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November 30, 2022
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Economic benefits of fintech development audit

Many people have a stereotype that a fintech software audit always carries certain problems and costs. Yes, it is wrong to say that an audit does not incur financial costs, but in most cases an independent audit is able to identify various kinds of errors and problems due to which the company cannot reach a new level and increase its income. At the same time, the identified problems, if they are not eliminated in time in the future, can lead to more serious consequences, namely: fines, courts, security violations, and so on, which in the future can seriously affect both the image of the company and its financial assets.

Actions of fintech software development audit, which will bring profit to the company in the future

1) Checking the reliability of the software, existing errors, and methods of its improvement.

During the check, it will be determined whether the current model is ideal for this area of business, as well as whether there are opportunities to improve it. Improving the model leads to an increase in the speed of the company’s work, which will eventually be reflected in its profits, as well as the rating among current and future customers. The presence of existing errors leads to various delays and as a result, will reduce the speed of work, which ultimately slows down the company’s profit growth.

At the same time, some processes in the company can be automated, which will reduce staff or remove certain functions from it that reduce the speed of performing the necessary work. This will also allow the company to earn extra money (by reducing the salary fund), while reducing the number of staff will not affect the speed of completing the necessary tasks.

2) Checking the security of the available financial software.

Unfortunately, almost everything can be hacked (sometimes state structures are also susceptible to hacking), however, the more difficult it is to do this, the less desire there is to do it (and not every attacker will cope with the task). The security of information in the company should occupy one of the priority places in the company’s work since the leakage of confidential information can not only lead to the loss of potential benefits but also various kinds of costs (lawsuits from the company’s clients about the disclosure of this information). At the same time, attackers can simply stop the company’s work by logging into the security system, which will also lead to a decrease in profits, additional expenses, and a decrease in the trust and popularity of the company’s rating among its customers.

3) Checking the existing software for compliance with contracts and licenses.

In some cases, unlicensed software may be installed (some unscrupulous companies may use unlicensed software to increase profits). If detected by a third-party check, this problem can be easily resolved by simply installing the licensed software with the transfer of all necessary information. It is another matter if this fact is revealed by the company that is the developer of this software. In such cases, it is impossible to avoid major sanctions, which can not only greatly affect the financial well-being of the company, but also lead it to bankruptcy.

Conclusion

Software development audit is scary, but only if it is not carried out or is carried out when it is too late. Timely checks will help the company to develop, increasing its profit, as well as its rating among users. They also contribute to increasing the company’s protection, reducing the salary fund, and increasing the speed of completing tasks. It is much more profitable to conduct an audit and spend part of the funds to improve the company than to further spend these funds on lawsuits, eliminating problems that have already affected the company’s image and led to losses.

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