Paychex, Inc. has again been recognized by Treasury and Risk magazine, earning a 2017 Silver Alexander Hamilton Award for Excellence in Operational Risk Management and Insurance. Each year the publication highlights industry thought leaders’ innovative and creative treasury, finance, or risk management solutions in seven categories.
Paychex was honored in the Operational Risk Management and Insurance category based on its Authentication and Financial Crime Prevention (AFCP) initiative. To protect Paychex clients from fraud, the AFCP team assesses each customer’s risk at time of onboarding and continuously monitors that risk profile as payroll and HR services are implemented. The Paychex AFCP team serves as the single point of contact for all fraud-related issues, working with internal employees and banking partners to prevent losses, and providing investigative support to law enforcement anytime a Paychex client experiences a fraud attempt. This unique method helps avoid a siloed approach to risk management.
“Everyone is susceptible to fraud in the digital age, but financial activities such as payroll are higher risk by their very nature. Recognizing that risk is the first step,” said Frank Fiorille, Paychex vice president of risk management, compliance, and data analytics. “The next step is putting systems in place to protect yourself and your clients. Our investment in our Authentication and Financial Crime Prevention team allows us to serve our clients with confidence, and we’re proud to be recognized for our efforts by such a prominent publication in the risk management industry.”
The full announcement listing winning initiatives in the Operational Risk Management and Insurance category can be found here.