New York’s Paychex, a leader of HCM solutions, recently earned recognition for outstanding functions in the form of an award conferred annually by Treasury and Risk magazine highlighting innovation across a spectrum of categories.
For its outstanding activity, Paychex earned a 2017 Silver Alexander Hamilton Award for Excellence in the category of operational risk management and insurance.
Specifically, the award acknowledged the firm’s Authentication and Financial Crime Prevention (AFCP) program. Paychex dispatches its AFCP team as first point of contact for every fraud-related incident or issue. Team members work directly with staffers and banking affiliates to prevent loss and lend investigative assistance to law enforcement personnel for any and every single fraud attempt impacting a Paychex client.
"Everyone is susceptible to fraud in the digital age, but financial activities such as payroll are higher risk by their very nature," Frank Fiorille, Paychex's vice president of risk management, compliance, and data analytics, said. “Recognizing that risk is the first step. The next step is putting systems in place to protect yourself and your clients.”
The strategy succeeds by avoiding a “siloed approach,” enabling transparency.
“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," Fiorille said.