The following Practice Compliance practice note Produced in partnership with David Gilmore of DG Legal provides comprehensive and up to date legal information covering:
This Practice Note explains what a business continuity plan (BCP) is and the regulatory requirements in relation to BCPs, and provides guidance on formulating a BCP.
A BCP is a document setting out how the organisation will manage a negative event that could threaten the continuation of its business.
The BCP is an important part of the overall risk management framework for any organisation. It helps ensure the business is able to survive a critical event and the organisation is able to meet its obligations to clients or customers, regulators and other stakeholders.
The BCP identifies the potential risks and/or interruptions to the business and documents the organisation’s systems or procedures to:
minimise the threat of damage to the business
respond to a business interruption, and
recover from a business interruption
A disaster recovery plan usually focuses on the IT and data recovery of the business such as backup systems and additional servers whereas a BCP aims to address all the areas necessary to keep the business continuing. The two plans are interlinked.
The Lexcel Practice Management Standard imposes certain requirements in relation to business continuity planning. These should be considered compulsory for firms or in-house departments that have or are working towards Lexcel accreditation; they are not compulsory for others although they provide an indicator of
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