Looking out for the tribe, the leader often had a vision to protect his own and help them thrive. As the tribe thrived, the elders mentored their young ones to learn and embed this vision for the generations to come.
In the urban setting, the federal government enables such a vision for its community for its societal benefits. One such initiative is the business continuity programs that are mandated for critical government services to ensure continual products and service deliveries.
Regulations for business continuity have been an evolutionary journey across geographies and its often under recognized on the coverage of such regulations across key developed and developing economies.
Perhaps a central repository of sorts could be of further benefit for global business continuity experts to coordinate and collaborate.
The business continuity regulations although have been custom tailored to specific markets imposed by respective regulators, they all share a common thread of similarity between them. The majority of these regulations have been standardized to follow the tried and tested methodology of ISO22301.
The ISO22301 as a standard had its own humble mentor of sorts with BS25999, was created in 2007 and focused on business continuity management. BS 25999 was the forerunner, a bold step away from BCM's closed doors and into the arena of management system standards.
BS 25999 is widely recognized and has served as the foundation for several other BCM levels worldwide, including the development of the new international standard ISO 22301. ISO 22301 superseded the former in 2012.
At that time, business continuity managers expressed misgivings on radically reworking their BCM procedures and processes once ISO 22301 was introduced. But the good news they received is that the additions in ISO 22301 have added greater depth and clarity while the omissions do not detract from the overall good BCM practices and principles established by BS 25999.
The enhancements drive led to organizations, sectors and societies adopting the ISO 22301 to improve their societal security. Few examples of such adoption is listed below
· Australia - APRA Prudential Standard CPS 232 Business Continuity Management
· Brazil - NBR15999‐1: Gestão de continuidade de negócios ‐ Parte 1: Código de prática
· Canada - IDA By‐Law 17.19 – Business Continuity Plan Requirement
· Hong Kong - Business continuity planning supervisory policy manual – TM‐G‐2
· Indonesia - Circular Letter No. 9/30/DPNP - Risk Management in the Use of Information Technology by Commercial Banks (March 31st, 2008)
· Malaysia - BNM/RH/GL013‐3 Guidelines on BCM for Banking Institutions
· Philippines - BSP Memorandum (2004) - MAB/NBFIs - Establishment of Back-Up Operation Centers and Data Recovery Sites
· Poland - Business Continuity of Payment and Security Settlement Systems infrastructure
· Rwanda - Regulation No. 4/2011 on Business Continuity
· Singapore - MAS Business Continuity Management Guidelines (June 2003)
· South Africa - SAMOS and CLS Business Continuity Procedures – SA Reserve Bank
· Switzerland - FINMA Recommendations for BCM: Nov 2007
· Thailand - 118/2550 – Policy on BCM and BCP for Financial Institutions
· UAE - Business Continuity Standard and Guide AE/HSE/NCEMA
· USA - NASD Rule 3500: Emergency Preparedness Part 3510: Business Continuity Plans
The list above is not an exhaustive one, however it simply brings the critical adoption of business continuity into limelight.
With the current fusion of the pandemic, epidemic, supply chain disruptions, financial crisis etc. the move towards imposing further mandates and closer monitoring is expected.
At BCM next, we posed the query “How hard is it to track real time compliance to ISO22301?”
Our engineers have worked closely with the design team to ensure the intelligence of real time tracking to ISO 22301 compliance is enabled.
If you have embarked in the journey of enabling Business Continuity Management at your organization and wonder how to ensure ISO22301 compliance and even gain certification, reach out to us to know more – getstarted@bcmnext.com
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