Page 81 - ITU-T Focus Group Digital Financial Services – Interoperability

ITU-T Focus Group Digital Financial Services
Interoperability

outlining its overall mandate, powers and functions, the cooperative oversight body should identify the division
of responsibilities and the forms of interaction with national oversight and authorities.

Principle 9: The public authorities involved in an international interoperability agreement should put in place all
necessary regulatory and oversight arrangements to ensure ongoing compliance of the participating PSIs with
the legal and regulatory requirements and any other relevant policy standards that apply to the agreement.

Key issues
9.1 The public authorities and private sector stakeholders should maintain sound and committed
organizational, governance and senior managerial leadership of the agreement and ensure that the
staffs dedicated to the agreement are well informed and trained in the goals, functions and operations
of the agreement.
9.2 The public authorities and private sector stakeholders should institute a regular evaluation program of
the agreement.
53. Oversight should aim at ensuring that the agreement remains effective and relevant for its participants
and the cross-border markets it serves. For this purpose, the governance of the agreement should be
robust and be continuously strengthened. The steering committee should evolve into a board or similar
arrangement reflecting the nature of the agreement as a going concern. Under its direction, management
should continuously ensure that the agreement activities are consistent with its objectives, strategy, and risk
tolerance. In this last regard, the board (or similar) should ensure that the organization provides the right
incentives to attract qualified senior and mid-level professionals that will act diligently and in the best interests
of the agreement. The board and management should also ensure that all of the staff members are adequately
trained and understand the goals, functions, and operations of the agreement and can apply that knowledge
in practice in a variety of circumstances.

54. The cooperative oversight body should institute a program of periodic assessments of the agreement.
The assessments will assist the relevant oversight authorities in ensuring that the agreement is managed
effectively. The assessment reports should be made available and accessible to all interested parties.

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