On Feb. 14, FIJ CB issued payment risk management requirements.
FIJ CB issued Payment service provider supervision policy statement no. 1: Minimum requirements for risk management frameworks of licensed payment service providers in Fiji establishing minimum rules for establishment of a risk management framework.
Framework Requirements
Payment service providers (PSPs) must establish risk management framework covering risk identification, measurement, monitoring, and control systems, board oversight and clear reporting structures, risk culture, strategy alignment, and review.
Implement independent risk management function, establish clear segregation of duties, maintain risk registers and reporting mechanisms, conduct regular risk review and audits, report material risk incidents to FIJ CB, and review risk policies annually.
Implement robust IT security controls, cybersecurity measures, conduct vulnerability assessments every three years, maintain business continuity and disaster recovery plans, test recovery plans annually, and ensure third-party service provider oversight.
Effectiveness
Policy effective Mar. 31, 2025, with full compliance required within one year.
