A SW is often exposed to regulatory risk and therefore it must be able to adapt quickly to changes in the national and international regulations. The Project will review the Single Window Suite of recommendations (Rec 33-35, and 36 pending) and build upon those to look at Systemic risk of and to SW and associated systems. Systemic which could be defined in the context of SWS as the risk provided by the inability of one or more of the stakeholders to meet its obligations, or a disruption in the system itself which could result in the inability of other system stakeholders or of institutions in other parts of the economy to meet their obligations as they become due. Such a failure could threaten the stability of the system or of the economy.
The scope of the project will therefore consider:
• The legal environment relevant to this principle. This could include the general legal infrastructure in the relevant jurisdictions (such as the law relating to trade, ports operations, security, safety, banking, customs,..) as well as specific statutes, case law, contracts (for example, single window rules) or other relevant material;
• The determinant of risk and where the risks are borne should be the rules and procedures of the system. These should define clearly the rights and obligations of all the parties involved and all such parties should be provided with up to date explanatory material. In particular, the relationship between the system rules and the other components of the legal environment should be clearly understood and explained. In addition, key rules relating to risks should be made publicly available
• The stakeholders environment including, system operator, and other involved parties - in some cases including customers – to clearly the different risks in the system and where they are borne.
• The risk management and repository approach. Whereby identifying the need for a key risk management tool to handle different types of risk and to manage this within a repository being maintained by stakeholders who must also participate in its evolution and its keeping up to date.
The Project will consider these core elements as well as other related elements and create a picture of the complex SW environment and develop a generic recommendation / guidelines to support in identify and managing risk of SW operations.
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