Royal Monetary Authority of Bhutan releases Business Continuity Plan Guidelines
- Published: Thursday, 24 November 2022 08:34
Bhutan’s central bank, The Royal Monetary Authority of Bhutan (RMA), has published new guidelines which require regulated firms in the country to develop business continuity plans.
RMA states that all financial service providers (FSPs) are expected to have adequate safeguards in place to prevent and reduce the likelihood of operational disruptions, ‘including the early intervention and elimination of potential single points of failure’.
RMA also states that it is ‘essential to have an efficient business continuity plan (BCP) structure to reduce the effect of any operational disruptions on an FSP’s capacity to continue providing efficient and effective financial services’.
The new document ‘Business Continuity Plan Guidelines 2022’ aims to assist FSPs to develop and maintain effective business continuity plans.