Banking, Insurance and Life Insurance (prudential standard) determination No. 2 of 2014 - Prudential Standard CPS 232 - Business Continuity Management
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Turn the raw legal text into a practical explanation grounded in Banking, Insurance and Life Insurance (prudential standard) determination No. 2 of 2014 - Prudential Standard CPS 232 - Business Continuity Management.
Business continuity planning
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A regulated institution must maintain at all times a documented BCP that meets the objectives of the BCM Policy.[7]
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The BCP must document procedures and information that enable the regulated institution to:
(a) manage an initial business disruption (crisis management); and
(b) recover critical business operations.
- The BCP must reflect the specific requirements of the regulated institution and must identify:
(a) critical business operations;
(b) recovery levels and time targets for each critical business operation;
(c) recovery strategies for each critical business operation;
(d) infrastructure and resources required to implement the BCP;
(e) roles, responsibilities and authorities to act in relation to the BCP; and
(f) communication plans with staff and external stakeholders.