SIA Submits Comments to the Joint Forum Secretariat on Principles for Business Continuity Planning
Published on:
March 10, 2006
The Securities Industry Association (SIA)* provides comments to the Joint Forum Secretariat regarding the Basel Committee on Banking Supervision draft document, High-Level Principles for Business Continuity (December 2005). SIA shares its concerns over the draft principles, in particular, that while firms are able to implement comprehensive and effective compliance programs, including business continuity plans, firms cannot guarantee that the programs will be 100 percent effective in restoring business operations in a given timeframe, due to a number of variables and factors involved in the restoration.
*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.