IF YOUR FIRM IS REGULATED BY THE FCA PLEASE READ CAREFULLY:
FCA HANDBOOK: BUSINESS CONTINUITY SYSC 3.2.19
- A firm should have in place appropriate arrangements, having regard to the
nature, scale and complexity of its business, to ensure that it can continue
to function and meet its regulatory obligations in the event of an
unforeseen interruption. These arrangements should be regularly updated and
tested to ensure their effectiveness.
Please also refer to SYSC 13.8.3,4,5,6,7,8.
Regardless of formal regulation, Directors are under pressure from shareholders, customers, employees, regulators and other stakeholders to demonstrate they have taken reasonable efforts to mitigate risks to their business. Indeed, they can be legally pursued in person if they fail to do so.
- “Good governance can play a crucial role in gaining the respect of key external stakeholders – such as actual and potential financiers, employees, customers, and local communities. It effectively provides a “licence to operate”, since it offers external stakeholders some assurance that the company is being run in an appropriate and responsible manner, with due regard for the interests of “non-insiders”. - Corporate Governance Guidance and Principles for Unlisted Companies in the UK - IoD.
Government, FCA, insurers, IoD, FSB... all recommend you produce
a disaster recovery plan.
We can help! First Recovery customers can click here for BRIO.
According to the IoD’s ‘Director’s Guide to Risk Management’, “effective risk management requires you to understand your business intimately and to ask:
- How do different operations and processes interact?
- What if key facilities and people were not available?
- When would we be unable to operate?
- What if the unlikely and the unexpected actually happened?
It goes on “... the objective of risk management is: to add maximum sustainable value to all the activities of the organisation. It marshals the understanding of the potential upside and downside of all those factors which can affect the organisation. It increases the probability of success, and reduces both the probability of failure and the uncertainty of achieving the organisation’s overall objectives.”
First Recovery provides FCA-compliant emergency disaster recovery and mitigates/removes an area of risk which could be critical to your business.