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31.
As part of appointment process of Settlement Agent, Indirect Participant should assess and document all its material dependencies on the Settlement Agent. Indirect Participant must ensure that they have adequate arrangements to manage these dependencies, as Settlement Agent will clear all types of SAR transactions of Indirect Participant.
32.
Similarly, as part of Indirect Participant On-boarding process, Settlement Agent should assess and document all its material dependencies on Indirect Participant and review adequacy of the arrangements Indirect Participant have to manage these dependencies.
33.
Both parties must re-assess and document review of the dependencies identified in Article 31 and 32 above and their arrangements to manage those dependencies at least on an annual basis. As a part of annual review process, both parties should receive/provide updates from/to each other on the arrangements in place to manage material dependencies both parties have on each other.
34.
As a part of annual or subsequent review process, both parties should consider whether there are any new material dependencies identified since the last review or appointment date.
35.
Both parties should review the effects of all incidents (operational, technical or others) incurred on the service since the last review. Both parties must satisfy themselves that all the remedial action taken to mitigate risk(s) are designed, implemented and operating effectively.
36.
Both parties must ensure that similar process is carried to all newly identified dependencies as stated in Article 33 above.
37.
Both parties must maintain an up to date log of all incidents that caused disruption to the services with sufficient detail i.e. nature of the incident, detail of its root cause and disruption created, any losses incurred, details of remedial action and status of the remedial action.
