In accordance with COBAC Regulation R-2008/01 requiring credit institutions to prepare a business continuity plan, every Credit institutions is to have a documented, consistent and proven business continuity plan. To this end, they shall ensure the consistency and effectiveness of business continuity plans within the framework of an overall plan that incorporates the objectives defined by the executive body and, where applicable, by the governing body.
The organization and availability of human, real estate, technical and financial resources of credit institutions are regularly assessed in light of the risks associated with business continuity.
The measures adopted by credit institutions in the context of business continuity management are included in the internal control reports, in accordance with the provisions of Article 47 of Regulation 2001/07 relating to the internal control of credit institutions.
The Banking Commission ensures that business continuity plans comply with the provisions of this Regulation.
Credit institutions shall define a unified framework for business continuity planning institutions shall define a unified framework for business continuity planning that aims to ensure the overall consistency of the system and its operational nature.
Credit institutions shall implement a business continuity management process based on:
– Analysis of risks and vulnerabilities
– Classification of critical activities and definition of functional requirements
– Taking into account security issues and the impact of potential losses on the activity of the credit institution and the financial sector;
– The definition of a business continuity strategy consistent with the objectives;
– The possible transfer of certain risks to the appropriate insurance policies;
– The updating, maintenance, testing and evaluation of the planned systems;
– The definition of responsibilities and procedures in case of emergency;
– The implementation of downgraded procedures taking into account the regulatory requirements;
– The sensitization of the personnel;
– The impact assessment on the activity.
Credit institutions shall appoint a Business Continuity Plan Manager and inform the Banking Commission.
The Business Continuity Plan Manager is responsible for the administration of the plan under the established regime, participation in crisis management, maintenance, control and implementation of associated corrective actions, as well as the implementation of training and test campaigns for the plan.
The executive body must initiate, promote, make visible and control the management of business continuity.