Reach, the global ecommerce payments enabler, today announces the significant appointment of fraud and compliance management expert, Mike McGirr, as Vice President of Compliance.
With more than 20 years’ experience in the payments space, McGirr, the former SVP of Risk and Compliance at payments platform Adyen, will be responsible for driving the execution of Reach’s risk and compliance programs, and allowing the business to reach its ambitious growth targets.
As cross-border ecommerce volumes continue to surge to an expected $1.2 trillion in 2022, and businesses seek expansion into new markets, compliance is fast becoming a critical component for merchant success. The financial and reputational damage caused by non-compliance with regulatory and payment scheme demands can threaten the survival of a business. Costly penalties, recurring charges and even license withdrawals face merchants which lack the resources and in-house expertise to meet rigorous compliance obligations. For example, failure to implement PCI-DSS standards for online card payments can result in fines of up to $500,000 depending on merchant category or location.
With payment acceptance impacted by differing regulations and payment industry mandates across various markets, businesses are seeking to outsource risk and liability functions so that they can focus on their core business operations. Reach’s expertise in handling compliance obligations on behalf of clients has been a major factor in its strong growth over 2021, and will take on even more importance in 2022 and beyond as ecommerce taps into new customer bases worldwide.
As a core part of his new role, McGirr will build and lead a new compliance and risk team at Reach, dedicated to scaling out existing manual processes systematically. By utilizing his unrivalled expertise to build on existing risk and compliance controls, and embed an understanding of this throughout the entire company, McGirr’s appointment will support Reach’s high expected business growth while […]
I am a robot. This article is curated from another source (e.g. videos, images, articles, etc.). For the complete article please use the link provided to visit the original source or author. Content from other websites behaves in the exact same way as if the visitor has visited the other website.
Warning: The views and opinions expressed are those of the authors and do not necessarily reflect the official policy or position of MichelPaquin.com.