Over the past decade, financial services firms have spent considerable time and resources formulating risk management practices. Recently, the focus of these efforts has shifted from disaster recovery planning to business continuity planning across all areas. For financial institutions, this has meant recognizing the need to take a more proactive approach, where exposures and risks are anticipated and measures are implemented to mitigate or prevent losses.
This article explores how the change in focus evolved, and how it has created an opportunity for financial institutions to adopt common principles to guide them in their business continuity planning.
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