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Evolving operational risk management for retail payments

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  • Paul E. 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 E. 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

    as
    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.), vol. 88(Aug), pages 360-374, August.
    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, vol. 83(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 N. Rice & Kristin D. Stanton, 2003. "Estimating the volume of payments-driven revenues," Emerging Issues, Federal Reserve Bank of Chicago.
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    Cited by:

    1. Gregor Heinrich, 2006. "Riesgo operacional, pagos, sistemas de pago y aplicación de Basilea II en América Latina: evolución más reciente," Boletín, CEMLA, vol. 0(4), pages 191-204, Octubre-d.
    2. 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.
    3. Catharine Lemieux, 2003. "Retail payments innovations and the banking industry," Emerging Issues, Federal Reserve Bank of Chicago.
    4. Catharine Lemieux, 2003. "Network vulnerabilities and risks in the retail payment system," Emerging Issues, Federal Reserve Bank of Chicago.

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