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Box 20 – Business Continuity Management: Readiness is the Best Protection    
 
Box 20
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
Enhancing MAS’ Supervisory Capabilities
Box 2 – Stress Testing of Life Insurers
Box 3 – Streamlining Inspection Function
Thematic Inspections to Improve Surveillance