RISK MITIGATION AND FRAUD PREVENTION

The new electronic environment created by NECS requires some new and changed risk mitigation measures and some transfers of liabilities.

To ensure no net increases in liabilities for error or fraud, the National Business Model has been subjected to a thorough and independent Risk Assessment and Regulatory Review.  

The risk management regime being applied in the development and implementation of NECS consists of:

• Risk Mitigation Measures, through adequate and well-documented practices, procedures and protocols

• Risk Transfers, through participation rules and indemnity provisions, to those able to avoid or mitigate a risk at least cost

• Liability Insurances, through professional indemnity and fidelity cover, for residual and non-transferable risk exposures.

For more information visit NECS Risk Assessment.

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