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Methods for risk management architecture in payment systems

Masino M.N. Financial University under Government of Russian Federation, Moscow, Russian Federation ( mstislavm@gmail.com )

Larionov A.V. National Research University Higher School of Economics, Moscow, Russian Federation ( alarionov@hse.ru )

Journal: Finance and Credit, #31, 2017

Subject The article addresses issues of integrated risk management system organization within payment systems.
Objectives The purpose is to develop a methodology for creating an efficient risk management in payment systems. The research continues a series of articles on the subject.
Methods Using the national risk management standards, we analyzed and adapted risk management procedures to payment systems specifics based on allocation of powers and duties for risk management among payment system's entities.
Results We offer a methodology for creating an integrated system of risk management in payment systems that meets the requirements of relevant national laws and regulations, international standards on infrastructure organizations of the financial market, and national standards on risk management.
Conclusions The methodology is aimed at building a risk management system regardless of design, availability of additional services, and organizational component of the payment system.


Unsecured intraday credit as a method to manage credit risk in the payment system

Masino M.N. Financial University under Government of Russian Federation, Moscow, Russian Federation ( mstislavm@gmail.com )

Journal: Finance and Credit, #5, 2018

Subject The article considers specifics of using the unsecured intraday credit as a way of credit risk management in payment systems.
Objectives The study aims to develop methodological approaches to applying unsecured intraday credits with regard to mechanisms of calculating the limit on the available volume of unsecured intraday credit set by a settlement center of a payment system (PS).
Methods I use international standards of the Committee on Payments and Market Infrastructures of the Bank for International Settlements, and international standards on risk management (ISO 31000 group) as a base for the research.
Results I developed a mechanism to calculate a limit of unsecured intraday credit with the use of data available to the payment system operator without involvement of additional information from PS participants. The article considers a possibility to apply the proposed method of credit risk management in accordance with the procedure provided in the ISO 31000 group standard.
Conclusions The mechanism to calculate the limit of unsecured intraday credit may be viewed as an efficient tool to mitigate credit risks of the PS. The practice of defining the limit of unsecured intraday credit without involvement of additional data from PS participants will enable the settlement center of the PS to quickly define the financial stability of PS participants.


Liquidity pool as a way to manage liquidity risk in payment systems

Masino M.N. Financial University under Government of Russian Federation, Moscow, Russian Federation ( mstislavm@gmail.com )

Larionov A.V. National Research University Higher School of Economics, Moscow, Russian Federation ( alarionov@hse.ru )

Journal: Finance and Credit, #1, 2018

Importance This paper discusses the issues of liquidity pool applying as a way to manage the liquidity risk in payment systems.
Objectives The study aims to develop an approach to the systemic description of the risk management (RM) practice in payment systems, as well as its testing through a liquidity pool.
Methods For the study, we used the international and domestic standards in the field of risk management. The existing practice of using this risk management method in TARGET 2 was used to describe the aspects of the liquidity pool application.
Results When considering the liquidity pool application peculiarities, we formed and now present an algorithm of choice of risk management practice in the payment system, which is universal and can be applied to choose some other risk management methods.
Conclusions and Relevance The liquidity pool is an effective tool to reduce the risk of liquidity in the payment system and to increase the attractiveness of the payment system to potential participants. The presented description of the RM practice through liquidity pool can be the basis of the national standard on introduction of risk-management system in Russian payment systems. The discussed RM practice should be considered as an appendix to a part of the description of application of risk-management process in the payment system.


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