Audit Preparation For Business Continuity Management
We have set out below some of the key deadlines that you should be aware of:
- compliance with BCM Guidelines by June 2023
- provision of a BCM Plan by June 2023
- initial BCM audit to be completed by June 2024.
Who can perform the audit?
- FI’s internal auditors
- FI’s external auditors
- personnel from a unit/department within the FI that possesses the requisite BCM knowledge and expertise and is independent of the unit or function responsible for BCM.
What topics should be covered?
- FI’s overall BCM framework
- BCM of each of the FI’s critical business services
- adequacy and effectiveness of the BCM
- an examination of the higher-risk areas from risk assessment, previous audit findings and relevant incidents
- the quality and robustness of the BCM testing that has been carried out.
Please click here to download sample BCM audit checklist.
How can Waystone help?
Waystone Compliance Solutions’ team of professionals can assist FIs with a wide range of compliance matters, including the following:
- assistance with drafting the BCM plan
- conducting gap analysis on the current BCM plan
- performing a BCM audit and suggesting recommendations for improvement.
If you would like to find out more about this topic, please reach out to your usual Waystone Compliance Solutions representative or contact us here.