The Central Bank of Russia (CBR) approved on Wednesday recommendations for continuity of non-bank financial organizations (NFOs) operations, advising them to focus more attention on their information systems and their software and hardware. NFOs need to make sure they have adequate plans to ensure continuity or emergency recovery of their activities, as well as ensure backup offices.
Continuity plans and emergency procedures should be updated at least once a year. Such plans might, among other things, include objectives, priorities, goals and description of procedures for implementing measures aimed at avoiding, mitigating and relieving consequences of possible break in continuity of operations.
“Thus, to ensure the continuity of business it is advisable to identify key processes and develop a list of possible emergencies, as well as to determine and analyse factors triggering such emergencies at least once a year,” the regulator said in a statement.
The regulator also recommends that NFOs should maintain daily backups of information and databases, which support key processes, as well as recommendations for backup office.
The Russian central bank has approved and published in its bulletin a Methodological Recommendations on Ensuring the Continuity of Operations of NFOs. The move aims to ensure a better protection of the financial market participants in case of technical malfunctions and information leaks.