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15.2 Business Continuity Plan (BCP)

N 35/2018 STA
  1. 15.2.1Business Continuity Plan must include:
    1. a)Identification and assessment of potential crises, disasters and risks including their impact on the business;
    2. b)Ways and means to deal with such crises, disasters and risks;
    3. c)Plans to provide protection to the Licensed Person and its employees in case of unforeseen disasters;
    4. d)Plans to avoid suspension of operations or plans to minimize the period of suspension of operations to minimise losses;
    5. e)Tools and processes for storing sensitive information and the recovery thereof to avoid loss of information during the occurrence of disasters; and
    6. f)Guidelines to contact relevant authorities and partners (i.e. the Central Bank, foreign correspondents, etc.) to inform them about the disaster and suspension of operations, if necessary.
  2. 15.2.2The Licensed Person must follow the below standards while implementing the Business Continuity Plan:
    1. a)A sufficient number of experienced employees must be available for the purpose of recovery and resumption of the business;
    2. b)Roles, responsibilities and powers of employees in relation to the Business Continuity Plan must be clearly defined;
    3. c)Resumption priorities must be clearly agreed and documented; and
    4. d)Appropriate training must be provided to employees for the effective implementation of the Business Continuity Plan.