance is an integral part of a healthy company operation. It also allows us to ensure that our customers are safe and well cared for.

Does Payop offer support for risk-related issues?

T.T.: The R&C team takes immediate action if there is an issue. By conducting thorough investigations and risk assessments and applying a comprehensive, risk-based approach on a case-by-case basis, we aim to promptly resolve any issue and mitigate potential risks with minimal consequences for the company and its customers.

Payop can implement a range of risk mitigation measures as defined by our policies and procedures and deploy the possibilities of our anti-fraud systems in cases involving sanctions risks. Moreover, we are in constant contact with our customers to inform them of any threats or risks and to recommend effective protective measures.

How long does the typical transaction review process take?

T.T.: Payop conducts transaction monitoring regularly and daily to ensure compliance with AML regulatory requirements and mitigate potential financial crime risks. The time of the transaction review varies depending on different factors, such as triggered ML/TF red flags, the volume of flagged transactions, customer specifics, transaction history scope, and whether further information has been requested. So, the review time is individual to each case but can vary from one day to a week or more, depending on the complexity of the case.

What data security measures does Payop have to protect personal data?

T.T.: We adhere to PCI DSS, which outlines our commitment to data security.

Learn how Payop keeps your transactions and data secure

What role do you see AI playing in the future of risk management?

T.T.: I believe that AI will completely change the risk management industry. Firstly, AI empowers the analysis of huge data volumes, recognises patterns and accelerates the analytical process to speed up decision-making. Secondly, AI allows for the continuous analysis of real-time data, enabling rapid risk assessment, proactive decision-making and risk mitigation. Lastly, AI can predict future risks based on historical data analysis. All these capabilities will make the risk management process more powerful, swift and adaptive than ever before.

How does Payop handle cross-border transactions? Are there any specific risk considerations for international business?

T.T.: Cross-border transactions tend to face broader fraud, sanctions, and financial crime risks than local transactions, requiring more robust compliance checks.

Payop has a strong R&C team that promptly conducts required compliance checks. Our platform ensures transactions are fast, without delays and include comfortable fees for our customers. Payop also deploys advanced and market-recognized anti-fraud systems to help us check transactions and effectively detect and mitigate the previously mentioned risks.

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