• OM-4.1 OM-4.1 Introduction

    • OM-4.1.1

      All businesses may experience serious disruptions to their business operations. These disruptions may be caused by external events such as flooding, power failure or terrorism, or by internal factors such as human error or a serious computer breakdown. The probability of some events may be small, but the potential consequences may be massive, whereas other events may be more frequent and with shorter time horizons.

      Added: January 2020

    • OM-4.1.2

      The purpose of a Business Continuity Plan ('BCP') is to minimize the operational, financial, legal, reputational, and other material consequences arising from a disruption. The objectives of a good BCP are:

      (a) To minimise financial loss to the licensee;
      (b) To continue to serve customers and counterparties in the financial markets; and
      (c) To mitigate the negative effects that disruptions can have on a licensee's reputation, operations, liquidity, credit quality, its market position, and its ability to remain in compliance with applicable laws and regulations.
      Added: January 2020

    • Scope and Key Elements of a Business Continuity Management (BCM)

      • OM-4.1.3

        The requirements of this Chapter apply to all licensees.

        Added: January 2020

      • OM-4.1.4

        Branches of foreign banks may apply alternative arrangements to those specified in this module, where they are subject to comprehensive BCM arrangements implemented by their head office or other member of their group, provided that:

        (a) They have notified the CBB in writing what alternative arrangements will apply;
        (b) They have satisfied the CBB that these alternative arrangements are equivalent to the measures contained in this chapter, or are otherwise suitable; and
        (c) The CBB has agreed in writing to these alternative arrangements being used.
        Added: January 2020