A business continuity plan (BCP) is a written strategy for continuing the firm’s business in the event of a business interruption event.
This subtopic:
covers the regulatory requirements that must be complied with when preparing a BCP, and
provides guidance on formulating a BCP
The Lexcel Practice Management Standard imposes certain requirements in relation to business continuity planning. These should be considered compulsory for firms or in-house legal teams that have or are working towards Lexcel accreditation; they are not compulsory for others although they provide an indicator of good practice.
Lexcel requires firms to have a BCP that must include:
an evaluation of potential risks that could lead to business interruption
ways to reduce, avoid and/or transfer the risks
key people relevant to the implementation of the plan
a procedure to test the plan annually, to verify that it would be effective in the event of a business interruption
See further Practice Note: Lexcel practice management standard v6.1—Precedents
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