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Article 7: Disaster Recovery and Business Continuity Management

C 163/2018 Effective from 29/8/2018
  1. A Bank must have disaster recovery and business continuity plans in place to ensure its ability to operate on an ongoing basis and limit losses in the event of a severe business disruption. Such plans must be commensurate with the risk profile, nature, size and complexity of the Bank’s business and structure and take into account different scenarios to which the Bank may be vulnerable.
     
  2. Disaster recovery and business continuity plans must ensure that critical business functions can be maintained or recovered in a timely manner to minimize the financial, legal, regulatory, reputational and other risks that may arise from a disruption.
     
  3. The Board must ensure there is a periodic independent review of the Bank’s disaster recovery and business continuity plans to ensure adequacy and consistency with current operations, risks and threats, recovery levels and priorities.