BC/DR plan enhancement

A business continuity and disaster recovery plan (BC/DR plan) is an internal document of a credit institution that defines the objectives, procedures, methods, and timelines for implementing measures to prevent or mitigate the consequences of non-standard and emergency situations, ensuring operational continuity and recovery.

Regulatory requirements mandating an up-to-date BC/DR plan include:

• Federal Law No. 68-FZ “On the Protection of Population and Territories from Natural and Technogenic Emergencies” dated 21 December 1994.
• Bank of Russia Regulation No. 242-P “On the Organisation of Internal Control in Credit Institutions and Banking Groups” dated 16 December 2003.
• Bank of Russia Regulation No. 716-P “On the Requirements for the Operational Risk Management System of a Credit Institution or a Banking Group” dated 8 April 2020.
• Bank of Russia Regulation No. 787-P dated “On Mandatory Requirements for Credit Institutions to Operational Reliability in Banking Activities to Ensure Continuity of Banking Services” 12 January 2022.

In addition to regulatory requirements, there are international, market, macroeconomic and geopolitical factors that drive the need for the BC/DR plan and action scenarios:

• Disconnection of Russian banks from SWIFT and foreign payment systems.
• Risks of Russia’s disconnection from the Internet.
• Shrinking supplier markets for IT solutions, hardware, software, and automated systems.
• Cyber risks due to blocked or suspended updates of critical software.

FBK provides comprehensive services to audit, refine, and test the effectiveness of the existing BC/DR plan in accordance with Bank of Russia Regulation No. 242-P, taking into account all regulatory requirements and other factors.