Business Continuity Management (BCM)Business Continuity Management (BCM)

Business Continuity Management (BCM)

24. For each operational segment identified, a Level 2 insurance group must ensure that each segment's BCM meets the requirements in GPS 222. In addition to the requirements applicable to Level 2 insurance groups under GPS 222, a Level 2 insurance group must:

(a) ensure that each part of the group has in place BCM appropriate to the nature and scale of its operations consistent with the Level 2 insurance group’s RMS;

(b) consistently apply BCM for each part of the group;

(c) apply BCM to risk assessments and risk processes at a functional level in the group, where appropriate;

(d) ensure that the Business Continuity Plan (BCP) required under GPS 222 read with this Prudential Standard is reviewed at least annually by responsible senior management of the parent entity of the group; and

(e) ensure that the BCP is periodically reviewed by the group internal audit function or an external expert.

25. The Board may delegate operational responsibility for the BCM to a responsible committee and/or senior management of the parent entity of the group. The operational responsibility must be clearly expressed in the charter of the committee and/or in the performance objective of the responsible senior management.