Risk Management Framework

The activities related to Risk Management Framework are paramount to an effective mobile money security program and can be applied to both new and legacy information systems within the context of the mobile money system development life cycle.

Our all-round Risk management approach not only addresses effectiveness & efficiency in selection & specification of security control criteria, but also considers the MFS constraints such as applicable laws & regulations related to providing Mobile financial services, directives, Executive Orders, & other organizational policies. We consider RMF to be an integral part for an effective mobile money security program, which provides a disciplined & structured process to integrate information security & risk management activities into the mobile money system development life cycle. Our RMF services, to select & specify the appropriate security controls revolve around the following steps;

1. Categorization

Based on an impact analysis, initially, we categorize the mobile money information system and the information processed, stored, and transmitted by that system.

2. Selection of security controls

In this step, we select an initial set of baseline security controls for the mobile money information system based on our organization assessment of risk and local conditions.

3. Implementation & Documentation

Now we implement the security controls and document how the controls are deployed within the
mobile money information system & mobile money operations.

4. Assessment

We further move on to assess security controls using appropriate procedures whether the controls are implemented correctly, operating as intended, and producing the
desired outcome with respect to meeting the security requirements for the mobile money system.

5. Authorization

After complete assessment & satisfaction, we authorize mobile money information system operations considering that this risk is acceptable.

6. On-going basis Monitoring & Reporting

Finally, we monitor selected security controls on an on-going basis in order to assess effectiveness, documenting changes to the mobile money system or environment of mobile money operation, conducting security impact analyses of the associated changes, and thus reporting the security state of the mobile money information system to appropriate organizational officials.

OTHER CONSULTING SERVICES

  • Opportunity assessment

    Traditionally Opportunity assessment is used when companies are considering entering new emerging markets or to start providing the services to their existing customers.

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  • Product Roadmap Development

    Roadmaps need to be maintained as “living” pictures which enable gaps and opportunities like “mobile money services” to be spotted when they occur rather than months down the line when finances may have been needlessly wasted and competitive advantages lost.

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  • 2nd Generation MFS Platform Migration planning and design

    According to experts in digital financial services, the 2nd generation platform will unlock a new era of transformational mobile financial services.

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  • Back Office Processes Optimization

    Your back office operations are often the very heart of your organization, but do you know whether they are working efficiently and serving purposefully as well?

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  • MFS IT Architecture Review and Optimization

    It is always a challenge to launch mobile money services in highly unbanked markets. We provide you the architecture that allows rapid changes to product design, high throughput to manage customer experience and huge volumes of micro-transactions.

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