2018 Assessment of the Reserve Bank Information and Transfer System 1. Executive Summary

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Purpose

This report is an Assessment of the Reserve Bank Information and Transfer System (RITS) against the Principles for Financial Market Infrastructures (the Principles), which is operated by the Bank's Payments Settlements Department. The Principles were developed by the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO).^[1] This Assessment has been carried out in accordance with the approach and rating system set out in the Principles for Financial Market Infrastructures: Disclosure framework and assessment methodology (the Disclosure Framework) produced by CPMI and IOSCO in December 2012^[2] and CPMI and IOSCO's Application of the Principles for Financial Market Infrastructures to Central Bank FMIs, published in 2015.^[3] The assessment was independently prepared by the Bank's Payments Policy Department and endorsed by the Payments System Board.

This report covers the period from April 2017 to March 2018.

Conclusion

This Assessment concludes that at end March 2018 RITS observed all the relevant Principles.

Oversight Focus for the coming Assessment Period

This Assessment identified no areas of concern in terms of RITS's observance with the Principles or specific recommendations to support continuous improvement. Nevertheless, among other things, as part of its ongoing oversight process Payments Policy Department will continue to monitor developments designed to ensure that RITS remains resilient in the face of evolving cyber-security threats. Specifically, Payments Policy Department will follow-up on progress in:

implementing the remaining recommendations arising out of the completed reviews of RITS's cyber security and cyber resilience
continued exploration of non-similar technology that could enable further enhancements to the ability to recover RITS from cyber attacks in a timely manner.

Footnotes

The Joint Statement by the RBA and ASIC, Implementing the CPSS-IOSCO Principles for Financial Market Infrastructures in Australia, is available at <https://www.rba.gov.au/payments-and-infrastructure/financial-market-infrastructure/principles/implementation-of-principles.html>. [1]

See CPSS-IOSCO (2012), Principles for Financial Market Infrastructures: Disclosure framework and assessment methodology, December. Available at <http://www.bis.org/cpmi/publ/d106.htm>. [2]

See CPMI-IOSCO (2015), Application of the Principles for financial market infrastructures to central bank FMIs, August. Available at <http://www.bis.org/cpmi/publ/d130.pdf>. [3]