Page 99 - RISK Management IC86 Ebook

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n The BCP and test results should be subjected to an independent
audit and reviewed by the board of directors.

n BCP should be periodically updated to reflect & respond to
changes in the financial institution or its service provider(s).

Development of BCP

The BCP should be
n Written & disseminated so that various groups can implement

it in a timely manner;
n Specific regarding what conditions should prompt

implementation of the plan;
n Specific regarding what immediate steps should be taken during

a disruption;
n Flexible to respond to unanticipated threat scenarios &

changing internal conditions;
n Focused on how to get the business up and running in the

event that a specific facility or
n Function is disrupted, rather than on the precise nature of the

disruption; and
n Effective in minimizing disruptions and financial loss.

Cost effectiveness of BCP Planning & Management

The cost effectiveness of a BCP programme will depend on the
following factors

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