Fintech Audit

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What is a fintech platform audit?

Fintechs are creating a new economic reality in the emerging markets, leading to increased financial inclusion, innovation and disruptive business models that enable customers and service providers to generate prosperity, growth and value. However, advanced technology and changing business models come with their share of risks.

During a platform audit, you will find out if your technology services are meeting your needs, falling short, or need to be updated, and how everything can work together better to provide you with measurable results. A platform audit can benefit businesses of all stages.

What is a fintech platform audit and how does it improve performance?

Who we help?

Our cross-functional team of experienced professionals have both industry and regulatory knowledge, as well as technical skills to help you design and put into action risk mitigating controls for your organization. Savings and investment, lending and credit, payments, enterprise financial software, RegTech, and other FinTech players can benefit from our services.

We offer technology gap assessments, IT internal audit services, revenue assurance, data analytics, big data, IT governance, risk, compliance, performance and change management reviews, and IT due diligence services to FinTechs.

How we help

FinMV's Technology Audit Approach

Strategic Assessment and Planning

The objective assessment of the technology environment will take place during this phase, which includes the following activities: develop a project plan; identify key business processes, key IT applications, and key IT risks; develop an audit program that outlines the controls to be tested, audit procedures, and information required.

IT Audit Execution

During this phase, assess the design and implementation of controls to mitigate identified risks; IT governance, strategy, and organization; IT systems and applications controls; IT general controls; and IT platforms and infrastructure controls.

IT Audit Reporting

Document technology audit reports detailing identified gaps and recommendations for resolution of identified inadequacies; communicate and agree factual accuracy of audit findings.

Roadmap Design

In this phase, we will design the recommendation implementation roadmap with timelines and priority indicators, as well as communicate and agree on implementation timelines.

Transfer of knowledge and collaboration

We have an established methodology to guide our data analytics procedures and assurance checks for transactional data flows & data processing review for configured systems, analytical engine logic, and business rules.

Understand the transaction flow of the business solution and develop work procedures to guarantee the accuracy of any processed or generated data from this source. Acquire and test it against corporate regulations, then do scoping analytics with entity to reconfirm its coverage. Tweak processes according to company standards if necessary and use custom-designed analytical scripts tailored to these rules to review output. Subsequently, communicate any findings or anomalies with management, produce further insights based on your data analysis, and create a report for the entity.

Consult a fintech audit expert

If you would like to learn more about how FinMV services can benefit your company, please contact us.