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Operational risk, payments, payment systems, and implementation of Basel II in Latin America : recent developments

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  • Heinrich, Gregor

Abstract

This is the English version of the annotaded presentation given at XI Encuentro Latinoamericano de Usuarios SWIFT (SWIFT users conference), ELUS 2006, “Creciendo en Competitividad”, Santiago de Chile, 3-5 July 2006. Given the importance of financial intermediation for the economy and the need to have a functioning infrastructure in order to allow for a speedy and safe transmission of information between all players, all states have created special entities that will supervise or oversee the proper functioning of institutions, systems and networks. The text explains first the standard-setting committees, the BCBS and the CPSS. It then highlights some recent developments in the region: the extraordinary increase in the volume and value of transactions over the last years has not only had positive aspects, but, from an operational point of view, is possibly also the source of more risk. This leads to some thoughts on operational risks and steps to mitigate, including "Basel II" and other documents from the Basel Committee that promote a better awareness and management of operational risk.

Suggested Citation

  • Heinrich, Gregor, 2006. "Operational risk, payments, payment systems, and implementation of Basel II in Latin America : recent developments," MPRA Paper 47420, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:47420
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    File URL: https://mpra.ub.uni-muenchen.de/47420/1/Developments%20in%20Other%20Regions.pdf
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    References listed on IDEAS

    as
    1. Kim McPhail, 2003. "Managing Operational Risk in Payment, Clearing, and Settlement Systems," Staff Working Papers 03-2, Bank of Canada.
    2. Heinrich, Gregor, 2006. "International Initiatives towards legal harmonisation in the field of Funds transfers, payments and payment systems - Annotated Bibliography," MPRA Paper 47419, University Library of Munich, Germany.
    3. Paul Miller & Carol Ann Northcott, 2002. "CLS Bank: Managing Foreign Exchange Settlement Risk," Bank of Canada Review, Bank of Canada, vol. 2002(Autumn), pages 13-25.
    4. Paul E. Kellogg, 2003. "Evolving operational risk management for retail payments," Emerging Issues, Federal Reserve Bank of Chicago.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    operational risk; payment systems; settlement systems; Basel II; Basel Committee; banking supervistion; CPSS; BCBS; financial infrastructure; Latin America;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean
    • N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean

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