BCP
Business Continuity Planning
Definition
The process of creating systems of prevention and recovery to deal with potential threats to a firm's operations. In financial services, BCP is a regulatory requirement covering disaster recovery, crisis management, communication plans, and the ability to continue critical business functions during disruptions.
Regulatory Context
BCP requirements are embedded in operational resilience frameworks but have existed as standalone regulatory expectations for decades. COVID-19 stress-tested firms' BCPs globally and led regulators to update their expectations around remote working, split-site operations, and pandemic planning.