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RBA Glossary definition for systemic risks
systemic risks – Events which may jeopardise financial system stability and cause harm to the real economy. For example, the Y2K problem was regarded as such a risk. They may include the risk that the failure of one participant in a payments system, or in financial markets generally, to meet their required obligations when due, will cause other participants or financial institutions to be unable to meet their obligations (including settlement obligations in a transfer system) when due. Such a failure may cause significant liquidity or credit problems.
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Organisation of Prudential Supervision | Submission to the Financial System Inquiry – 6 September 1996 | Financial Sector | Submissions
6 Sep 1996
Submissions
at risk, ie where it will fail if it cannot meet its pre-determined commitments. ... While those institutions are subject to contagion risk, their small size makes it doubtful that even a widespread run on them would have systemic consequences.
https://www.rba.gov.au/publications/submissions/financial-sector/financial-system-inquiry-1996/organisation-of-prudential-supervision.html
Innovation and Technological Change in Financial Intermediation and the Payments System | Supplementary Submission to the Financial System…
13 Jan 1997
Submissions
71. Such innovations have not, of course, removed risks from intermediation and in inexpert or imprudent hands they may actually lead to greater risk. ... Prudential supervision aims to help management contain the various risks in financing and has had
https://www.rba.gov.au/publications/submissions/financial-sector/financial-system-inquiry-supplement-1997/innovation-and-technological-change-in-financial-intermediation.html
Commonwealth of Australia: In the Australian Competition Tribunal – April 2004 | Payments System | Submissions
8 May 2024
Submissions
Real-time, PIN-based authorisation of transactions provides merchants with a guaranteed payment unlike, for example, cheques and without the same fraud and charge-back risks as in credit cards.
https://www.rba.gov.au/publications/submissions/payments-system/au-competition-tribunal/index.html
The Australian Securities and Investments Commission's Review of the EFT Code of Conduct – April 2006 | Responses and Options Paper
8 May 2024
Submissions
These systems are costly to establish, requiring sophisticated IT, communications and risk management systems, reliable back-up arrangements and links to payment systems. ... This additional netting could reduce risk and reduce the liquidity costs of
https://www.rba.gov.au/publications/submissions/payments-system/proposed-asx-sfe-merger/index.html
Applications for Authorisation in Relation to 3D Secure – February 2016 | Payments System | Submissions
8 May 2024
Submissions
Because cardholders are generally insulated from the impact of fraud by chargeback rights and zero liability arrangements, they can be expected to value convenience over the risk faced mainly by others.
https://www.rba.gov.au/publications/submissions/payments-system/applications-for-authorisation-re-3d-secure/index.html
Applications for Authorisation in Relation to PIN@POS – July 2016 | Payments System | Submissions
8 May 2024
Submissions
As part of its work, the Board monitors developments in payments fraud, since fraudulent transactions can affect the efficiency of a payment system by increasing the costs and risks of making
https://www.rba.gov.au/publications/submissions/payments-system/applications-for-authorisation-re-pin@pos-2013-07/index.html
Reforms to the Payment Systems (Regulation) Act 1998 Submission to Senate Economics Legislation Committee – February 2024 | Payments System …
23 Feb 2024
Submissions
risks as the payments system continues to evolve. ... The PSB has a specific duty to ensure that the RBA exercises its powers under the PSRA in a way that best contributes to: controlling risk in the financial system; promoting
https://www.rba.gov.au/publications/submissions/payments-system/reforms-to-the-psra/index.html
Proposed merger between Armaguard and Prosegur – October 2022 | Responses and Options Paper
8 May 2024
Submissions
2, – such as an increased risk of counterfeiting, or a retail run – as being less likely to arise. ... The approaches taken by other countries in helping to mitigate these risks has included legislating minimum requirements for cash access and
https://www.rba.gov.au/publications/submissions/payments-system/proposed-merger-armaguard-and-prosegur-submission-october-2022/index.html
Applications for Authorisation in Relation to PIN@POS – Auguest 2013 | Payments System | Submissions
8 May 2024
Submissions
Card issuers, on the other hand, bear much of the risk of point of sale fraud and are likely to favour PIN authorisation.
https://www.rba.gov.au/publications/submissions/payments-system/applications-for-authorisation-re-pin@pos-2013-08/index.html
Inquiry into Future Directions for the Consumer Data Right – April 2020 | Payments System | Submissions
8 May 2024
Submissions
Additionally, screen scraping presents a range of data security, privacy and fraud risks to consumers. ... See: <Some of the risks arising from Open Banking could potentially be mitigated by requiring entities to have appropriate liability insurance.
https://www.rba.gov.au/publications/submissions/payments-system/future-directions-for-the-consumer-data-right/index.html