Welcome » IT Booklets » Wholesale Payment Systems » Wholesale Payment Systems Risk Management » Operational (Transaction) Risk
In the context of payment systems, operational risk is the risk
of loss resulting from inadequate or failed internal processes,
systems, and staff, or from external events. Operational risk
includes various physical and information security risks.
Institutions should address operational risk by adopting the
appropriate internal and operating controls, information security
policies and controls, operational resiliency policies and
resources, and by comprehensively and effectively auditing these
policies, controls, and resources. Institutions should ensure all
policies, controls, and resources are sufficient to meet all
regulatory expectations.See Appendix F for a
discussion of the "Interagency Paper on Sound Practices to
Strengthen the Resilience of the U.S. Financial System."