Regulatory Alerts2021-10-07
Added · Updated
Circular Letter No. CC/2021/00000047: Revised Recommendations on Business Continuity Management
The National Council of Financial Supervisors (CNSF) adopts revised Recommendations on Business Continuity Management (BCM) for credit institutions, investment companies, financial companies, payment institutions, and electronic money institutions supervised by the Bank of Portugal. These recommendations replace the 2010 guidelines and establish minimum requirements for BCM policies, governance structures, and business continuity plans, adapted to the size, complexity, and risk profile of each institution. The document mandates the integration of BCM into risk management frameworks, emphasizes operational resilience against cyber threats and pandemics, and requires regular testing, maintenance, and reporting of continuity procedures.
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