Malaysia's banking regulator consults on new business continuity guidelines

Nathaniel Forbes has reported that Malaysia's banking regulator, Bank Negara Malaysia (BNM), has issued a consultative document entitled ‘Guidelines on Business Continuity Management for Banking Institutions’. The primary objective of the guidelines will be to enforce minimum business continuity management requirements on banking institutions.

According to Mr. Forbes, the main features are:

• The guidelines are not about IT disaster recovery, but business continuity planning;

• All banking institutions -Islamic and non-Islamic- are required to comply;

• A bank's directors will have to take direct responsibility for the effectiveness of business continuity management processes.

• Banking institutions will have six months to comply, and to submit reports of their progress and those reports must be signed by the chairman of the board.

Read more on Mr. Forbes’ blog at: http://www.zdnetasia.com/blog/bcp/0,39056819,39390653,00.htm

•Date: 17th August 2006• Region: Asia Pacific •Type: Article •Topic: Financial sector
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