The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have jointly fined Raphael & Sons plc (Raphaels) £1.89m due to the continued failings to manage the risk posed by its outsourcing arrangements between April 2014 and December 2016, writes Wayne Jolly.
As a Lloyd's Managing Agency you will be well aware that Minimum Standard MS3 (Governance) for operating at Lloyd's requires you to: “Establish, implement and maintain a business continuity programme and take reasonable steps to ensure continuity in the performance of your activities”
A Disaster by Any Other Name The clue is in the name really, but many people consider Business Continuity (BC) to be keeping a business running after a crisis or incident (see our previous post The Biggest Secret of BCP). This is of course true, but the definition of what makes a crisis or incident is what trips up many people.
Many industries have their own shorthand and business continuity planning and management is no different. If you’re confused by BCP, BCM, RTO, DR RPO then this glossary will help you finally cut through the jargon. If you still need help then contact our Business Continuity Team who will be glad to help.