To provide enhanced guidance to banks on business continuity planning, a key component of an effective operational resilience framework, in May 2022 the Hong Kong Monetary Authority issued a revised version of its SPM module TM-G-2 on “Business Continuity Planning” (“BCP”). The HKMA previously issued the SPM TM-G-2 Business Continuity Planning guidelines in 2002, setting out the minimum control standards for operational resilience deployed by banks.
This brief summarises the additional considerations and requirements for banks’ BCP processes found in the updated TM-G-2 guidelines, including the scope and development of organisations’ BCP; business impact analysis; recovery strategy formulation; crisis management processes; and testing and rehearsal of business continuity plans. Within the context of these new requirements, the brief outlines KPMG’s approach towards building a holistic operational resilience framework.
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Tom Jenkins
Partner, Risk Consulting
KPMG China