Firms should take reasonable steps to ensure the continuity of their regulated business activities. This includes having an adequate business continuity plan in place.
What is a business continuity plan?
These are sometimes known as disaster recovery plans. They are plans that ensure that the firm can continue to function and meet their regulatory obligations in the event of unforeseen interruptions to systems and procedures, e.g., fire, flood, loss of capital and/or loss of key staff. You should establish, implement and maintain an adequate business continuity policy.
The aim of this policy is to ensure that in the case of an interruption, any losses are limited and that essential data, functions and maintenance of regulatory activities is preserved. Where this is not possible the policy should ensure timely recovery of data, functions and resumption of regulatory activities.
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