The Bermuda Monetary Authority ("BMA") released a consultation paper, Operational Resilience and Outsourcing Code ("CP") on 14 January 2025, which outlines standards that the BMA has designed to bolster the financial service sector's ability to pre-empt, adapt, manage, recover from, and learn from operational disruptions.
The Bermuda Monetary Authority
("BMA") released a consultation paper,
Operational Resilience and Outsourcing Code
("CP") on 14 January 2025, which
outlines standards that the BMA has designed to bolster the
financial service sector's ability to pre-empt, adapt, manage,
recover from, and learn from operational disruptions. Operational
disruptions refer to both internal sources within an organisation
and external third-party services providers associated with an
organisation. Accompanying the CP, the BMA also published a draft
Operational Resilience and Outsourcing Code
("Code") and a draft Operational
Resilience and Outsourcing Guidance Notes
("GN"). The aim of the Code is to ensure
that crucial services for customers remain functional without
delays or interruptions, maintaining business continuity and
resilience.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. Kennedys operates in Bermuda in association with Kennedys Chudleigh Ltd.
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