BUSINESS
CONTINUITY MANAGEMENT: READINESS IS THE BEST PROTECTION
We continue
to focus on Business Continuity Management (BCM), viewed
as an over-arching framework that includes policies, standards,
and procedures which will enable MAS to continue to operate
during disruptions. BCM emphasises the rapid recovery
and resumption of critical operations and the restoration
of necessary infrastructure that supports these operations.
An important component of BCM is the formulation of business
continuity plans (BCPs) for all critical operations and
the testing of those plans through comprehensive and regular
exercises.
The following key activities last year served to further
advance our BCM journey:
•
An exercise was conducted
with the Damage Assessment Team to provide assurance
that the current risk assessment, activation and
escalation process and procedures are appropriate.
•
A call-tree and mobilisation
exercise demonstrated that the recovery team members
were contactable outside office hours and can be
mobilised to MAS’ alternate site within a reasonable
time frame.
•
During the SARS outbreak,
critical staff were segregated and housed in two
separate locations. In addition, workplace measures
in line with Ministry of Health’s guidelines
were instituted to ensure the continuity of MAS’
operations. Even after Singapore was declared “SARS-free”,
MAS continued to refine action plans to handle any
recurrence.
•
A disaster recovery exercise
for the MAS Electronic Payment Systems (MEPS) was
also conducted with participation from financial
institutions.
Going forward,
MAS will continue to enhance the governance and structure
for the planning
of business continuity including the development of BCM
policies. MAS will also raise its level
of BCM preparedness through greater awareness and more
comprehensive exercises.
Enhancing Risk-focused Supervisory Approach
Box 1 – Fostering a Sound and Progressive
Financial Services Sector
