Remediation

Remediation refers to the corrective actions taken by an organization to address compliance gaps, control weaknesses, or regulatory violations identified during audits, reviews, or monitoring. In financial services, remediation often involves fixing deficiencies in KYC, AML screening, transaction monitoring, or data management processes.It may include updating customer records, enhancing risk models, retraining staff, or implementing stronger internal controls. Regulators frequently require remediation plans when institutions fail to meet compliance obligations, with strict timelines for completion. For banks, fintechs, and payment providers, effective remediation not only resolves immediate issues but also demonstrates a commitment to long-term compliance and risk management, helping avoid penalties and reputational damage.