Member self-certification and reporting

Bits places significant focus on making measures available to financial institutions that mitigate operational or financial deviations/incidents. The purpose is to prevent a financial or operational problem from spilling over into other financial institutions through the NICS interbank system.

On a biannual basis, Bits request that Level 1 banks (direct clearing) fill out a self-certification document and that Level 2 banks (indirect clearing through a Level 1 bank) fill out a self-reporting/evaluation document. Bits stress the importance of financial institutions having mechanisms in place for managing and reporting operational deviations that can affect how transaction to/from NICS are received and sent. Norges Bank specifically points out self-certification and self-reporting as an important measure for raising awareness around NICS within the leadership of financial institutions. Self-certification and self-reporting are viewed as important measures for reducing risk.