The **Joint Forum** has released a Paper on *High-level Principles for Business Continuity”*, a revised version of the draft previously issued for consultation. *(See Link Below)*
According to a release from the Bank for International Settlements (BIS), the Paper promotes a common base level internationally for the resilience of financial systems to major operational disruptions. It provides authorities with a broad framework for developing business continuity arrangements that are more closely tailored to their unique sectoral and local circumstances. The principles outlined in the paper apply to both financial industry participants and financial authorities and are applicable across the banking, securities and insurance sectors.
Mr. Dirk Witteveen, the Chairman of the Joint Forum, says *”The helpful and generally positive feedback received on the consultative paper from financial firms and authorities served to reaffirm the Joint Forum’s decision to undertake this initiative.”*. He adds that the Joint Forum was pleased to have been able to contribute to the current international dialogue on business continuity management in the financial services industry in this tangible way.
The Joint Forum was established in 1996 under the aegis of the Basel Committee on Banking Supervision, the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS). It deals with issues common to the banking, securities and insurance sectors, including the supervision of financial conglomerates.
In response to a request from the Financial Stability Forum in September 2004, the Joint Forum determined that *high-level principles on business continuity* would contribute beneficially to the resilience of the global financial system.