A Business Continuity Plan is a document that sets out very practical guidance on how a firm will act in adversity to protect the business, its customers/clients and its staff. Sometimes referred to as a Disaster Recovery Plan, a firm’s Business Continuity Plan is a critical document. If it is inadequate, the business may not survive a critical or catastrophic event.

All financial services firms are required to carry out regular risk assessments, to identify and manage significant risks, to provide capital and liquidity to enable the business to survive adverse or catastrophic events and to carry out an orderly winding up. Preparing and regularly updating and testing the Business Continuity Plan is a key part of this risk management requirement.

What does a good Business Continuity Plan look like?

An adequate Business Continuity Plan must act as a bible to enable people to act correctly in adverse conditions or in a crisis. It must identify who the key people are within the firm, who has authority to act and under what circumstances. It must link to policies, processes, procedures and documents that have been prepared and above all it must have anticipated a number of factors such as premises denial, quarantine of staff, restricted movement of staff, loss of normal business infrastructure or similar events caused by loss of power, loss of communications/market infrastructure, terrorist incident, extreme weather, disease or pandemic or similar events. Above all, it must prepare a firm for the perfect storm – experience shows that many business failures are not caused by a single catastrophic event, but by the occurrence of several lesser events at the same time.

How can Complyport help with your firm’s Business Continuity Plan?

With over 20 years of experience as governance, risk and compliance (GRC) consultants, the Complyport team has successfully helped hundreds of financial services firms to prepare, improve or refine their Business Continuity Plans. With this impeccable track record and our vast experience, we are well placed to advise financial services firms including Investment Advisers, Investment Funds (AIFs and UCITS), Alternative Investment Fund Managers, UCITS Management Companies, Payment Institutions (PI) and Electronic Money Institutions (EMI), Administrative Services Providers, Credit Institutions, Insurance and Mortgage Intermediaries, Wealth Managers, Retail Investment Advisers, Discretionary Investment Managers, Insurers and Banks. We also assist firms who operate outside of the UK or as part of wider international organisations.

We can provide as much or as little assistance as you require, from providing your company with draft policies, processes, procedures and documents to full-on hand-holding and guidance to ensure your firm’s Business Continuity Plan is fit for purpose and will meet the FCA’s expectations.

Call us now on 020 7399 4980 or email us at info@complyport.co.uk for more information on how we can assist you.