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International Monetary Fund. Monetary and Capital Markets Department

. Financial institutions could improve their cyber resilience by proactively developing cyber incident management plans. Important during the development of these incident response plans is recognizing the multiple facets of dealing with cyber incidents; for example, impact on business operations, legal requirements, communication to stakeholders, and human resources. Recently observed attack vectors like those of crypto-ransomware or fraudulent wholesale payments, form a good basis for scenario-driven testing of the incident response plans. 19. Additional key areas to

International Monetary Fund. Monetary and Capital Markets Department
Cybersecurity risk is embedded in the CBB’s supervisory framework, but additional enhancements are needed to formalize guidance and develop more intensive supervisory practices. Supervisory expectations on cybersecurity are presented in an informal guidance note, which should be formalized into regulation to ensure enforceability; and an IT/cybersecurity supervisory manual should be developed to promote effective and consistent practices. With its principle-based guidance note, the CBB highlights its priorities in strengthening the cybersecurity posture of Belizean financial institutions. The principles are an appropriate interpretation of international best practices on incident prevention, detection, response, and recovery measures, adapted to the cyber maturity of the Belizean financial institutions, and can be used as a foundation for the formalized guidelines. The manual could emphasize the review of cybersecurity strategies, policies, and responsibility specifications and should address obtaining assurance on the effectiveness of the financial institutions’ processes for cyber risk identification, assessment, and mitigation.
Mr. Emre Balibek, Ian Storkey, and Hakan Yavuz

-mail: publications@imf.org www.imfbookstore.org www.elibrary.imf.org Contents I. Introduction II. BCP within an Operational Risk Management Framework III. The Evolving Nature of Threats and Solutions for Cash and Debt Management IV. A Practical Approach to Developing a Business Continuity Plan V. Conclusion Annexes Annex I. BCP Template Annex II. Business Impact Analysis Methodology Annex III. Process Analysis Template/Example Annex IV. Incident Management Team Annex V. Pocket Card Annex VI. Scenario and Simulated Live Tests References

Mr. Emre Balibek, Ian Storkey, and Hakan Yavuz
Cash and debt management operations are part of the “transactional” functions of public financial management. It is critical that these functions are resilient to external disruptions, ranging from information and communication technology (ICT) system outages to natural disasters. This technical manual aims to provide guidance on the steps that government cash and debt management units can follow to develop and implement a practical business continuity plan that economizes the resources used. It also discusses the evolving nature of business disruption risks faced by cash and debt management over the last decade, including the COVID-19 pandemic, as well as risk mitigation solutions that have emerged.
Mr. Emre Balibek, Ian Storkey, and Hakan Yavuz

procedures to minimize or where possible eliminate the risk of disruption. Transference , where risks are passed to third parties by taking out insurance and/or reinsurance, outsourcing or devolving critical activities to third parties, and establishing facilities to provide financial resources in the event of a major incident. 18 Containment , where the potential impact of an event occurring is limited in the early stages using controls or other techniques and putting in place escalation procedures including an Incident Management Team (IMT) to manage major incidents

International Monetary Fund

prolonged disruption; and (iii) return to normal operations as quickly as possible. An important part of the DRP is the structure of incident management and recovery teams along with the administration and IT support. An example of a command center structure is provided as Figure 5 . Figure 5: DRP Command Center Structure Step 4: Implement the BCP/DRP Once the BCP/DRP has been approved, the risk champion or risk management unit can oversee the implementation of the BCP/DRP and incorporate it into the wider ORM monitoring and control policies and

International Monetary Fund
This technical note and manual addresses the following main issues: 1. What is operational risk management and how this should be applied to treasury operations. 2. What is business continuity and disaster recovery planning and why it is important for treasury operations? 3. How to develop and implement a business continuity and disaster recovery plan using a six practical-step process and how to have it imbedded into the day-to-day operations of the treasury. 4. What is needed to activate and what are the key procedures when activating the disaster recovery plan.