New Business Continuity Standard for Australia's financial sector

The Private Sector is increasingly held accountable for quality risk management. In many cases this takes the form of mandated performance standards. The Australian Prudential Regulation Authority has recently released the draft of their proposed Business Continuity Management Standard. The proposed standard aligns with international best practices. It makes Boards accountable for very specific Business Continuity Management capabilities - summarised in Clause 21 - to include (at a minimum):
1. Business Continuity Management Policy;
2. Business Impact Analysis including Risk Assessment;
3. Recovery Objectives and Strategies;
4. Business Continuity Plan including Crisis Management and Recovery; and
5. Programs for Review and Testing of the Business Continuity Plan; and Training and Awareness of staff in relation to Business Continuity Management.

APRA's draft Business Continuity Management Standard (PDF)