BNM R10 Business Continuity Management Policy by Bank Negara Malaysia: Requirements 10

Business Continuity Management Guidelines by Bank Negara Malaysia: 

Notification of Disruption to the Banks

Click the icon on the right to download BNM BCM Policy. Below is a sample Table of Content of the downloaded BNM BCM Policy.

Notification of Disruption

To ensure efficient management of disruptions by the banks regulated by Bank Negara Malaysia, the guidelines emphasise the importance of timely notification. Financial institutions must implement an effective notification process that enables them to inform relevant parties about the occurrence of a disruption promptly.

Key Considerations for Notification of Disruption

Key considerations for notification of disruption include:

Internal Notification

Financial institutions should establish clear lines of communication within their organisation to ensure that the relevant personnel are promptly informed about disruptions. This includes establishing escalation procedures and designated contact points for various departments and business units.

External Notification

Financial institutions must promptly notify Bank Negara Malaysia, relevant authorities, regulatory bodies, and other stakeholders. The notification should include details of the disruption, its impact on operations, and the actions to manage the situation.

Communication Channels

Financial institutions should establish secure and reliable communication channels for efficient notification during disruptions. These channels should be regularly tested and updated to ensure their effectiveness.

Timeliness

Notifications should be sent promptly, enabling stakeholders to initiate appropriate response measures and support financial institutions in managing the disruption effectively.

Conclusion

Policy Requirement, Part C of the Business Continuity Management Guidelines issued by Bank Negara Malaysia highlights the importance of timely notification. Financial institutions must implement an effective notification process that enables them to inform relevant parties about the occurrence of a disruption promptly.