According to Centre for Australian Financial Institutions (CAFI) more than 30 percent of Australian financial institutions are not adequately prepared for a major disruption to their IT systems.
Dr Sarath Delpachitra and Glen Van der Vyver said while 78% of Financial Institutions had a high level commitment to business continuity management (BCM) and regard it as an extension of risk management and corporate governance practice, only 70% of those surveyed had a business continuity plan (BCP) in their work place. This meant 30% of financial institutions surveyed were yet to develop crisis management plans
Mr Van der Vyver said when it came to outsourcing, 75% of the financial institutions expected their outsourcing partners to comply with BCM guidelines but only 50 per cent of this number actually verified that their outsoucees had BCPs.
Download APRA's draft BCM Prudential Standard.
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