Published Date: 06 June 2022

Guidelines on Business Continuity Management

The Guidelines on Business Continuity Management (BCM) set out the need for financial institutions (FIs) to take an end-to-end service-centric view in ensuring the continuous delivery of critical business services to their customers. The revised Guidelines issued on 6 June 2022 supersedes the previous version that was published in June 2003, as well as the circular titled “Further Guidance on BCM” that was issued in January 2006. FIs should meet the new Guidelines and establish a BCM audit plan within 12 months following its issuance. The first BCM audit should be conducted within 24 months of the Guidelines' issuance.   

Applies to: Full Bank (Locally Incorporated) , Full Bank (Branch) , Wholesale Bank (Branch) , Wholesale Bank (Locally Incorporated) , Finance Company , Merchant Bank (Locally Incorporated) , Merchant Bank (Branch) , Direct Insurer (Life) , Direct Insurer (General) , Direct Insurer (Composite) , Reinsurer (Life) , Reinsurer (General) , Reinsurer (Composite) , Captive Insurer , Lloyd's Asia Scheme , Financial Holding Company (Insurance) , Dealing in Capital Markets Products , Product Financing , Licensed Fund Management Company , Corporate Finance Advisory , REIT Management , Registered Fund Management Company , Credit Rating Agency , Securities Crowdfunding , Venture Capital Fund Management Company , Providing Custodial Services , Approved CIS Trustee , Licensed Trust Company , Markets and Exchanges , Clearing House , Benchmark Administrator/Submitter , Holding Company of Exchange or Clearing House , Central Securities Depository , Trade Repository , Credit and Charge Card Licensee , Designated Payment System Operator , Designated Payment System Settlement Institution , Major Payment Institution , Money-changing Licensee , Standard Payment Institution , Credit/Charge Card Issuer , Financial Holding Company (Banking) , Foreign Fund Manager , OTC Counterparties , Money Broker , Registered Business Trust , Licensed Financial Adviser , Credit Bureau Licensee , General Insurance Agents , Marine Mutual Insurer , SPRV , Authorised Reinsurer , Representative Office (Insurance) , Approved MAT Insurer , Registered Insurance Broker , Approved Insurance Broker , Lloyd's Broker