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Practice paper

Outsourcing critical financial system operations

Nora Cox and Jan Pilbauer
Journal of Business Continuity & Emergency Planning, 11 (3), 202-210 (2018)
https://doi.org/10.69554/JJTH1910

Abstract

Payments Canada provides Canada’s national payments systems and is responsible for the clearing and settlement infrastructure, processes and rules that underpin the exchange of billions of dollars each day through the Canadian economy. Strategic sourcing is a reality for this small organisation with a broad scope of national regulations and global standards to comply with. This paper outlines Payments Canada’s approach to outsourcing its critical financial system operations, which centres on four key principles: strong relationship management; continuous learning, recording and reporting; evaluating the business landscape; and a commitment to evolving the organisation to greater resilience. This last point is covered in detail with an exploration of the organisation’s resilience and security strategy as well as its risk appetite. As Payments Canada progresses to its future state, which includes modernising its core payment systems, underlying rules and standards, risk management for the industry as a whole will remain at the forefront of its collective mind. The expectation is that outsourcing will remain a fundamental element of its operating model in future, a strategy that will ensure the organisation can focus on its core business competencies and eliminate the need to develop and support in-house expertise in commodity areas.

Keywords: risk appetite; outsourcing; resilience; cyber security; critical systems; security

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Author's Biography

Nora Cox is Chief Risk Officer at Payments Canada, where she is responsible for the organisation’s risk management programme and leading its business continuity plans. She holds a bachelor of commerce degree from Queen’s University and has a diploma in computer programming and systems analysis from the Bull Institute. She is a member of the Information Systems Audit and Control Association, the Institute of Internal Auditors, the Disaster Recovery Information Exchange and Project Management Institute, and is a Certified Information Systems Auditor and Project Management Professional.

Jan Pilbauer is Executive Director, Modernization and Chief Information Officer for Payments Canada. In this role, he leads the modernisation of the Canadian core clearing and settlement payment infrastructure, including implementation of ISO 20022. He also sets the strategic direction for the information technology at Payments Canada. He is actively involved in Payments Canada’s investigation of, and experiments with, Blockchain technology and maintains strong ties with the FinTech community.

Citation

Cox, Nora and Pilbauer, Jan (2018, March 1). Outsourcing critical financial system operations. In the Journal of Business Continuity & Emergency Planning, Volume 11, Issue 3. https://doi.org/10.69554/JJTH1910.

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cover image, Journal of Business Continuity & Emergency Planning
Journal of Business Continuity & Emergency Planning
Volume 11 / Issue 3
© Henry Stewart
Publications LLP

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