Regulatory Alerts2024-12-20
Regulations Amending Operational Risk Management Rules (FFFS 2024:10)
Finansinspektionen issued amendments to its operational risk management framework that impose stricter continuity planning and testing mandates on banks, credit institutions, and securities firms. The updated regulations require covered entities to define maximum permissible interruption periods for each process and specify the exact types and frequencies of continuity tests in their internal rules. Furthermore, the amendments mandate annual testing of contingency, continuity, and recovery plans for all critical processes and supporting IT systems, effective 1 July 2024.
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