FSTC project results in comprehensive inventory of global business continuity regulations The project gathered more than 100 business continuity-related regulations, standards and guidelines affecting US financial institutions from 16 different geographic jurisdictions worldwide. The project team analysed content, identified commonalities and differences, and examined trends. Core regulations were documented and the requirements for compliance were outlined using straight-forward, universal terminology. "The completion of the Business Continuity Compliance Project represents a milestone in helping the financial services industry meet regulatory requirements as they set their business continuity plans in place," said Zachary Tumin, executive director of FSTC. "This key first step will allow us to develop processes and models that facilitate the successful integration of regulation and best practices for financial institutions of all types." "Inconsistencies between regulations issued by different agencies have made compliance difficult and frustrating," said Charles M. Wallen, managing executive of FSTC's Business Continuity Standing Committee, and project director. "Financial institutions had been looking for a resource to help them track and comply with these regulations. Because of our efforts, project participants have gained a clear understanding of what is required to comply and what actions can be taken to respond to regulatory change." Seven FSTC member institutions and technology service providers participated in this FSTC-led project, which was managed by KPMG LLP, the audit, tax and advisory firm, under contract to FSTC. FSTC brings together diverse, and often competitive financial institutions, industry services providers, government agencies, and others to collaborate and find solutions to key industry challenges. Project topics come from member financial institutions and are driven by participating members with the support of FSTC staff. For more information on the Business Continuity Compliance Project e-mail charles.wallen@fstc.org
•Date: 16th June 2005 • Region:US • Type:
Article •Topic:
Financial sector BC |
