Critical functions in finance in the Covid-19 situation

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Critical functions in finance in the Covid-19 situation

The Directorate for Social Security and Preparedness in Norway has pointed out, in "The Critical Functions of Society", three important functions within financial services that must be taken care of.

  • Secure transfer of capital between entities both nationally and cross border.
  • Secure payments and other financial transactions.
  • Secure access to means of payments, including cash.

The following functions in the banks are defined as critical:

  1. Liquidity management
  2. Risk management
  3. Enterprises' activities related to financial instruments, securities and currency (see also "investment firms" below)
  4. Distribution of cash and cash readiness
  5. Payment Services
  6. Lending in emergency situations
  7. BankAxept services through terminals (part of payment system)
  8. BankID services. (safe identification system)
  9. Notification services for debit card loss etc.
  10. Operate, maintain and support the company's IT systems that perform the above-mentioned functions, whether they operate internally or externally, and systems that are integrated with these.
  11. Functions related to ICT security

The following functions in the insurance companies are defined as critical:

  1. Pension payments
  2. Enterprises' activities related to financial instruments, securities and currency, including fund management
  3. Risk management
  4. Processing and payment of insurance settlement in emergency situations for individuals and companies
  5. Operation, maintenance and support of the companies' IT systems related to the functions in points 1) to 4) above, whether these are operated internally or externally, and systems that are integrated with these.
  6. Functions related to ICT security

The following functions of mutual fund management company calls

  1. Portfolio management
  2. Registration of transactions
  3. Risk management
  4. Keeping the fund unit owner register
  5. Calculation and announcement of fund unit value
  6. Handling of drawings, redemptions and settlement
  7. Operate, maintain and support the provided IT systems that perform the functions in paragraphs 1) to 6), whether operating internally or externally, and systems that are integrated with them.
  8. Features adapted to ICT security

The following functions in investment firms

  1. Receipt / delivery / execution of orders
  2. Facilitation / documentation / prospectus preparation / placement of issues and public offers
  3. Settlement / registration / dispatch of confirmations selected at points a) and b)
  4. Risk management
  5. Operation, maintenance and support of the IT systems that perform the functions in paragraphs 1) to 4)
  6. Features adapted to ICT security and information management.

With regards to the public support provided to the people upholding these functions discussions are ongoing. However, some measures are in place:

  1. Since all schools and creches in Norway are closed, critical functions are entitled to public childcare in order to be able to work. In addition to critical function, eligibility requires that you are a single parent, or that your partner also is employed in a critical function.