Establishment of a Policy, Processes & Responsibilities
OM-4.3.1
A licensee's Board of Directors and Senior Management are collectively responsible for a bank's business continuity. The Board must approve the policies, while senior management must approve procedures and processes for a licensee's BCP.
Added: January 2020OM-4.3.2
Licensees must establish a Crisis Management Team (CMT) to develop, maintain and test their BCP, as well as to respond to and manage the various stages of a crisis. The CMT must comprise members of
senior management and heads of major support functions (e.g. building facilities, IT, corporate communications and human resources).Added: January 2020OM-4.3.3
Licensees must establish (and document as part of the BCP) individuals' responsibilities in helping prepare for and manage a crisis; and the process by which a disaster is declared and the BCP initiated (and later terminated).
Added: January 2020
