• OM-4.2 OM-4.2 General Requirements

    • OM-4.2.1

      To ensure an ability to operate on an ongoing basis and limit losses in the event of severe business disruption all Conventional bank licensees must establish a comprehensive framework for business continuity management (BCM) and must maintain a business continuity plan (BCP) appropriate to the scale and complexity of their operations. A BCP must address the following key areas:

      (a) Data back up and recovery (hard copy and electronic);
      (b) Continuation of all critical systems, activities, and counterparty impact;
      (c) Financial and operational assessments;
      (d) Alternate communication arrangements between the licensee and its customers and its employees;
      (e) Alternate physical location of employees;
      (f) Communications with and reporting to the CBB and any other relevant regulators; and
      (g) Ensuring customers' prompt access to their funds in the event of a disruption.
      Added: January 2020

    • OM-4.2.2

      Effective BCM framework must incorporate policy, procedures and tools required to manage the risk of major operational disruptions. The BCP must be comprehensive, limited not just to disruption of business premises and information technology facilities, but covering all other critical areas, which affect the continuity of critical business operations or services (e.g. liquidity, human resources and others).

      Added: January 2020

    • OM-4.2.3

      Licensees must notify the CBB promptly if there are events that lead to activating their BCP. They must also provide regular progress reports, as agreed with the CBB, until the BCP is deactivated.

      Added: January 2020

    • OM-4.2.4

      The CBB expects licensees to plan for how they may cope with the complete destruction of buildings and surrounding infrastructure in which their key offices, installations, counterparties or service providers are located. The loss of key personnel, and a situation where back-up facilities might need to be used for an extended period of time are important factors in effective BCPs.

      Added: January 2020

    • OM-4.2.5

      Licensees may find it useful to consider two-tier plans: one to deal with near-term problems; this should be fully developed and able to be put into immediate effect. The other, which might be in paper form; should deal with a longer-term scenario (e.g. how to accommodate processes that might not be critical immediately but would become so over time).

      Added: January 2020