Regulatory Alerts2024-07-08
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Prudential Standard No. 4 - Business Continuity Management
The Central Bank of Solomon Islands issued Prudential Standard No. 4 to mandate that licensed financial institutions establish and maintain a sound business continuity management framework. The standard requires boards and senior management to implement a whole-of-business approach encompassing a BCM policy, business impact analysis, recovery strategies, and a documented business continuity plan. Compliance is enforced through annual testing, internal or external audits, and corrective measures for institutions failing to meet these operational resilience requirements.
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