Demystifying Visa GARS Audits: Navigating Global Acquirer Risk Standards
Preparing for a Visa Global Acquirer Risk Standards (GARS) audit involves several key steps to ensure compliance and readiness. Here's a guide to help you prepare effectively:
1. Understand the Requirements
Familiarize with Visa GARS Standards: Thoroughly review the Visa Global Acquirer Risk Standards (GARS) documentation. Understand the specific requirements and expectations Visa has for acquirers.
Compliance Documentation: Ensure you have all necessary compliance documents, policies, and procedures in place that demonstrate adherence to Visa’s standards.
2. Internal Audit
Conduct a Self-Audit: Perform an internal audit against the Visa GARS standards. Identify any gaps or areas of non-compliance and address them before the actual audit.
Review Past Audits: Examine findings from any previous audits to ensure all issues have been resolved and no recurring problems exist.
3. Documentation and Record Keeping
Organize Documentation: Ensure all relevant documents, including policies, procedures, transaction logs, and incident reports, are well-organized and easily accessible.
Transaction Monitoring: Have clear records of transaction monitoring processes, including how suspicious activities are flagged and handled.
4. Risk Management
Update Risk Assessments: Review and update your risk assessments to reflect any new threats or vulnerabilities that may have emerged.
Incident Response Plan: Ensure your incident response plan is current, and that staff are trained on how to respond to potential security breaches or fraud incidents.
5. Staff Training
Training Programs: Conduct refresher training for staff on Visa GARS standards and any specific roles they play in ensuring compliance.
Audit Preparation Meetings: Hold meetings with key personnel to review their responsibilities during the audit and ensure they are prepared to answer questions or provide documentation.
6. Technology and Systems Review
System Integrity: Verify that all systems used for processing transactions are secure, up-to-date, and functioning correctly.
Access Controls: Ensure that access controls are in place and are being enforced. Review user access rights to confirm that only authorized personnel have access to sensitive information.
7. Third-Party Relationships
Vendor Compliance: Ensure that any third-party vendors you work with are also compliant with Visa GARS standards. Obtain documentation from vendors that demonstrate their compliance.
Contracts and SLAs: Review contracts and service level agreements (SLAs) with third parties to ensure they align with Visa’s requirements.
8. Mock Audits
Simulate an Audit: Conduct a mock audit to simulate the real audit process. This will help identify any last-minute issues and prepare your team for the audit environment.
Feedback and Improvement: Use the results of the mock audit to make final improvements.
9. Continuous Improvement
Ongoing Compliance: Treat compliance as an ongoing process. Continuously monitor your operations for adherence to Visa’s standards and be proactive in addressing potential issues.
By following these steps, you should be well-prepared for a Visa GARS audit, reducing the likelihood of any issues arising during the process. RPY Innovations has assisted quite a few Acquirers, Payment Service Providers, ISO’s and Payment Facilitators get ready for a Visa GARs and we can help you as well.
