Question

What risk management framework must a Payment Service

Q: Answer-What risk management framework must a Payment Service Provider implement when engaging with Third-pa...

Payment Service Providers must establish a risk-based framework to assess the criticality of services received from Third-party Service Providers TSPs as part of their risk management responsibilities.

Provider implement when engaging with Third-party Service Providers (TSPs) under the IFSCA (Payment Services) Regulations, 2024?

A Ensure regular audits of all third-party services

B Implement a risk-based framework to assess criticality of services

C Maintain separate financial accounts for third-party services

D Limit third-party contracts to only domestic service providers

E Prohibit third-party service arrangements for critical operations

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What risk management framework must a Payment Service

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