find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
BIS publishes business guidelines

BIS publishes business guidelines

THE BANK for International Settlements (BIS) has published new, high-level business continuity guidelines following a year of research.The BIS, which acts as the central bank for central banks…

THE BANK for International Settlements (BIS) has published new, high-level business continuity guidelines following a year of research.

The BIS, which acts as the central bank for central banks and is behind the Basel II Accord, said recent acts of terrorism, SARS and widespread natural disasters have underlined the need for increased resilience within the global financial system. Moreover, the Bank said at the international level, there has been a failure to draw together the lessons learned from major disruptive events and to produce guidelines that work across national boundaries and banking sectors.

Ian Johnston, chairman of the joint forum of the BIS’s Basel Committee said that while efforts have been ongoing, the draft guidelines will go some way to establishing a common global framework. “Many organisations active in the financial services industry already have in place effective approaches to business continuity management,” Johnston said. “I believe this paper takes business continuity a step further, making a valuable contribution to systemic resilience by establishing a common global framework for approaching key business continuity issues and highlighting concepts that are relatively new in this area. One aspect of the paper that I think organisations will find particularly helpful is the manner in which the principles are driven home by linking them explicitly to the lessons learned from actual operational disruptions.”

The BIS paper draws on a number of recent operational incidents and details the incident, the response and the lessons learned in each case. It covers the US/Canadian mass power outage of 2003, the impact of SARS on the Hong Kong and Canadian securities markets, the Niigata Chuetsu earthquake, which hit Japan on 23 October 2003 and the 7 July terrorist attacks in London.

The draft principles themselves cover board and senior management responsibilities, major operational disruptions, recovery objectives, communications, cross-border communications, testing and business continuity management reviews.

Stuart Fagg is the Editor of Risk Managementmagazine, Lawyers Weeklys sister publication

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

BIS publishes business guidelines
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...