Description
This two-part series is designed to help you perform a FedNow risk assessment. In the first session, we’ll review the foundational aspects of a risk assessment and provide an overview of what is required and how to enhance your program to ensure robust risk management. The second part of the series is a deep dive into regulatory framework and operational guidelines that impact FedNow risk assessments. You’ll come away with a thorough understanding of key regulations and procedures, including Regulation J, Operating Circular 8, and the FedNow Service Operating Procedures.
Part One: Foundations for a FedNow Risk Assessment – Requirements & Best Practices
- An introduction to FedNow and the importance of conducting a risk assessment.
- Understanding the basic requirements for a FedNow risk assessment.
- Going beyond the basics: Best practices for a thorough and effective risk assessment.
- Key components of a general risk assessment, including identification, evaluation, and mitigation of potential risks.
- Practical examples and case studies to illustrate effective risk assessment strategies.
Part Two: Diving Deeper into the FedNow Risk Assessment – Operating Procedures and Operating Circular 8
- Detailed examination of Regulation J and its implications for FedNow risk assessments.
- Understanding the requirements and guidelines outlined in Operating Circular 8.
- Review of the FedNow Service Operating Procedures and their impact on a risk assessment.
- Best practices for ensuring compliance and mitigating risks in accordance with industry standards.
Who Should Attend:
This series is ideal for compliance officers, risk managers, and payment operations personnel.
