BMA Requires Greater Operational Resilience

Last month, the Bermuda Monetary Authority issued its code of conduct to bolster the resiliency of registrants when they are faced with operational disruptions.

Previously the domain of business continuity programmes and disaster recovery policies, the Resilience Code takes the governance and operational requirements of business continuity to an entirely new level of compliance.

The code applies, in part, to banks and deposit companies, insurance enterprises, investment businesses and digital-asset businesses, and it addresses all operational circumstances of disruption even though the title of the Resilience Code may misleadingly suggest that outsourcing transactions are the primary focus of attention.