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 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.