The Reserve Bank of Australia’s (RBA) 2024 assessment of the Reserve Bank Information and Transfer System (RITS) outlines key areas for improvement in governance, risk management, and operational risk, while acknowledging the system’s adherence to most of the Principles for Financial Market Infrastructures (PFMI). The RBA has initiated two significant multi-year work programs—Payments Operations Program (POP) and RBA Future Hub—designed to address these concerns.
The POP focuses on enhancing RITS’ operational model, strengthening IT control frameworks, and implementing recommendations from internal reviews. The Future Hub, meanwhile, targets improvements in governance, risk management, and workplace culture. Both programs aim to embed changes by 2026, ahead of the next detailed assessment.
Significant infrastructure projects are underway, including the relocation of a data centre as part of the Core Infrastructure Modernisation program, which aims to transform RBA’s IT landscape. The challenges tied to these efforts include the increased risk associated with managing multiple concurrent change programs, resource constraints, and the complex interdependencies between projects.
The RBA’s 2024 assessment emphasizes the importance of continued progress to meet the Payments System Board’s expectations, with regular updates required. This effort aims to ensure RITS remains a resilient and secure system for Australia’s financial markets, especially in light of its critical role as a real-time gross settlement system.
Author: RealEstate
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