Audit Preparation For Business Continuity Management

      Revised Business Continuity Management (“BCM”) Guidelines were introduced in June 2022, setting out the principles that Financial Institutions (“FIs”) are being encouraged to adopt.

      We have set out below some of the key deadlines that you should be aware of:

      1. compliance with BCM Guidelines by June 2023
      2. provision of a BCM Plan by June 2023
      3. initial BCM audit to be completed by June 2024.

      Who can perform the BCM 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 a sample BCM audit checklist.

      How can Waystone Compliance Solutions 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 our APAC compliance solutions team today.

      Previous post Next post

      More like this

      Enhancing Anti Money Laundering and Countering the Financing of Terrorism (AML/CFT) controls within the VCC sector

      The VCC regime was launched in Singapore in January 2020, and in 2021, MAS conducted an industry-wide survey of VCCs,…
      Read more

      Regulatory Compliance Updates August 2022 – APAC Region

      31 August 2022 - MAS imposes composition penalty of $375,000 on UOB Kay Hian Private Limited for business conduct and…
      Read more

      Key Takeaways From MAS Information Paper on AML/CFT For External Asset Managers

      The Monetary Authority of Singapore (MAS) has issued an information paper setting out MAS’ supervisory expectations of effective anti-money laundering…
      Read more

      Regulatory Compliance Updates July 2022 – APAC Region

      28 July 2022 - CFC 02/2022 Disclosure and Reporting Guidelines for Retail ESG Funds This Circular sets out MAS’ expectations…
      Read more

      The latest MAS enforcement actions

      The Monetary Authority of Singapore has taken action against individuals for conducting regulated activities in Singapore without holding appropriate licenses.
      Read more

      Regulatory Updates June 2022

      30 June 2022 - Implementation of fairness principles in financial institutions' use of artificial intelligence/machine learning MAS conducted a thematic…
      Read more