Bank of Russia approved recommendations for continuity of NFO operations
In the current context of financial institutions constantly developing the instruments for their customers and improving technical processes it is important to design mechanisms to ensure continuity of the operations of such institutions. It is necessary to protect financial market participants from technical malfunctions, information leaks, etc.
Today the Bank of Russia Bulletin publishes Methodological Recommendations on Ensuring the Continuity of Operations of Non-Bank Financial Organisations (NFOs), approved by the regulator.
The Recommendations focus on NFO information systems and their software and hardware, contents of the plan for ensuring continuity and/or emergency recovery of the NFO activities, as well as on basic characteristics of main and backup offices of such organisation.
Thus, to ensure the continuity of business it is advisable to identify key processes and develop a list of possible emergencies, as well as to determine and analyse factors triggering such emergencies at least once a year.
Companies are also advised to develop a validated plan for ensuring continuity, which might, among other things, include objectives, priorities, goals and description of procedures for implementing measures aimed at avoiding, mitigating and relieving consequences of possible break in continuity of operations. It is recommended to revise the plan at least once a year along with conducting performance evaluation of the plan through simulation of possible emergencies.
The document lays out recommendations for daily backups of information and databases, which support key processes, as well as recommendations for backup office, including those for its positioning.
The Bank of Russia proposed a differentiated approach to determining the extent and character of application of recommendations to market participants. In line with the approach, the participants were divided into three nominal groups according to types and scope of their activities.
The Recommendations were developed in accordance with international standards.