FINMA (the Swiss Financial Market Supervisory Authority) has published ‘Operationelle Risiken und Resilienz – Banken’ a circular giving new guidance on operational risks and resilience for banks in the country.
The FINMA guidance is in line with the principles on operational resilience published by the Basel Committee on Banking Supervision in March 2021.
FINMA conducted a consultation ahead of the publication of Operationelle Risiken und Resilienz – Banken, which is a complete revision of previous guidance.
Following the consultation FINMA refined the definition of critical data and clarified the dependencies between business continuity management and operational resilience.
The guidance will come into force on 1st January 2024 and will replace the Swiss Bankers Association’s ‘Empfehlungen für das Business Continuity Management (BCM)’ (Recommendations for Business Continuity Management) that are currently recognised as a minimum standard for regulated banks.