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On March 26, 2019, the Securities Exchange Board of India (SEBI) with the recommendation of Technical Advisory Committee (TAC), has issued guidelines for Business Continuity Plan (BCP) and Disaster Recovery (DR) of Market Infrastructure Institutions (MIIs). Previously, SEBI had issued prescribed business continuity and, disaster recovery framework for stock exchanges and depositories in 2012. Further, the new guidelines develop and expand these.
Now let’s go ahead and try to widen the horizon of this latest guideline.
While most of the Indian companies look at a DR/BCP implementation and audits internally, they may not consider business continuity management (BCM). In India, there is a very positive trend in the market as more and more companies are looking for BCM implementation.
One of the first Indian companies to implement a full-fledged BCM was the National Stock Exchange (NSE) in 1997. National Securities Depository Limited (NSDL) was yet another early entrant to BCM practices in India. The implementations at these organisations have matured over a while. Once an organisation is confident of its application, the next step is to commence internal and external business continuity audits.
A business continuity planning (BCP) audit helps:
In India, both SEBI and RBI have mandated BCP and DR. As a result, all major Indian financial institutions are already compliant.
Note down the following best practices for BCP Audit:
You can read the complete circular here
One of the main reason to introduce these guidelines is the advancement in ‘technology and improved automation of processes in terms of transitioning time, wherein the operations can be moved from the Primary Data Centre (PDC) to the DRS.
Businesses are increasingly looking at ways to protect their business and critical data. Disaster Recovery (DR) solutions work successfully and efficiently to help achieve this. Disaster Recovery Management (DRM) at the end of the day is not about information technology but a management driven business process. On the other hand, business continuity planning (BCP) or business continuity management (BCM) helps in identifying those critical parts of an organisation that cannot afford to suffer a loss, viz., data and information. Moreover, the guidelines seem to be robust and encouraging for the Indian Organisations.
For more information related to the drafting of Business Plan policies and the information related thereto, kindly contact the team of experts at Enterslice.
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