The Oversight Group has been given a very specific mandate. Its role is not to assess the entirety of risks which may occur. Rather, the Oversight Group monitors SWIFT’s activities only insofar as they are relevant to the smooth functioning of payment systems and to financial stability.
To that end, it assesses whether SWIFT has in place the appropriate governance arrangements, risk management procedures and controls to prevent and/or address effectively the risks posed to the smooth functioning of payment systems and financial stability. The monitoring of activities that do not affect the proper functioning of market infrastructure and financial stability is outside the Oversight Group’s remit.