find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
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
microphone
Oct 20 2017
Podcast: One of law’s most infamous alumni – in conversation with Julian Morrow
In this episode of The Lawyers Weekly Show, Melissa Coade is joined by The Chaser’s Julian Morrow....
protest
Oct 20 2017
High Court overturns ‘excessive’ anti-protest legislation
Bob Brown’s recent victory in the High Court over the Tasmanian government was a win for fundament...
Blocked
Oct 20 2017
Changes to Australian citizenship laws blocked
Attempts to beef up the requirements to obtain Australian citizenship were thwarted this week, after...
APPOINTMENTS
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'...
opinion
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...
Help
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 & ...