Addendum to the MAS Guidelines on Business Continuity Management (BCM) issued in 2003, providing additional guidance to assist financial institutions in their BCM efforts.
Published Date: 01 June 2003
Guidelines on Business Continuity Management
Sets out sound business continuity management (BCM) principles that financial institutions are encouraged to adopt, so as to strengthen their ability to recover critical business functions in the event of disruptions.
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 , Exempt Futures Broker , Exempt OTC Derivatives Broker , Providing Custodial Services , Exempt Corporate Finance Adviser Serving Accredited Investors , Approved CIS Trustee , Exempt Trust Company , Licensed Trust Company , Exempt Person Providing Trust Services , 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
The guidelines cover key principles for financial institutions to apply taking into consideration the activities that they engage in and the markets in which they conduct transactions. The principles cover several areas, including:
- Responsibilities of the Board of Directors and senior management.
- Recovery strategies and recovery time objectives.
- Interdependency risk.
- Wide-area disruptions.
- Concentration risk.
- Testing of business continuity plans.