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Bank of Japan publishes business continuity research paper

The Bank of Japan has issued a paper which summarises the findings from the bank’s ‘Questionnaire Survey on Business Continuity Management’ which was issued last September.

The survey has been conducted every other year since 2002 for financial institutions with high shares by transaction values on BOJ Net. The scope of the 2012 survey was expanded to include all regional banks in order to confirm the readiness of a larger number of financial institutions and to share information more broadly. The survey also covered four central payment and settlement institutions.

As before, the survey included core questions based on ‘Toward Effective Business Continuity Management: A Check List and Instructive Practices’ (revised and expanded version, published March 2010) and additional questions based on ‘Business Continuity Plans That Worked Effectively When the Great East Japan Earthquake Hit and Those That Needed Improvement,’ which was published in January 2012.

New questions covered examples of measures to be reviewed in light of the experiences of the Great East Japan Earthquake and preparedness for tsunamis and power outages (including rolling blackouts), and alternative answers for questions on disaster scenarios are expanded to include the situation whereby institutions will be unable to use certain locations for a prolonged period due to occurrence of a nuclear accident.

The Bank of Japan expects that, having experienced the Great East Japan Earthquake, financial institutions will use the results of this survey to verify their own business continuity management and improve their effectiveness. It also hopes that the survey will bring greater depth to discussions with financial institutions concerning business continuity management and will improve the robustness of Japan's financial system and payment and settlement system.

Read the paper (PDF). Note: This is an abridged English translation of the Japanese original released in January 2013.

•Date: 15th March 2013 • Japan •Type: Article • Topic: Financial sector BC

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