Business continuity plans drawn for Australia

Canberra, Australia – In mid-July, the Australian Prudential Regulation Authority (APRA) published a draft prudential standard on business continuity management for the firms it regulates. Responses are due by September 30, and APRA intends to issue a final set of standards on business continuity by end November, unless further consultation is required. The standards will come into immediate effect when the final document is issued.

The new Australian rules will require banks and insurance companies to "identify, assess and manage potential business continuity risks to ensure they can continue to meet their financial and service obligations to depositors and policyholders in the event of a material disruption to business operations".

Firms will be required to undertake regular reviews of their business continuity framework, including periodic testing and maintenance of their business continuity plan. Firms will also have to