(16)Furthermore, a sound and evolving framework to comprehensively manage legal, credit, liquidity, operational, general business, custody, investment and other risks is essential to identify, measure, monitor and manage the entire range of risks that arise in the operation of a SIPS or are borne by a SIPS operator. This also holds true for the soundness and resilience of a SIPS operator’s collateral framework, participant default rules and procedures and business continuity plans.