• Finance

Finance:

Organisations operating in the finance sector including banking, insurance and trading, are only too aware of the concept of risk management, particularly in the wake of the global banking crisis. Many of these organisations are also investing time, money and resources into business continuity management, ensuring that they can continue to operate in the event of any kind of business disruption whether major or minor.

In the city of London in particular preparations and contingencies are being put in place to cope with any disruptions triggered by the presence of the Olympic Games in 2012.


The Financial Services Authority, Bank of England and HM treasury have worked hard to promote business continuity and employed many initiatives including sector wide exercises. But the onus is still firmly on organisations to protect themselves and their customers through appropriate planning.


Regulation regarding voice recording of landline phone calls with information relating to transactions has been in place since March 2008. Proposed regulation aims to extend this to include obligatory voice recording of certain conversations held on mobile phones in the next 12 to 18 months.


Therefore not only should financial organisations be covered in terms of regulatory requirements but in an uncertain world where terrorism, severe weather and threat of pandemic flu can bring a company to a halt, all firms should ensure that they can continue operating under a variety of circumstances.