As part of the broader MAS Business Continuity Management requirements, firms are encouraged to put in place a regular, independent audit to review the adequacy and effectiveness of the BCM framework implementation in the face of critical disruption.
The new BCM guidelines require financial institutions to put in place an audit plan by 6 June 2023 with the first BCM audit completed no later than 6 June 2024.
The scope and frequency of audits will depend on the criticality of your business services and functions but should ideally take place at least once every three years. Our audit programme assesses whether your BCM implementation is appropriate and effective in the face of a business or operational disruption, and independently assesses the extent to which your BCM framework and implementation meet MAS requirements.
All of our audits clearly set out:
- An agreed scope and approach
- Identification of gaps or areas requiring improvement. provided in a written format
- Practical steps you can take to resolve issues.
For existing clients, we’ll carefully manage the scope and approach, ensuring the audit is appropriately independent and can stand up to scrutiny from the regulator.
To find out more about how we can help with your BCM Audit, get in touch using the the form below and a member of the team will get back you as soon as possible.