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ARTICLE · 11 FEBRUARY 2025

A Comprehensive Guide To The BMA's Proposed New Operational Resilience And Outsourcing Code

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The Bermuda Monetary Authority (the 'BMA') has issued a consultation paper on a proposed new Operational Resilience and Outsourcing Code (the 'Code').

BermudaEmployment and HR
Natalie Neto
Natalie Neto
Leonie Tear
Leonie Tear
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Key takeaways

  • In response to the increasing interconnectedness of financial service providers across global networks, the BMA is proposing to implement a new Operational Resilience and Outsourcing Code for regulated entities across all sectors to enhance their ability to effectively respond to operational disruptions.
  • Specific focus is on promoting a 'resilience by design' mentality within organisations where resilience is embedded throughout all operational levels.
  • The BMA is seeking feedback on its proposals by close of business on 14 March 2025, with the new Code to be implemented by banks and deposit companies by 31 March 2026, and by all other regulated entities by 31 March 2028.

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