Securities and Exchange Commission of Pakistan issues guidance requiring asset management companies to put business continuity in place
- Published: Friday, 20 July 2018 08:12
Pakistan-based asset management companies (AMCs) will now be required to develop business continuity plans, following new guidelines published by the Securities and Exchange Commission of Pakistan.
In ‘Circular no 15 of 2018: Risk Management and Control Guidelines for Asset Management Companies’ the Securities and Exchange Commission of Pakistan states that:
“AMCs should have in place contingency and business continuity plans to ensure their ability to operate as going concerns and minimise losses in the event of severe business disruption. This should cover:
- Off site backup of key systems and information;
- Details of key suppliers and service providers in case of disaster;
- Details of availability of necessary redundancies including infrastructure redundancies as well as operational, human capital and human resource related issues, such as transportation, medical care, accommodating extended absences, law enforcement and insurance issues among others.”
The business continuity requirements are part of wider guidelines on risk management and control.