In particular, two areas are emphasised: First, some of the systems have a deficient framework for monitoring and managing risk. Such a framework is necessary for assessing risk and measures in aggregate. Otherwise, one cannot be certain whether the measures implemented are appropriate. The framework should cover all aspects of operations, also the parts outsourced to other providers. This is an essential tool for controlling the overall risk in the system. It is not sufficient to indicate that an operating services provider has a separate risk management framework in place. The board of the owner company has ultimate responsibility. Second, it is not always clear how operational risk is managed and controlled. If operational risk is not managed appropriately, there is a risk that operations are disrupted – and in the worst case come to a halt. A failure in the delivery of electronic communications is an example of an operational risk that may have serious consequences. System owners must ensure that the various operational risks are identified and analysed. The system owner must implement the necessary measures on that basis. The assessment is now being followed up. System owners have drawn up plans for measures. The NICS Operations Office has responded to Norges Bank that work relating to the principles concerning the risk management framework and operational risk will be completed by the turn of the year. Norges Bank will ensure that progress and measures are satisfactory.
The bill states that banks will have an obligation to accept cash from customers and make deposits available to customers in the form of cash. This is a further specification of banks’ responsibility for cash handling. The bill also gives banks the freedom to choose how services are to be organised, as long as they are able to meet customer demand. Conclusion Let me sum up: The Norwegian payment system is efficient and up-to-date. It gives the nation a competitive advantage over many other countries. The owners must have management systems that enable them to have sound control of operations. The owners’ responsibility also includes backup solutions. This responsibility does not change if all or parts of operations are managed by others. Payments can become cheaper, faster and more user-friendly than they are at present. Banks should price payments so that they achieve acceptable earnings and promote profitable investments. This will also serve the interest of customers. It is of benefit to us, as a society, that banks and other operators are now investing in secure and forward-looking solutions. The aim must be to remain at the forefront of international developments. There is growing urgency to put in place new solutions. In this respect, the system owners – the banks – have collective interests that go beyond pure private financial considerations of the individual bank. Thank you for your attention. 6  BIS central bankers’ speeches