Addressing the Unique Challenges Facing Fintech
The rapid growth of the financial technology (fintech) industry brings with it numerous opportunities, but also new and emerging risks. As fintech companies navigate an increasingly complex regulatory environment, they are under more scrutiny than ever from regulators and key stakeholders.
Crowe Horwath LLP understands that each fintech company has a distinct business model and associated risk profile. Crowe applies deep industry, technical, and business expertise to help fintech companies address complex business and accounting issues.
Crowe Fintech Service Areas
Anti-Money Laundering and Sanctions. Crowe takes a proactive approach to helping fintech organizations manage the risk of money laundering and other financial crimes. Our professionals bring to each engagement an awareness of the unique needs and diverse business models that exist within the fintech industry. Crowe professionals provide risk assessment, independent review, and advisory services to fintech organizations in support of the management of AML and sanctions risks.
Cybersecurity. Fintech companies are uniquely vulnerable to cyberthreats. Explosive growth in the industry has created unprecedented opportunity for cyber crime, necessitating that companies be vigilant and take proactive measures to secure their customers’ data. Crowe cyber specialists are PCI-certified and specialize in fintech security and controls.
Regulatory & Compliance. Aware that many fintech companies are navigating a complex regulatory environment for the first time, Crowe focuses on helping organizations assess and execute their regulatory compliance activities. Our specialists can provide guidance in identifying and managing consumer compliance risk, including compliance management system assessment and development; risk assessment; compliance monitoring and testing; and compliance analytics for fair and responsible banking and fair lending.
System Risk Management. Keeping track of the magnitude of risks that threaten fintech companies requires proactive system risk management and governance. Crowe provides fintech risk consulting services that apply technical expertise and sophisticated system risk-management techniques. Crowe professionals offer governance, calibration, and validation to help fintech companies manage risk in cost-effective, efficient ways.
Third-Party Risk. Because they are typically lean and nimble organizations, fintech companies often hire and engage with third parties to carry out specific functions in their operations. This makes fintech third-party risk a significant concern. Crowe provides fintech consulting services to assist fintech companies in establishing processes that can help them assess and reduce their third-party risk exposure.
Financial Statement Audit. Our advanced audit methodology facilitates a more effective audit process and enables our auditors to provide deeper insight into higher-risk areas. Crowe professionals can help fintech companies validate and give credibility to their financial reporting. Connecting deep industry and specialized knowledge with innovative technology, our experienced audit professionals help clients meet complex financial reporting obligations.
The Crowe Advantage
Crowe recognizes that fintech companies are not banks and have special needs and a distinct set of business circumstances. We deliver high-quality accounting, consulting, and technology services based on a comprehensive understanding of your business.
Crowe Horwath LLP is the FinTech Forge consultant of choice to provide regulatory compliance risk services.
Crowe Horwath LLP is an official partner with FinXTech powered by Bank Director.