Approval of changes to Boards Policy on Payments System Risk

GuidanceFederal Reserve Board (FRB)Information Security
Risk Management

The Federal Reserve Board on Friday approved changes to its Policy on Payments System Risk that revise the Board's expectations for systemically important payments and settlement systems subject to its authority and update and clarify the policy with regard to central counterparties.

Under the revised policy, systemically important payments and settlement systems subject to the Board's authority are expected to complete and disclose publicly self-assessments against the principles and minimum standards in the policy. The self-assessment should be reviewed and approved by the system's senior management and board of directors upon completion and made readily available to the public. In addition, a self-assessment should be updated following material changes to the system or its environment and, at a minimum, reviewed by the system every two years.

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