Transcription of BUSINESS CONTINUITY MANAGEMENT GUIDELINES
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BUSINESS CONTINUITY MANAGEMENT GUIDELINES
June 2003 Monetary Authority of Singapore BUSINESS CONTINUITYMANAGEMENT GUIDELINESGUIDELINES ON RISK MANAGEMENT practices JUNE 2003 - BUSINESS CONTINUITY MANAGEMENT MONETARY AUTHORITY OF SINGAPORE I TABLE OF CONTENTS INTRODUCTION .. 1 READINESS IS YOUR ONLY 1 APPLICATION OF THE 3 GLOSSARY .. 5 BUSINESS CONTINUITY MANAGEMENT 6 PRINCIPLE 1: BOARD OF DIRECTORS AND SENIOR MANAGEMENT SHOULD BE RESPONSIBLE FOR THEIR INSTITUTION S BUSINESS CONTINUITY MANAGEMENT .. 6 PRINCIPLE 2: INSTITUTIONS SHOULD EMBED BUSINESS CONTINUITY MANAGEMENT INTO THEIR BUSINESS -AS-USUAL OPERATIONS, INCORPORATING SOUND 7 PRINCIPLE 3: INSTITUTIONS SHOULD TEST THEIR BUSINESS CONTINUITY PLAN REGULARLY, COMPLETELY, AND 8 PRINCIPLE 4: INSTITUTIONS SHOULD DEVELOP RECOVERY STRATEGIES AND SET RECOVERY TIME OBJECTIVES FOR CRITICAL BUSINESS FUNCTIONS.
GUIDELINES ON RISK MANAGEMENT PRACTICES JUNE 2003 - BUSINESS CONTINUITY MANAGEMENT MONETARY AUTHORITY OF SINGAPORE 1 1.0 INTRODUCTION 1.1 READINESS IS YOUR ONLY PROTECTION1 1.1.1 The global financial system is a set of interlinked networks of markets, systems, and participants. While financial institutions (“institutions”)2 acknowledge the need to …
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