ValueMentor aid organizations adhere to the best SVF compliance requisites!

SVF Compliance Services in UAE

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What is SVF Regulation?

SVF or Stored Value Facilities, the later-born regulation revoking the SVEPF norm of 2017, streamlines the applicable regulatory framework for digital payments in the UAE. Issued on 30 September 2020 by CBUAE, it extends to licensing, supervisory and deployment requirements around SVF in the UAE and those entities connecting cross-border SVF promotions. The changes imposed by the new SVF norm require cybersecurity compliance and support for license-seeking organizations and financial providers.

ValueMentor aid organizations adhere to the best SVF compliance requisites!

ValueMentor, with immense expertise in cybersecurity management, regulatory compliance, risk management and privacy controls, fosters the ADAPT Technology Framework for cyber requisites. Adhering to our Technology Framework can help organizations meet the most required SVF license, complying with the standards and requisites.

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ValueMentor ADAPT Framework for SVF compliance 

Access

  • SVF Gap Assessment
  • SVF Technology Impact Assessment
  • SVF Customer Privacy Assessment
  • SVF Float Assessment

 

Design

  • SVF Compliance Roadmap
  • Technology Improvements
  • Privacy Improvements
  • SVF Design Architecture

 

Align

  • Implement & Deploy Policies
  • Implement Privacy Controls
  • Implement Security Controls
  • Implement Regulation Controls

 

Practice

  • Internal Risk Management
  • Data Security Management
  • Technology Risk Management
  • Float Regulation Management

 

Test

  • SVF Compliance Audits
  • Regular Risk & Vulnerability Testing
  • Risk Assessment Audits

Data management and compliance

The Stored Value Facilities regulation from CBUAE specifies many requirements for both licensees and licensed banks in the UAE. Concerning business firms involved in SVP (excluding the banks), data management and compliance are the most vital elements. The information and accounting infrastructure of the organization should have a data security policy and compliance strategy. Processes related to data management and control cover: –

  • Data collection
  • Data storage
  • Data management
  • Data processing
  • Data retrieval & retention
  • Data monitoring
  • Data reporting

By having a Stored Value Facilities service consultant hired for data management and compliance, you adhere to the regulations specified for information and accounting systems. Enable your robust mechanism that points to: –

  1. Complete record of business activities
  2. Furnishing quality management information system
  3. Maintaining strict audit & control
  4. Customer data protection & privacy

Internal risk management & control

Internal risk management and control apply to the control systems in the network architecture of your company. The general risk identification and management also picture financial entities connected with the SVF.

SVF regulations insist organizations looking for a license should have a robust internal control mechanism for managing liquidity risks. Through an SVF Assessment, our consultants help identify risks and vulnerability gaps in the control systems and thereby creating a well-developed plan and mitigation strategy for compliance. We have the best team involved in risk analysis, detection and monitoring support for organizations aiming at risk management and mitigation. A reliable and efficient internal control and auditing system relates to: –

  1. Efficiency in operation
  2. Identification of gaps in financial and management information
  3. Early detection of vulnerabilities, frauds, or irregularities
  4. Ensuring data protection & safety
  5. Adherence to statutory and regulatory compliance

We help organizations to bring a smooth flow to their internal architecture, complying with the SVF Regulations. Similarly, our consulting service aids you to have efficient compliance and internal audit functions with a healthy incident and breach reporting policy.

Float Regulation compliance

SVF Regulations clearly mention compliance standards concerning float management – managing customer funds. An SVF licensee will have to adhere to these float regulations strictly laid upfront. Customer fund needs to be protected and safeguarded from operational and other relevant risks. Our monetary security consultants and policies are tailor-made for organizations and financial entities probing float security. We furnish our best expertise: –

  • As a float regulation compliance advisory
  • Identification of financial threats or risks
  • Submission of compliance evidence
  • Developing strategies to address risks

Technology & specific-risk management

 

SVF Regulations specifically focus on licensees to set the best standard in technology and risk management. SVF requires all applying organizations to design technology systems, keeping the right tone with cyber developments. By unlocking our technology-based SVF assessment services, organizations have benefited from the right compliance policies and strategies adhering to specific-risk management norms. Our cybersecurity risk detection and compliance expertise for your organization best fit all SVF requirements such as: –

  1. Developing an efficient cybersecurity risk-management framework
  2. Identifying, managing, and reporting technology-related incidents
  3. Setting IT-control policies connecting business models
  4. Deploying company-wide cyber resilience measures
  5. Penetration testing
  6. Attack simulation
  7. Vulnerability mitigation
  8. Complying with GDPR norms, for data protection
  9. Transaction monitoring and control
  10. Advisory on authentication control
  11. Expanding recovery strategies

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