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Evolving operational risk management for retail payments

Author

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  • Paul Kellogg

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.

Suggested Citation

  • Paul Kellogg, 2003. "Evolving operational risk management for retail payments," Emerging Issues, Federal Reserve Bank of Chicago.
  • Handle: RePEc:fip:fedhei:y:2003:n:eps-2003-1e
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    References listed on IDEAS

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    1. Sujit Chakravorti & Emery Kobor, 2003. "Why invest in payment innovations?," Emerging Issues, Federal Reserve Bank of Chicago, issue Jun.
    2. Geoffrey R. Gerdes & Jack K. Walton, 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. 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.
    4. 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.
    5. JAMES J. McANDREWS, 1999. "E-Money And Payment System Risks," Contemporary Economic Policy, Western Economic Association International, vol. 17(3), pages 348-357, July.
    6. Tara Rice & Kristin Stanton, 2003. "Estimating the volume of payments-driven revenues," Emerging Issues, Federal Reserve Bank of Chicago.
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    Cited by:

    1. Cathy Lemieux, 2003. "Retail payments innovations and the banking industry," Emerging Issues, Federal Reserve Bank of Chicago.
    2. Catharine Lemieux, 2003. "Network vulnerabilities and risks in the retail payment system," Emerging Issues, Federal Reserve Bank of Chicago.

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