The US Federal Financial Institutions Examination Council (FFIEC) has released new guidelines for business continuity planning for the financial services industry
WASHINGTON, DC – Business continuity planning (BCP) is the subject of a new booklet released by the Federal Financial Institutions Examination Council (FFIEC) as part of the US supervisor’s IT handbook. The publication replaces the previous booklet and represents a shift towards enterprise-wide business continuity strategy – focusing on interconnectivity of processes outside of IT departments.
The first part describes the planning process and addresses senior management responsibilities. The second part focuses on examination procedures, followed by a glossary, appendices, and a reference list of relevant supervisory laws, regulations, and guidance.
The paper highlights the increasing need for BCP in recent years – in the wake of disasters such as 9/11 and Hurricane Katrina – and the importance of addressing these area-wide disaster scenarios. It also underlines increasingly demanding recovery time objectives (RTOs), saying these are now much shorter than a few years ago, with some RTOs based on hours or minutes.
Topics: Business continuity
More on Technology
Result comes despite tougher rules on market manipulation and abuse
Focus needs to be on reacting, not stopping every threat
Companies can wring more value from regulation-mandated data
Risk's annual round-up of new software developments
Sign up for Risk.net email alerts
Oxford professor David Vines argues that the carrot is as important as the stick
Sponsored webinar: IBM
Watch highlights of this year's London conference
Operational risk and the challenges of defining and dealing with conduct risk
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.