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BCM Audit – Deadline by June 2024

The Monetary Authority of Singapore (MAS) has published a revised Business Continuity Management (BCM) Guidelines on June 6, 2022. All the financial institutions must comply with the new guidelines, create a plan for a BCM audit within a year of issuance, and conduct a BCM audit by June 6, 2024. Financial institutions must ensure that they comply with the New Business Continuity Management Guidelines and have an audit strategy in place before the deadline.

Financial Institutions are required to conduct audits under the Business Continuity Management (BCM) Guidelines. Since financial institutions (FIs) are responsible for managing their clients’ and customers’ assets, they must adopt an end-to-end service-centric perspective to ensure continuous delivery of critical business services to their customers. Financial institutions should adopt policies, plans, and procedures to promptly resume critical business services and functions following a disruption.

How can we assist:
We are actively supporting clients in the following ways as the deadline draws near:
1) Plan and conduct BCM audit.
2) Establish a more comprehensive BCM framework.
3) Conduct business impact, threat and risk assessments, and implement crisis management and continuity plans.

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