UK authorities issue best practice guide for business continuity

An operational risk benchmarking exercise completed by financial institutions and UK authorities in 2005 has led to the creation of a new business continuity practice guide for the UK financial industry.

The Financial Services Authority (FSA), Bank of England and HM Treasury completed the 2005 Resilience Benchmarking Project to assess the strength and recovery capability of the financial services sector in the event of a major operational disruption.

More than 60 financial institutions took part in the exercise, answering questions on their current business continuity arrangements.

The ‘Business Continuity Management Practice Guide’ is based on “real examples of standard and leading practices we observed in the firms that participated", according to the FSA. "It reflects the collective business continuity planning and crisis management expertise of the UK’s most significant firms and financial infrastructure providers."

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