The central bank has issued the guidelines on business continuity management (BCM) that requires supervised financial institutions, particularly banks to make it an integral part of their operations so that they can withstand the impact of major disruptions. “Because BSFIs play a crucial role in the financial system and economy as a whole, it is important to ensure that their operations can withstand the effects of major disruptions,” the central bank noted. With these scenarios, the BSP said BSFIs need to have a comprehensive BCM process as an integral part of their operational risk management system. Other related policies, standards and processes should also be integrated with the overall BCM framework, it added. “Moreover, subject guidelines shall also apply to BSFIs with offshore data processing as may be appropriate to their situation,” the central bank said.

Source: Manila Times March 23, 2017 17:48 UTC