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Monetary Authority of Singapore releases results from Industry-Wide Survey on Business Continuity Management

The Monetary Authority of Singapore has published a summary paper providing the results of its Industry-Wide Survey on Business Continuity Management which was conducted in July 2012.

The survey provides a snapshot of business continuity in regional financial institutions and captures some best-practice lessons.

Key findings include:

  • Risk assessment – a holistic approach to assess threats and corresponding mitigating controls should be taken.
  • Business impact analysis – the BIA should be conducted for all business functions.
  • Business continuity planning – there should be greater adoption of staff loss as a planning assumption.
  • Recovery objectives – recovery time objectives should commence from the point of disruption
  • Recovery strategies – most institutions have planned for prolonged operations from an alternate location.
  • Crisis management and communications – core components are well-established.
  • Training and awareness - institutions should establish a formal training and awareness programme.
  • Testing - there should be greater adoption of more challenging test objectives.
  • Physical security threats – there should be greater adoption of a security framework and increased participation in public-private partnerships programmes
  • Pandemic planning – pandemic response plans are largely present. More institutions should establish a quarantine and contact tracing framework.

Read the summary document (PDF).

Source: Thanks go to Forbes Calamity Prevention Pte Ltd for help with this story.

•Date: 7th February 2014 • SE Asia •Type: Article • Topic: BC statistics

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