Bank Negara Malaysia Issues Policy Document On Business Continuity Management

Bank Negara Malaysia ("BNM") has on 19 December 2022 issued a policy document on Business Continuity Management which aims to:

• facilitate the development and implementation of a robust business continuity management framework, policies and processes by financial institutions which are integrated with their overall risk appetite and reinforce sound risk management practices;
• strengthen the capacity and preparedness of financial institutions to respond and recover from operational disruptions; and
• preserve the continuity of critical business functions and essential services within a specified timeframe in the event of an operational disruption.

The Policy Document is applicable to a licensed person under the Financial Services Act 2013 ("FSA") and the Islamic Financial Services Act 2013 ("IFSA"), a prescribed institution under the Development Financial Institutions Act 2002 ("DFIA"), an approved issuer of electronic money ("e-money") which is an eligible