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How do we mitigate fraud and operational risks in these enviornments ?
Certainly the adoption of digital exchange of data helps to prevent fraud, since visibility of transactions is increased. It all depends, of course, on the willingness of parties to open to such transparency. Most unlikely in tax-heavy regimes.
As per operational risk, that's exactly the point of SCF 2.0: The visibility acquired through the exchange of data and behavior of trading parties (e.g., was the purchase order in line with forecast? Were the goods delivered in quality, quantity, time agreed
upon? Were there any disputes regarding the delivery?) enable better control of operational performance and mitigate the correspondent risk.
Supply Chain Blockchain Personal Coach
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This post is from a series of posts in the group:
In the world of international trade, the process of exchanging payments, information and documents between buyers, sellers, banks, and other involved parties is becoming increasingly important for financial institutions. This community aims at presenting views and innovative ideas related to this financial supply chain space.
15 Jul 2020
04 Jul 2020