The assessment of compliance of the payment system operations with the payment system operations standards in the Republic of North Macedonia is conducted as defined by the Decision on the manner and methodology for payment systems oversight applying the Disclosure Framework and the Assessment Methodology of the Committee on Payment and Settlement Systems at the Bank for International Settlements and the Technical Committee of the International Organization of Securities Commissions.
Payment systems oversight is based on the identification, assessment and finding ways to eliminate or reduce the following types of risks:
- systemic risk - payment systems can each be a source of risk in case of termination of operations of any of them or because of wrongdoing, which could lead to unexpected financial exposure of the participants,
- legal risk - risk where improper interpretation and setup of legislation can make payment systems or participants face large financial exposures and possible losses,
- credit risk - when one or more payment system participants are not able to settle the total liability either at the time of maturity or later,
- liquidity risk - when one or more payment system participants cannot settle the total liability at the time of maturity, but in the future,
- general business risk - risk that occurs during the payment system operations and assets and liabilities management,
- custody and investment risk - risk to the payment systems when safeguarding and investing assets at their disposal, and holding on behalf of their participants, and
- operational risk - risk that occurs due to hardware or software failure, human error or hacker attack, which increases the possibility of malfunction of the system or its mismanagement or financial exposure and possible losses.