
Information technology risk 111
which I undertook as consultant to major financial institutions in continental Europe
showed that, to a considerable extent, operating risk was the most underestimated
risk in the existing payment system made up of heterogeneous components that were
not properly tested for built-in reliability. Yet, banking payment systems:
䊏 Are linked on-line to the clearer, and
䊏 They are interdependent in terms of existing operational risks.
A single systems failure, whatever the cause, can spread into other aggregates and
it may have a domino effect. Therefore, the able handling of the consequences of
security issues, reliability ...