Regulatory Alerts2017-04-09
Added
Amendments to Proper Conduct of Banking Business Directive No. 355 on Business Continuity Management
The Bank of Israel amends Proper Conduct of Banking Business Directive No. 355, requiring banking corporations and credit card companies to update their business continuity management frameworks. Key changes include adding strikes as a potential cause of major operational disruption, revising the definition of critical operations or services, and mandating that new critical sites maintain at least a Tier 3 level. The directive also requires protection of critical sites against conventional warfare and earthquakes, with specific service level objectives for payment systems and branch operations during emergencies.
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