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Evolving operational risk management for retail payments

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  • Paul Kellogg
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    Abstract

    Payment systems are an integral part component of banking that is undergoing material change. Industry trends and discussions with key banking personnel highlighted four issues that are top concerns for banks engaged in emerging payments: changing delivery channels and safeguards, fraud, vendor and oversight, and operational risk measurement and reporting. While risk management practices are evolving to meet current and emerging risks, bank management should increase their effort to make sure the overall risk is reported to senior management and Directorates.

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    Bibliographic Info

    Article provided by Federal Reserve Bank of Chicago in its journal Emerging Issues.

    Volume (Year): (2003)
    Issue (Month): ()
    Pages:

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    Handle: RePEc:fip:fedhei:y:2003:n:eps-2003-1e

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    Related research

    Keywords: Payment systems ; Electronic funds transfers ; Emerging markets ; Risk management;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Terri Bradford & Matt Davies & Stuart E. Weiner, 2002. "Nonbanks in the payments system," Payments System Research Working Paper PSR WP 02-02, Federal Reserve Bank of Kansas City.
    2. Geoffrey R. Gerdes & Jack K . Walton II, 2002. "The use of checks and other noncash payment instruments in the United States," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Aug, pages 360-374.
    3. Tara Rice & Kristin Stanton, 2003. "Estimating the volume of payments-driven revenues," Emerging Issues, Federal Reserve Bank of Chicago.
    4. Sujit Chakravorti & Emery Kobor, 2003. "Why invest in payment innovations?," Emerging Issues, Federal Reserve Bank of Chicago, issue Jun.
    5. JAMES J. McANDREWS, 1999. "E-Money And Payment System Risks," Contemporary Economic Policy, Western Economic Association International, vol. 17(3), pages 348-357, 07.
    6. William Roberds, 1998. "The impact of fraud on new methods of retail payment," Economic Review, Federal Reserve Bank of Atlanta, issue Q 1, pages 42-52.
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    Cited by:
    1. Catharine Lemieux, 2003. "Network vulnerabilities and risks in the retail payment system," Emerging Issues, Federal Reserve Bank of Chicago.
    2. Cathy Lemieux, 2003. "Retail payments innovations and the banking industry," Emerging Issues, Federal Reserve Bank of Chicago.

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