Paysis is a company that organizes the activity of Epul.az online platform. The Epul project is an electronic payment system that allows making payments through different devices and communication channels. Any internet user will be able to make quick online payments after registration on EPUL.az website.
"Paysis" LLC, in accordance with its strategic plan and business model, takes adequate measures to identify, measure, minimize and manage risks that may be exposed, by developping its own risk profile. The risk management process in the system has been organized on the basis of “the Rules on Risk Management in Banks” of the Central Bank, "The Internal Rules of Risk Management" of the System, the respective principles of the Basel Committee on Banking Supervision, and other international risk management standards. The risk management process focuses on the nature of the system's operation, building the risk management and the internal control system in accordance with the extent and complexity of operations, and the effective functioning of the management mechanism.
“Paysis” LLC has developed "The Risk Management Policy", which includes complex risk
management measures based on the identified major risk factors on risk management , as
well as organization of the work on risk management. Methods for managing the major risk
factors of the system are detailed in "The Internal Rules of Risk Management".
The risk management system's structural subdivision prepares proposals on management, transmission and receipt of risks identified by using various measuring methods in the process of identification, assessment of risks. In order to maintain the financial stability of the system, the division conducts stress-tests, taking into account different business scenarios.
System administrators are informed about the results of the stress test and a plan of
action, which provides for the elimination of the identified gaps, is prepared and
submitted to the Risk Management Committee for the relevant decisions. In order to
eliminate the various risks that may arise as a result of the operation of the system's
business units, the System's "Emergency Plan" has been developed.
Paysis LLC has established a management structure that ensures effective internal control for the purpose of ensuring financial stability, risk management and transparency in the system's operations.
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