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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.


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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