US Financial Regulators Revise Business Continuity Management Booklet
FFIEC issued the Business Continuity Management (BCM) booklet, which is part of the FFIEC Information Technology Examination Handbook. The booklet focuses on assessing an entity's resilience through an enterprise risk management perspective that considers technology, business operations, communication strategies, training, testing, maintenance, and improvement—issues that are critical to business continuity. The booklet describes principles to help examiners determine whether management addresses risks related to the availability of critical financial products and services. The booklet uses common terms and builds on widely used standards to facilitate effective supervision. The booklet also addresses the topic of business continuity strategies for ensuring cyber resilience and managing third-party service providers. FFIEC members emphasized that examiners understand how management of banks and other regulated entities, including depository financial institutions, nonbank financial institutions, bank holding companies, and third-party service providers, have prepared their operations to avoid disruptions and to recover services.
Keywords: Americas, US, Business Continuity, Cyber Risk, Third-Party Service Providers, IT Examination Handbook, FFIEC, FDIC
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