News Business Continuity Management – Recommendations (revised) of the NCFS National Council of Financial Supervisors 11/10/2021

Under the Law, financial institutions have to have contingency and business continuity plans that ensure the ability to operate on an ongoing basis and minimize losses in the event of a serious disruption of their activity.

In this context, the National Council of Financial Supervisors (NCFS) issued in 2010 the Recommendations on Business Continuity Management, which have now been reviewed, which was released on October 7, 2021.

The Recommendations reflect the relevant international principles in this area, in particular in the context of European harmonisation of financial regulation, and have been revised in order to promote their updating in the face of existing legislative and regulatory references and current best practices. They aredirected to  the  supervisors by Banco de Portugal, ASF and CMVM and are based on a set of minimum requirements that must be implemented and deepened by institutions according to the nature of their activities, size and complexity, organizational model and risk profile, taking into account the principle of proportionality.

To learn more, access our News Flash here.