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Maker-checker (or Maker and Checker or 4-Eyes) is one of the central principles of authorization in the information systems of financial organizations. The principle of maker and checker means that for each transaction, there must be at least two individuals necessary for its completion.
Know your customer (KYC) guidelines and regulations in financial services require professionals to verify the identity, suitability, and risks involved with maintaining a business relationship with a customer.
Verification is intended to check that a product, service, or system meets a set of design specifications. [6] [7] In the development phase, verification procedures involve performing special tests to model or simulate a portion, or the entirety, of a product, service, or system, then performing a review or analysis of the modeling results.
Process validation involves a series of activities taking place over the lifecycle of the product and process.". [4] A properly designed system will provide a high degree of assurance that every step, process, and change has been properly evaluated before its implementation. Testing a sample of a final product is not considered sufficient ...
Business Process Validation (BPV) is the act of verifying that a set of end-to-end business processes function as intended. If there are problems in one or more business applications that support a business process, or in the integration or configuration of those systems, then the consequences of disruption to the business can be serious.
A process step, usually called an activity, is denoted by a rectangular box. A decision is usually denoted by a diamond. A flowchart is described as "cross-functional" when the chart is divided into different vertical or horizontal parts, to describe the control of different organizational units.
XML validation is the process of checking a document written in XML (eXtensible Markup Language) to confirm that it is both well-formed and also "valid" in that it follows a defined structure. A well-formed document follows the basic syntactic rules of XML, which are the same for all XML documents. [ 1 ]
The validation process begins with validation planning, system requirements definition, testing and verification activities, and validation reporting. The system lifecycle then enters the operational phase and continues until system retirement and retention of system data based on regulatory rules.