Governance of RTGS and CHAPS
We have dedicated governance arrangements for the RTGS infrastructure and CHAPS payment system.
The RTGS/CHAPS Board (the Board) provides strategic leadership for the RTGS infrastructure and CHAPS payment system. The Board operates within the Bank’s wider governance structure, reporting to the Governor and Court.
The Board supports the delivery of the Bank’s mission to promote the good of the people of the United Kingdom by maintaining monetary and financial stability. It also seeks to promote efficiency, innovation and competition in sterling payments, wherever that can be safely done without impairing stability.
As operator of a systemically important payment system, the Bank is accountable for the end-to-end risk management of the CHAPS payment system. The Board supports this through the oversight of all risks that could impact the resilience of the payment system.
For both RTGS and CHAPS, the Board is responsible for:
- setting strategic aims
- setting risk tolerance
- reviewing the risk management frameworks and overseeing the risk profiles and risk mitigation
- reviewing the audit programme
- reviewing business continuity and crisis management
The Board works closely with the RTGS Renewal Committee – the sub-committee of Court responsible for overseeing the delivery of the RTGS Renewal Programme. The Board oversees the Renewal Programme’s engagement with the industry and the industry’s readiness to implement the changes required by the Programme. The Board advises the RTGS Renewal Committee on implications for the scope of the Programme arising from industry engagement.
The Board is chaired by the Bank’s Deputy Governor for Markets and Banking, Dave Ramsden. Its membership includes four independent, external appointees, in order to provide additional challenge, broader experience and insight into the Board’s decision-making.