Evolving Operational Risk Management for Retail Payments
Payment systems are an integral 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 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.
