Business Continuity Management Compliance
In 2019, the Federal Financial Institutions Examination Council (FFIEC) updated the IT/Business Continuity Planning (BCP) booklet to the IT/Business Continuity Management Planning (BCM) booklet. The BCM booklet took Business Continuity Planning and Disaster Recovery and put them under the umbrella of BCM Planning.
Significantly, the BCM has updated the definition of "resiliency" and has adopted the new definition given by the National Institute of Standards and Technology (NIST). The new definition of resiliency includes not only the ability to recover from an "event" through prompt recovery of systems, operations, access, etc., but also now includes the ability to withstand any such events.
Thus, BCM Planning requires analyses of all systems and all areas of Operations, risk rating various operational components within each Department/Unit/Area, and having a more comprehensive plan which includes Business Continuity Planning and Disaster Recovery. There ends up being a sizable emphasis on redundancy and redundant systems, as redundancy is an effective means by which an institution can achieve resiliency.
Business Continuity Management Planning
Business Continuity Management Planning is now an essential element of Risk Management and required of all financial institutions. BCM is scrutinized during IT examinations and the scrutiny is expected to increase as financial institutions continue to experience events and the negative effects from events.
Why Engage Us for BCM Compliance
We are experienced at developing BCM Plans from scratch and incorporating existing elements into our BCM Plans (such as Business Continuity Planning and Disaster Recovery). Our BCM Plans are multivolume sets and connect all the dots to form a complete whole.
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Let us help you with BCM compliance. Reach out today for a free consultation !