Regulatory Alerts2024-10-28
Circular No. 1203: Guidelines on Operational Resilience
The Bangko Sentral ng Pilipinas issued Circular No. 1203 to amend existing regulations and require Bank Supervised Financial Institutions to establish frameworks ensuring the continuous delivery of critical operations during significant disruptions. The guidelines mandate that institutions identify critical functions, set tolerance levels for disruption, map interdependencies, and integrate operational resilience into their broader risk management and governance structures. Implementation is phased over three years, requiring self-assessments, framework development, and public disclosure of the operational resilience approach in annual reports.
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