[OR] [MBT] [E3] [CBS] [11] [SuPS] Identify Severe but Plausible Scenarios

Sub-CBS Code

Sub-CBS

Severe but Plausible Scenario

Impact/Effect

Proactive Risk Management Action

11.1

Regulatory Reporting Framework

Cyberattack targeting reporting systems

Loss of regulatory reporting capability; potential non-compliance and penalties.

Regular updates and patching of reporting systems; robust cybersecurity measures; staff training on data security.

11.2

Compliance Monitoring and Auditing

Inability to access regulatory data due to a system failure

Failure to monitor compliance effectively, reputational damage, and fines.

Implementation of redundant systems; cloud backups for regulatory data; continuous monitoring of compliance status.

11.3

Submission of Regulatory Reports

Misreporting due to human error or system malfunction

Legal consequences, potential regulatory fines, and operational delays.

Automating report generation with validation checks, regular staff training, and clear guidelines.

11.4

Risk Assessment and Mitigation in Reporting

Data corruption or loss during risk assessment

Inaccurate risk reports lead to poor mitigation strategies and compliance issues.

Implementing integrity checks and encryption for data, and frequent data backups.

11.5

Reporting Systems and Technology

System downtime due to a DDoS attack or software failure

Interruptions in the reporting process; inability to meet regulatory deadlines.

Development of a disaster recovery plan and system failover capabilities; regular testing of business continuity protocols.