Risk management related to the use of payment systems

Abstract

Payment system is a complex system of managing funds transfers and settlements between economic entities, which ensures the rational implementation of the basic functions, uninterrupted financing of activities using the latest methods and payment instruments used to reduce cash flow and ensure the effectiveness of monetary, monetary policy countries. In the course of its functioning, the payment system, like any economic system, can be exposed to the risks of its professional activity. Characteristic risks of the payment system are credit risk, liquidity risk, currency risk, operational, legal and systemic. In the event of risks, an effective management system should be implemented, taking into account all possible scenarios of impact, both micro- and macroeconomic factors, which could cause significant losses at all levels of government. An important aspect of a payment system's risk management policy is that it is adequately assessed. The main stages of assessing the level of financial risks generated by the use of payment systems and their impact on the performance indicators are: 1. Systematization and formalization of financial risk factors generated by the use of payment systems. 2. Constructing a multiple multivariate regression equation, realizing the relation between factor (X) and performance (B). 3. The choice of factor traits to include them in the equation of the economic-mathematical model of standardized regression. 4. Economic interpretation of the results of correlation-regression analysis and their use in the decision-making process. Information base for assessing the level of risks generated by the use of payment systems is the NBU's official data on the activity of Ukrainian banks. It should be noted that the most sensitive to the risks generated by the use of payment systems are: liquidity risk; credit risk, currency risk. Thus, in a context of uncertainty and environmental volatility for banking institutions, the strategic aspect should be to focus on securing competitive positions, determining the acceptable level of risk through the use of the latest economic and mathematical modeling tools, extrapolation forecasting, fuzzy set theory, and choice of payment systems with them should be a strategic priority for each organization.