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Cash Management

manage and mitigate your risk

Ideas on how to protect your business.

The Treasurer’s Security Checklist


• Utilize Payee Positive Pay
• Utilize Positive Pay/Reverse Positive Pay
• Purchase check stock from known vendors
• Use blank check stock
• Use a high security check printing system
• Know your bank’s process for check destruction and procedures for check fraud detection
• Make sure your bank has invested in a duplicate detection system if you use Remote Deposit Capture


• Review card report daily
• Set transaction limits for corporate card purchases
• Use chip card technology
• Require PIN authorization
• Verify that customer’s ID is authentic

Man and woman sit at table and review paperwork


• Institute ACH debit filters and blocks – requests that do not meet a preset criteria are rejected
• Segregate accounts and duties
• Monitor and reconcile transaction accounts daily
• Know your customers and vendors
• Protect sensitive information: mask and encrypt
• Ensure tokens are collected and credentials are changed after employees leave

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• Confirm that the client is in the loop when a requested third-party wire transfer is inconsistent with the client’s past activity
• Examine the content of all requests for spelling and grammatical errors and/or overly formal language
• Watch out for requests to change a client’s phone number
• Avoid responding directly to new email correspondence; send your response to a known email address instead
• Confirm requests using the phone number you have on file before sending any forms out
• Establish recurring wire templates, and review them on a regular basis

Group of people are seated around a conference room table


• Institute dual controls and a separation of duties for payment processes
• Set up dedicated computers for conducting transaction with a bank or payment processor
• Restrict physical access to the payment processing computer (i.e. use a secure room or office)
• Reconcile bank accounts daily
• Separate bank accounts by operating function
• Address exemption items in a timely fashion
• Perform periodic internal/external audits
• Set up an employee hotline to report potential fraud
• Restrict/limit employee internet usage of the organization’s network
• Establish a centralized risk management department
• Institute human review of payment transactions
• Purchase insurance coverage to minimize risk
• Educate staff on risk mitigation and conduct phishing tests
• Set up HR policies for employee hiring and departures
• Do not initiate any payment transactions based solely on email instructions

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