Revised Payments System Risk policy.The Federal Reserve Board announced on November November: see month. 26, 2004, the approval of proposed revisions to its Policy on Payments System Risk (PSR PSR Pulsar PSR Poster PSR Physicians for Social Responsibility PSR Psychosocial Rehabilitation PSR Pacific School of Religion PSR Policy and Survey Research PSR Project Study Report PSR Pre-Sentence Report PSR Pressure-State-Response PSR Puget Sound Region Policy) addressing risk management in payments and securities settlement systems. The revisions update the policy in light of current industry and supervisory risk-management approaches as well as new international risk-management standards for payments and securities settlement systems. In addition they provide further clarification regarding the policy's objectives, scope, and application. The key revisions include an expansion of the policy's scope to include those Federal Reserve Bank payments and securities settlement systems that meet the policy's application criteria, revised general risk-management expectations for systems subject to the policy, and the incorporation of both the Core Principles for Systemically Important Payment Systems (Core Principles) and the Recommendations for Securities Settlement Systems (Recommendations). Under the revised policy, public- and private-sector payments and securities settlement systems that expect to settle a daily aggregate gross value of U.S. dollar-denominated transactions exceeding $5 billion on any day during the next twelve months are expected to implement a sound risk-management framework. A sound risk-management framework should: (1) clearly identify risks and set sound risk-management objectives, (2) establish sound governance Governance makes decisions that define expectations, grant power, or verify performance. It consists either of a separate process or of a specific part of management or leadership processes. Sometimes people set up a government to administer these processes and systems. arrangements, (3) establish clear and appropriate rules and procedures, and (4) employ the resources necessary to achieve the system's risk-management objectives and implement effectively its rules and procedures. Systems deemed by the Board to be systemically important are also required to meet the Core Principles or Recommendations. The Core Principles were developed by the Committee on Payment and Settlement Systems (CPSS CPSS Committee on Payment and Settlement Systems CPSS Commission on Public Secondary Schools CPSS Cincinnati Prehospital Stroke Scale (STR - Smile, Talk, Raise both arms) CPSS Certified Professional Soil Scientist ) of the central banks This is a list of central banks. Contents A B C D E F G H I J K L M N O P Q R S T U V W Y Z of the Group of Ten countries. The Recommendations were developed by the CPSS and the Technical Committee of the International Organization of Securities Commissions The International Organization of Securities Commissions (IOSCO) is an international organization that brings together the regulators of the world’s securities and futures markets. . Both sets of standards are part of the Financial Stability Forum's Compendium com·pen·di·um n. pl. com·pen·di·ums or com·pen·di·a 1. A short, complete summary; an abstract. 2. A list or collection of various items. of Standards that have been widely recognized and endorsed by U.S. authorities as integral to strengthening global financial stability. |
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