BSP issues guidelines for operational resilience

The Bangko Sentral ng Pilipinas (BSP) has issued new guidelines for banks and financial institutions to further enhance their operational resilience against shocks or disruptions.

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The BSP, in Circular 1203 signed by BSP Deputy Governor Bernadette Romulo-Puyat, said the guidelines on operational resilience aim to foster continuous delivery of financial services, which supports sustainable economic growth.

"The guidelines aim to promote and strengthen the BSP-supervised financial institutions (BSFIs) ability to manage and mitigate the impact of disruptions, particularly on their critical operations," it said.

Based on the circular, BSFIs should prepare their operational resilience framework on a solo and group-wide basis as applicable.

The group-wide framework should include the parent bank and all its material entities such as subsidiaries.