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MANAGING THE RISKS OF PAYMENT SYSTEMS CHAPTER 8

8 Management of Corporate Payment Systems Risks. This chapter discusses risk management for corporate payment systems risks. Suggestions for treasury operations and internal controls, a review of how risks are allocated in the company’s agreement with its banks | 8 Management of Corporate Payment Systems Risks This chapter discusses risk management for corporate payment systems risks. Suggestions for treasury operations and internal controls a review of how risks are allocated in the company s agreement with its banks and a typical crime policy insurance checklist are included. RISK MANAGEMENT Risk management is a planned and systematic process designed to eliminate or at least to reduce the probability that losses will occur. Risk management concepts and procedures should guide corporate policy. Meeting the reasonable expectations of the insurers should help to control premium costs and maximize coverage benefits as well as to reduce the likelihood of the occurrence of the covered event. The goal of managing corporate payment systems risks is to ensure that the company maintains control of its obligation to make and its right to receive payments. The consequences of 201 Management of Corporate Payment Systems Risks failure can be great. Some companies have lost huge amounts and some have become bankrupt because of their failure to control liquidity or because of losses resulting from fraud. Transaction Risk The Office of the Controller of the Currency OCC in OCC Bulletin 98-3 summarizes transaction risk in part Transaction risk is associated with internal controls data integrity transaction rules employee performance and operating procedures or problems with service or delivery because of design deficiencies. Transaction risk has the potential to adversely impact earnings and capital as a result of fraud error and the inability to deliver products or services maintain a competitive position and manage information. Transaction risk is evident in every product and service offered. The risks of corporate payment systems are primarily and best managed by avoidance of risks preventing losses in the payment systems of both funds due to and due from the corporation. Loss prevention measures will mitigate or prevent a loss. .