The Bermuda Monetary Authority (BMA) published a consultation paper proposing an operational resilience framework for impacted BMA-supervised entities. The framework is expected to be embedded in day-to-day operations and wider risk management systems, applied proportionately to each firm’s nature, size and business complexity. The proposed standards are intended to strengthen firms’ ability to anticipate, adapt to, manage, recover from and learn from operational disruptions, including those arising internally and from external third-party service providers. The objective is to maintain business continuity by keeping crucial customer services functioning without delays or interruptions. Comments on the proposals are due by 14 March 2025.
Bermuda Monetary Authority 2025-01-14
Bermuda Monetary Authority launches consultation on an operational resilience code and guidance
The Bermuda Monetary Authority released a consultation paper on an operational resilience framework for BMA-supervised entities, emphasizing integration into daily operations and risk management. The framework aims to enhance firms' capabilities to handle operational disruptions, ensuring uninterrupted customer services.