Business continuity across cultures Peter Sierwald, senior consultant and John Synge, risk management consultant, with Safetynet discuss what businesses in different world locations are doing to protect themselves against global and local risks. There are a number of local and global driving forces behind the need for business continuity management. Some industry sectors, such as banking and finance are obliged to put business continuity management measures in place, as a result of regulatory pressure. Insurance companies increasingly wish to see disaster plans in place, so that losses caused by a disruptive event can be mitigated. Terrorism can also be a driving force in certain areas of the world, as can climatological and geographical issues.
Regulations Comparing regulatory standards around the world is difficult and subjective.
In the financial sector, it is generally acknowledged that regulations covering the need for business continuity management are more stringent in the United States and until the World Trade Centre bomb were recognised as being the main driving force behind the need to plan for disruption in America. Not only does the Federation require disaster recovery measures to be in place, it takes an enthusiastic and active interest in seeing that disaster plans are actually tested on a regular basis. In the UK, regulations covering disaster recovery of dealing and back office functions have been in place for a number of years. The Bank of England requires that companies are in a position to cover or close positions at short notice, while Stock Exchange requirements dictate that a company should be in a position to continue dealing within 48 hours. These regulations were neither stringently imposed, nor thoroughly implemented until after the St Mary Axe bomb in 1992.