[OR] [BoK] [6] [P2] [S1] Identify Critical Business Services

Element

Description

Purpose

• To identify and prioritise the Critical Business Services (CBS) that, if disrupted, would cause intolerable harm to clients, stakeholders, or the wider financial/market system.
• This forms the foundation of the Implement Phase of Operational Resilience.

• Establish a clear definition and scope of CBS within the organisation.
• Assess services against potential impacts on customers, regulatory obligations, and systemic stability.
• Develop a prioritised list of CBS for further resilience planning (mapping, tolerances, testing).
• Create a structured, validated inventory of CBS for ongoing resilience management.

Inputs

• Organisational strategy, mission, and risk appetite.
• Regulatory requirements (e.g., MAS, FCA, BNM).
• Business Impact Analysis (BIA) results.
• Process maps, operating models, and service catalogues.
• Stakeholder knowledge (business leaders, SMEs, risk and compliance officers).
• - Existing documentation of critical operations and dependencies.

Activities

• Define CBS scope and criteria based on regulatory and business impact considerations.
• Conduct a Business Services Impact Analysis (BSIA) to determine customer, financial, reputational, and regulatory consequences of disruption.
• Identify dependencies: people, processes, technology, facilities, third parties.
• Engage stakeholders across departments to validate service criticality.
• Prioritise services using a structured assessment methodology.
• Document CBS in a centralised inventory (service description, dependencies, tolerances, obligations).
• Validate and periodically review CBS to ensure continued relevance.

Outputs

• Approved Critical Business Services Register (inventory).
• Service prioritisation framework/matrix.
• Documented CBS criteria and rationale.
• Stakeholder-validated CBS list.
• Management sign-off for CBS scope.

Linkages

Upstream:

• Phase 1 (Plan) — governance structures, scoping, stakeholder engagement.

Downstream:

• P2-S2: Mapping Processes & Resources — CBS dependencies are mapped.
• P2-S3: Setting Impact Tolerances — tolerances are established per CBS.
• P2-S4: Scenario Testing — CBS used as a basis for testing severe but plausible disruptions.
• P2-S5: Lessons Learned & Improvements — CBS inventory updated from findings.
• Cross-reference: BCMBoK BIA stage for alignment with existing BCM practices.

If you have any questions, click to contact us.