On 14 December 2021, Bank Negara Malaysia (BNM) issued an exposure draft setting out its proposed revision to the Business Continuity Management (Revised) policy document issued on 3 June 2011.
The proposals aim to strengthen the state of preparedness of financial institutions to ensure their continuous functioning during an event of disruption and to improve their operational resilience.
The exposure draft, when effective, will apply to:
- banks, investment banks and insurers licensed under the Financial Services Act 2013;
- Islamic banks and takaful operators licensed under the Islamic Financial Services Act 2013;
- operators of designated payment systems and issuers of electronic money approved under the Financial Services Act 2013 or the Islamic Financial Services Act 2013; and
- development financial institutions prescribed under the Development Financial Institutions Act 2002.
Any feedback on the exposure draft must be provided to BNM by 31 March 2022.
For further information on this topic please contact Pamela Kung at Shearn Delamore & Co by telephone (+60 3 2027 2911) or email ([email protected]). The Shearn Delamore & Co website can be accessed at www.shearndelamore.com.