Provisions and Guidelines Business Continuity Management
The “Provisions and Guidelines for Business Continuity Management” (hereafter “Provisions for BCM”) are issued to continue promote and ensure safe and sound practices among the (financial) institutions falling under the supervision of the Centrale Bank van Curacao en Sint Maarten (hereafter “the Bank”).
Business Continuity Management (hereafter BCM) is a holistic management process. It identifies potential events regarding operating disruptions that threatens an organization. Such a disruption may include the complete destruction of the building that houses the institution’s core business. BCM provides a framework for building resilience and the capability for an effective response after such a disaster. It’s objective is to safeguard the interest of the key stakeholders, reputation, brand and value creating activities.
Operating disruptions can occur with or without warning, and the results may be predictable or unknown. As supervised financial institutions (hereafter “supervised institutions”) play a crucial role in the countries Curacao and Sint Maarten's financial sector and the economy as a whole, it is important that the effects of disruptions, regarding services to the public, are mitigated. This will contribute to maintain public trust and confidence in our financial sector.
The responsibility for BCM ultimately rests with the Board of Supervisory Directors and the Board of Managing Directors of an institution. They should formulate the business continuity policy, standards, procedures and guidelines for the institution.
The Provisions for BCM apply to all supervised institutions irrespective of their size. Supervised institutions should draft business continuity plans and mitigate operational risks tailored to the nature, size, scope of its operations and complexity of its business.
The Provisions for BCM set out what the supervised institution needs to do. The manner in which the organization implements the Provisions for BCM and to which extent inherent risks are mitigated is the responsibility of the supervised institution. The institution’s external auditor, its internal auditor and the Bank’s supervision auditor will verify if the principles provided in the Provisions for BCM are adhered to and if controls are in place to ensure that inherent risks are managed adequately.
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Last updated 17.05.2011 09:03