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Contingency Planning and Stress Testing
ØIt is often said
that Business Continuity Management is a subset of risk management where
environmental factors or poor operational controls raise the potential for
loss or damage to the system. Business continuity management or planning is
the development, implementation and maintenance of policies, frameworks and
programs to manage a business disruption, as well as build business
resilience.
ØHigher-level
management of NRB considers about maintaining the uninterrupted availability
of all key business resources required to support essential operations. Any
organization’s business strategies and decisions are based on an assumption of
the business continuing. An event that violates this assumption is a
significant occurrence, interrupting directly on its ability to fulfil its
business objectives and the reputation of the bank and the government.
ØHigher Level
management of NRB develops the measures that seek to prevent business
interruption events from occurring in the first place. It also encompasses
establishing appropriate responses should such an event occur.