The MAS’s Business Continuity Management – or BCM – guidelines set out what the regulator expects Singapore firms to do to ensure continuity of critical business functions and services in the event of disruption.
Under the BCM guidelines, financial institutions are required to establish and maintain a broad and comprehensive framework spanning people, processes, technology, and facilities to manage operational risks. Organisations are also expected to conduct regular testing and reviews to ensure processes and systems are effective and up-to-date.
How we support firms
In the most recent update to the guidelines, which must be met by June 2023, the MAS emphasises that firms should meet the requirements in a way which reflects the size, nature and complexity of their business and activities undertaken.
We can help you develop an approach to business continuity management that is bespoke, proportionate, effective and able to stand up to scrutiny.
Developing a Business Continuity Plan (BCP)
We can help draft your BCP from start to finish, working with your business to meet regulatory requirements. As each BCP we develop for our clients is bespoke, the approach set out will be proportionate to your risk profile and activities.
If you have an existing BCP in place, we can conduct a thorough review and gap analysis, before setting out clear actions required to meet MAS requirements.
Developing or assessing BCM frameworks and policies
Based on our expertise supporting firms of all shapes and sizes over the years, our BCM framework can get you up and running quickly, with an approach tailored to your firm which meets the MAS’ expectations.
We can conduct a thorough assessment and gap analysis of plans and policies already in place, before setting out clear actions required to meet MAS requirements. This typically encompasses:
- Risk assessments
- Business impact analysis
- Crisis management planning
We can also provide templates which act as a starting point for you to develop your BCM framework, and help you to tailor them.
Conducting BCM audits
Our audit programme assesses whether BCM implementation is appropriate and effective in the face of business or operational disruption. The scope and frequency of audits will depend on the size, nature and complexity of your business and operations, but should take place at least every three years. The guidelines require an audit plan to be agreed by June 2023 with the first audit completed no later than June 2024.
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