According to COBAC regulation R-2008/01 requiring credit institutions to prepare a business continuity plan in Cameroon, Credit institutions define the methods and means that enable them to continue their business in the event of a major disaster.
An effective business continuity system is based on the following elements:
– A crisis management organization with a Business Continuity Plan Manager;
– A detailed, tested and widely distributed documentation system within the credit institution and regularly updated;
– A backup strategy established on the basis of the results of impact analyses on the credit institution’s business and the functioning of the financial system, and periodically tested. The organization of the backup is based in particular on the creation of an alternative remote site located in a technical environment distinct from the initial environment;
– Rationalized management of human resources;
– A tested technical backup solution covering continuity needs.
The choice of the continuity strategy is the result of a comparative analysis of possible business continuity management scenarios. These scenarios must be aligned with the institution’s strategy, taking into account its missions, objectives, expected changes, business relationships, level of risk and preferred areas of development, as well as its place in the community, its place in the financial system and its impact on its proper functioning. The institution’s needs, as set out in a functional and technical specification, make it possible to define the backup technical solution(s).