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Regulated Industries

Members of industries regulated by Authorities and Codes of Conduct are obliged to adhere to prescribed governance which often includes Risk Management and Business Continuity Planning. Here are a few examples.

FSA Regulated Organisations

Organisations regulated by the FSA are required to abide by the Senior Management, Arrangements, Systems and Controls (Chapter 4). Regarding Business Continuity these state that:

“A common platform firm must establish, implement and maintain an adequate business continuity policy aimed at ensuring, in the case of an interruption to its systems and procedures, that any losses are limited, the preservation of essential data and functions, and the maintenance of its regulated activities, or, where that is not possible, the timely recovery of such data and functions and the timely resumption of its regulated activities.”

Solicitors

The Solicitors’ Code of Conduct 2007 Rule 5 [updated 31st March 2009] Business Management in England and Wales states:

“If you are a recognised body, a manager of a recognised body or a recognised sole practitioner, you must make arrangements for the effective management of the firm as a whole, and in particular provide for the continuation of the practice of the firm in the event of absences and emergencies, with the minimum interruption to clients’ business; and the management of risk”.

Read the Law Society’s Business Continuity Practice Note (29th January 2009)

Credit Unions

The Code of Governance for Credit Unions states:

Risk Management

“The Board, Supervisory Committee and Senior Managers will develop and maintain a risk assessment strategy and a disaster recovery plan for the Credit Union in the event of unforeseen disaster or loss of key persons.

This means that…

10. The credit union will have a risk assessment policy and business continuity plan in place which outlines the way in which the credit union could continue to operate and meet its regulatory requirements in the event of an unforeseen interruption that may prevent the credit union from operating normally.”  (Required Standard)

11. The Board and Supervisory committee will conduct an annual assessment on the risk to the credit union of the loss of a key person/s both elected and employed and put procedures in place to minimise and manage that risk.  (Gold Standard)”