Identification and control of risks in the payment system: Russian and foreign experience

Abstract

The purpose of the study is to analyse the modern mechanism of identification and risk control in the payment system both in the Russian Federation (hereinafter referred to as RF, Russia) and abroad. The objectives of the study are to analyse a standardised approach to identification and risk control in the payment system of Russia and foreign countries, as well as a review of the estimated indicators of the identification and control system in the payment system of the RF. To achieve this goal, general scientific methods (analysis, synthesis, generalisation, etc.) and a number of private scientific methods (systemic, comparative legal, statistical, etc.) are used in this work, necessary for a deeper consideration of individual issues on the research topic. The paper analysed a standardised approach to identification and risk control in the payment system of Russia, the United Kingdom and the United States of America. The review of the estimated indicators of the identification and control system in the Russian payment system is conducted. The theoretical significance of the research lies in expanding knowledge and understanding of modern mechanisms for identification and risk control in the Russian payment system, as well as international experience in identifying and controlling risks in the payment system. The practical significance of the study is to identify the features of a standardised approach to identification and risk control in the payment system in Russia and foreign countries, as well as to identify the estimated indicators of the identification and control system in the Russian payment system.

Keywords

• payment system
• national payment system
• risks in payment system
• identification of risks
• risk control
• operational risks
• risk management