Back Custom print Link Text Only Rich Text Print

  • OM-4.2 OM-4.2 Board and Senior Management Responsibilities

    • Establishment of Policy, Processes & Responsibilities

      • OM-4.2.1

        A licensee's Board of Directors and senior management are collectively responsible for a licensee's business continuity. The Board must endorse the policies, standards and processes for a licensee's BCP, as established by its senior management. The Board and senior management must delegate adequate resources to develop the BCP, and for its maintenance and periodic testing.

        January 2014

      • OM-4.2.2

        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).

        January 2014

      • OM-4.2.3

        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).

        January 2014

    • Monitoring and Reporting

      • OM-4.2.4

        The CMT must submit regular reports to the Board and senior management on the results of the testing of the BCP (refer to section OM-4.8). Major changes must be developed by the CMT, reported to senior management, and endorsed by the Board.

        January 2014

      • OM-4.2.5

        The Chief Executive of a licensee must sign a formal annual statement submitted to the Board on whether the recovery strategies adopted are still valid and whether the documented BCP is properly tested and maintained. The annual statement must be included in the BCP documentation and will be reviewed as part of the CBB's on-site examinations.

        January 2014