In accordance with COBAC Regulation R-2008/01 requiring credit institutions to prepare a business continuity plan, Credit institutions must put in place policies and procedures that take into account the technical and human aspects of business continuity management, which is an integral part of risk management.
The governing and executive bodies are collectively responsible for defining effective and comprehensive approaches to business continuity management.
They are responsible for effectively managing, even when outsourced, business continuity and for developing and approving appropriate policy to strengthen resilience and continuity in the event of major operational disruptions.
Credit institutions must establish an organization to inform the governing and executive bodies about the implementation of business continuity management incidents, test results, and action plans to strengthen the resilience of the institution and its resilience of the institution and its ability to resume specific activities.
The way in which business continuity management is organized must be regularly examined independently by the internal control or external auditors and the governing body must be informed at least once a year of the assessment of the effectiveness of the systems in place.