Regulatory Alerts2008-10-01
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Business Continuity Planning and Disaster Recovery Management in the Banking Sector of Guernsey
The Guernsey Financial Services Commission issued a thematic report reviewing the business continuity and disaster recovery practices of licensed banks in the Bailiwick of Guernsey. While the industry generally meets satisfactory standards, the review identified specific exceptions including narrow plan scopes, outdated business impact analyses, and insufficient testing of call trees. The Commission highlighted a critical island-wide concentration risk regarding the limited availability of local disaster recovery service providers and urged the industry to address this vulnerability.
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