Risk

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Managing risk is a vital component in the continued success of any business. For VocaLink, managing risk is a top priority due to the volumes of data we process. For example, in July Bacs became the first payment scheme to process over 100 million payments in a single day, FPS availability remains at 100% and Link ATM cash transactions continue to rise.

“VocaLink recognises that for the business to grow and achieve its commercial aspirations, effective risk management is essential. The purpose of risk management is not to exclude risk from the business model but to ensure that risks are identified, assessed, mitigated to an acceptable level and continually monitored to ensure that the corporate risk profile is maintained within the company’s defined risk appetite.”

What can our Customers do to help us manage Risk?

Please keep us updated with any of your system changes

Any system change, no matter how minor it may seem, may have a significant impact to the connection into VocaLink’s systems. This could have a negative impact to the specific member that has made the system change and on rare occasions also cause a wider outage. Keeping VocaLink updated on any of your upcoming system changes can help us to plan for any eventuality that may occur and allow the process to be seamless with minimal disruptions.

Keep equipment and software updated to the latest versions

Another risk that can affect the day to day running of operations concerns the equipment that is used by our customers; specifically equipment and software that is outdated or where a newer version has been released which would be more beneficial to run. As well as requiring more maintenance, outdated equipment may not have the capacity to handle large volumes of payments, which could impact on payment processing and may cause some payments to be delayed or stopped. We strongly recommend to keep equipment and software updated to the latest versions. This will support overall performance and safety while in day to day operations.

If you would like any more information on risk management or if you have any questions, please contact your Customer Service Manager or email Steven Hawksworth.     

Keep up to date with all the latest news in the payments industry with our newsletter CONNECT.

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