Business continuity management
Legal and regulatory framework:
- Banking Law: Article 21, § 1, 9°
- Relevant thematic NBB circulars:
- Circular NBB_2021_28 of 16 November 2021 transposing Guidelines EBA/GL/2021/05 of 2 July 2021 on internal governance
- Circular NBB_2018_14 of 29 March 2018 on the EBA Guidelines on major incident reporting
- Circular NBB_2017_29 of 30 November 2017 on crisis management
- Circular NBB_2015_32 of 18 December 2015 on the NBB’s additional prudential expectations concerning the operational continuity and security of systemic financial institutions
- Circular PPB 2005/2 of 10 March 2005 on sound management practices aimed at ensuring the business continuity of financial institutions
- International reference documents:
- Guidelines EBA/GL/2021/05 of 2 July 2021 on internal governance => paragraphs 225 to 230
Institutions should establish a sound business continuity management and recovery plan to ensure their ability to operate on an ongoing basis and to limit losses in the event of severe business disruption.
For more information on business continuity management, please refer to paragraphs 225 to 230 of Guidelines EBA/GL/2021/05, which recommend, inter alia, that a specific independent business continuity function be established, for example as part of the risk management function. Please also refer to the Law of 1 July 2011 on the security and protection of critical infrastructures.
In addition, Circular PPB 2005/2 sets out a number of criteria - translated into sound management practices - for the assessment by the NBB of the business continuity plan.