Regulatory Alerts2025-01-01
Minimum Requirements for Risk Management Frameworks of Licensed Payment Service Providers in Fiji
The Reserve Bank of Fiji mandates all licensed Payment Service Providers to establish and maintain a comprehensive Risk Management Framework that identifies, measures, monitors, and mitigates operational, financial, systemic, and compliance risks. The policy assigns ultimate oversight responsibility to the board of directors and senior management while requiring an independent risk management function, a documented risk strategy, and a strong ethical risk culture across all organizational levels. Providers must implement robust internal controls, conduct regular risk assessments and audits, maintain strict oversight of third-party outsourcing and agent networks, and promptly report material risk incidents to the regulator.
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