The Central Bank today released a Consultation Paper PU26-0606 on Business Continuity Guidelines, noting its belief that *“an effective BCP will assist in improving the safety and soundness of its licensees by allowing them to better manage disasters when they occur and to recover from disasters within a shorter period of time.”*
The draft Guidelines are intended to replace the Guidance to Financial Service Licensees on Hurricane Related Disruptions previously issued by the Central Bank.
The Draft Guidelines set out the Central Bank’s supervisory approach to business continuity planning and the sound practices which the Central Bank expects its licenses to take into consideration in this regard. They are consistent with the Joint Forum’s High-level principles for business continuity issued in August 2006 as well as international guidelines and prudential standards. The implementation of the proposed Guidelines is expected to offer systemic benefits to The Bahamas as a financial centre, by improving the jurisdiction’s resilience to major operational disruptions.