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Managing the Risks of Payments Systems, by Paul S. Turner, Diane B. Wunnicke
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Provides a comprehensive overview of sources of corporate risk and major control measures.
- Identifies risks inherent in corporate payments systems.
- Shows how to assess credit risk, develop policies, and control the entire risk management process.
- Sales Rank: #4439118 in Books
- Published on: 2002-07-15
- Original language: English
- Number of items: 1
- Dimensions: 9.37" h x .95" w x 6.34" l, 1.22 pounds
- Binding: Hardcover
- 256 pages
From the Inside Flap
This book is a comprehensive, easily-referenced guide to understanding and managing the risks typically encountered by business organizations in the United States as they make and receive payments. An understanding of these risks has become necessary in today’s environment, as evolving technologies, new laws and procedures, and the problems of check and electronic fraud have become inextricably intertwined.
Managing the Risks of Payment Systems is written for corporate executives, treasurers, funds managers, controllers, auditors, bankers, and their respective legal counsels. This book provides a basic understanding of the risks of the payment systems, how the law allocates those risks among the payor, the payee, and the collecting and paying banks, and how to best manage those risks. As the authors declare in Chapter One: "We didn’t know" is no excuse.
The authors explain how to develop procedures to control the payment system risks and how to maintain and protect the legal rights of the parties to banking agreements. Chapters discuss:
- Checks and the risk of fraud
- Wire transfers and liability for fraud and errors
- The risks in the automated clearinghouse (ACH) system
- Commerce and payments in cyberspace
- How to identify and manage corporate payment system risks, including systems disruptions, backup, and physical security
The authors invite readers to chat at www.paymentsystemsrisks.com.
From the Back Cover
Identify and manage payment risk
The risks of payment systems have dramatically evolved…new laws, new technologies, new threats combined with the chronic problems of error, fraud, and security. Treasury and banking executives and their counsel ignore these risks at their peril. "We didn’t know" is no excuse.
Managing the Risks of Payment Systems is the up-to-date, practical, authoritatively complete guide to managing the risks of payment systems. These risks are identified and described, and "how to manage" these risks is explained. Some examples are:
- Check fraud problems
- Wire transfers and liability for fraud and errors
- Automated clearinghouse payments (ACH) and its rules
- Who is liable for what?
- Do’s and don’ts for banking agreements
- Commerce and payments in cyberspace–security, money laundering, privacy rights
- Payment systems disruptions, backup, physical security
The coauthors are recognized authorities. This book consolidates their professional and practical experience into a comprehensive and reliable desk reference.
About the Author
PAUL S. TURNER is the author of numerous articles and books, including Law of Payment Systems and EFT and "Negotiating Wire Transfer Agreements: A Guide for Treasury Executives, Bankers & Attorneys." He practices banking and commercial law and consults on legal matters, with offices in Los Angeles, California. He first became familiar with the risks of payment systems as a lawyer at Occidental Petroleum Corporation, where as an assistant general counsel he advised the Occidental treasury department. He was an official advisor to the uniform law commissioners who wrote Article 4A (Funds Transfers) of the Uniform Commercial Code (UCC) and revised UCC Articles 3 (Negotiable Instruments), 4 (Banks Deposits and Collections), and 5 (Letters of Credit). He has served as a member of the Payments Advisory Group of the Association for Financial Professionals and is vice chair of the American Bar Association’s Payments Committee, a subcommittee of the Association’s Business Law Section. He is the coauthor, with Diane and Brooke Wunnicke, of Standby and Commercial Letters of Credit, Second Edition.
DIANE B. WUNNICKE is a veteran corporate finance manager and consultant, with offices in Denver, Colorado. She was introduced to corporate payment systems risks in the 1970s while working on the first online savings and loan customer systems for a large financial institution. During the 1980s to mid-1990s, as the finance and funds manager for a global energy company, she tested and used every new cash management product that would help both domestic and international multicurrency payment operations. Her articles and books include Corporate Financial Risk Management: Practical Techniques of Financial Engineering. She is also the coauthor, with Paul Turner and Brooke Wunnicke, of Standby and Commercial Letters of Credit, Second Edition.
Most helpful customer reviews
3 of 3 people found the following review helpful.
Helpful Primer on Managing Payment System Risk
By L. Masonson
Experienced financial professionals with years of practical operating experience wrote this recently published book. Therefore, it is not surprising that this book methodically covers the principal payment systems (checks, ACHs, wires and global transfer systems - CHIPS and SWIFT), their basic workings, risk, and how to manage those risks. The subject matter of this book is critical for corporate financial managers - CFOs, Treasurers, Cash Managers, Controllers - as well as bank operations officers, and bank and corporate auditors.
Since check fraud is currently a $10 billion a year problem an entire chapter is devoted to checks, their characteristics, the prevailing regulations, the risk parameters, and how to manage that risk including using internal controls, bank controls, check stock controls, and positive pay controls. The authors warn corporations that they should be alert to "gross negligence and willful conduct clauses" in bank agreements which may put undue and unnecessary risk on them.
Wire transfer, defined to include FedWire, CHIPS and SWIFT, are covered in two chapters. The first chapter covers the transfer from the originating bank to the receiving bank. The next topics reviewed include: liability for fraudulent transfers, managing risks in the links of the wire systems, and the bank's perspective on wire transfer risk. The second chapter on wire transfers focuses on completing the transfer and the rules for handing errors.
The Automated Clearing House (ACH), the second type of electronic funds transfer, in addition to wires, is covered in a separate chapter. A basic discussion of this payment type is provided along with a definition of the types of ACHs and how they are processed. The ACH origination process is covered and the warranties and liabilities of the originating bank are examined.
Other topics reviewed in this section include ACH prenotification, reversal of duplicate and erroneous payments. The authors then examine the receipt of entries, returns, change and acknowledgements. Lastly, settlement and accountability, cross-border payments, US Government payments, and ACH payment system risks are reviewed.
[In light of the recent coverage in an August 2003 issue of the American Banker newspaper, corporate treasury managers should make sure that they setup special ACH debit blocks on their bank accounts to reduce the risk of ACH fraud.]
An entire chapter is devoted to Electronic Commerce and Internet payments. Corporate financial managers are well advised to bone up on this material to ensure that they protect their corporate assets from potential fraud in these two exploding areas. There are a cyber crooks and hackers who are looking to defraud any company that doesn't protect itself on the Internet. Also included in the book is an 8-page glossary.
The last chapter covers the specifics of controlling corporate payment system risks as opposed to risks faced by financial institutions. Included in this chapter is a 5-page "Risk Management Crime Coverage Checklist." Additional material covered in this chapter are pointers on handling payment systems disruptions, managing check, wire, and ACH fraud.
In conclusion, this book covers all the bases on payments system risk. The readers will obtain a comprehensive view of the entire subject matter and be better prepared to face the challenges ahead once they realize the importance and understand the vulnerabilities in the existing payments systems.
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