Free guide from The Payments Professor
Is your FedNow® risk assessment still built for go-live?
Limits, fraud tools, Operating Circular 8 and the operating procedures have all changed since launch. This free guide introduces the eight domains of a complete FedNow® risk assessment and walks through the critical items in each: what to assess, what to audit and the evidence to request.
- A tour of all 8 domains, with the critical items in depth
- What to audit, the evidence to request and the red flags
- Scoring scales, a sample risk register and a 30-day work plan
- An audit question bank and a board reporting checklist
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What's inside
A 26-page introduction in two parts: a Risk Assessment Starter Kit, and an Audit Question Bank and Evidence Guide. It gives you the structure and the essentials. The full Payments Professor FedNow® risk assessments go further, with every risk item for your participation type.
Process and scoring
Likelihood and impact scales, a worked scoring example and two ways to calculate residual risk.
Sample risk register
Starting rows with example controls and sample inherent scores you can replace with your own.
Scoping by participation type
Receive Only through Send and Receive with Request for Payment, plus the triggers that reopen the assessment.
The critical items in all 8 domains
The items that matter most in each domain: what to audit, the evidence to request and the red flag that says a control is not working.
Audit question bank
Questions by area, an OC8 and SOP requirement-to-test crosswalk, and test frequency by domain.
Evidence, findings and the board
Evidence standards, a finding rating scale, tips for writing findings that get fixed, and a board reporting checklist.
The guide at a glance
FedNow® Risk Assessments
Starter Kit, Audit Question Bank and Evidence Guide
8 domains
From operations and fraud to vendors, liquidity and Request for Payment
The critical items
The ones that matter most in each domain, explained in depth
What to audit
The evidence to request and the red flag for every critical item
26 pages, free
Instant PDF download
Built for the people who own the risk
- Risk managers and ERM teams
- Internal auditors and audit committees
- BSA/AML and compliance officers
- Payments and operations leaders
- Boards that want a plain-language view of FedNow® risk
Use it to update an existing assessment, plan your next audit, or check that the evidence will hold up when someone asks for it.
FedNow® is a registered service mark of the Federal Reserve Banks. This guide is educational and is not legal advice.