Do I need to audit my risk management processes when providing payment services?

Payment Service Providers (<a href="/glossarycollection/payment-service-provider" style="color:#48277C;" target="_blank" title="Payment Service Provider"><u>PSP</u></a>) need to ensure that their risk management is properly documented, and updated during its implementation and monitoring. Security measures should be audited by auditors with expertise in IT security and payments and operationally independent within or from the PSP. The frequency and focus of such audits should take the corresponding security risks into consideration.