The Ultimate Qashiopedia
Key Rate
The key rate is the interest rate at which a central bank allows other banks to borrow. In the UAE, the Central Bank of the United Arab Emirates sets the key rate.
Know Your Business (KYB)
KYB is a due diligence process that companies may undertake to ensure that their clients are not engaged in criminal activity. A KYB procedure may require clients to verify company information through documents, forms, and beneficiary and shareholder checks.
Know Your Client / Know Your Customer (KYC)
KYC refers to due diligence standards for companies in the financial services industry. Generally, two types of KYC exist: the process of confirming the identity of customers before opening an account at a financial institution, and the ethical efforts an investment advisor takes to ascertain risk tolerance, financial health, and overall knowledge to serve clients in their best interest.
Line Items
Allows users to break down a single transaction into multiple segments for detailed tracking and reporting. You can add and manage line items by specifying:
Liquid Assets
Liquid assets are either cash or financial instruments that can be swiftly converted into cash. Companies require liquid assets due to systematic and unsystematic risks; being illiquid leaves businesses vulnerable in times of urgency.
Machine Learning
Machine learning is a type of artificial intelligence that enables systems to learn and develop based on their experiences without being explicitly programmed. It focuses on creating computer programmes that can access data and learn autonomously. Various types of machine learning exist, including supervised learning, unsupervised learning, semi-supervised learning, and reinforcement learning.
Materiality Threshold
While there is no universal definition of materiality, it can be broadly defined as the omission or misstatement of information in a financial report that is significant enough to influence decisions. The materiality threshold is a benchmark used to ensure that an audit provides reasonable assurance that there are no material misstatements affecting the financial statements' usability.
Maverick Spend
Maverick, rogue, or tail spend are terms that describe unexpected external vendor expenditure that does not align with procurement policies. This often leads to financial leakages due to not utilising negotiated contract discounts or causing unfulfilled order quantities.
Merchant Acquirer
A merchant acquirer is a financial institution that processes electronic credit or debit card payments from clients on behalf of the merchant. (See Acquiring Bank.)
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