Blog

Today, technology is an essential part of organizations, helping them enhance performance and increase productivity to achieve their desired goals. However, with the rising rates of technology use, it is crucial to ensure that plans are in place and to prepare for business continuity in case of any disruptions.

The Saudi Central Bank (SAMA) has established a comprehensive framework for Business Continuity Management (BCM), aimed at ensuring the resilience of financial institutions operating in the Kingdom of Saudi Arabia. This framework is designed to help institutions maintain operations and provide critical services in the face of disruptions. The guidelines are particularly focused on mitigating risks associated with operational failures, cyber threats, and other unexpected events.

SAMA Business Continuity Requirements

According to the need, SAMA divided the requirements into the following:

SAMA’s BCM guidelines require financial institutions to develop, implement, and maintain comprehensive business continuity plans. These plans should be regularly updated and tested to ensure their effectiveness. Key components of the BCM include risk assessments, recovery strategies, and detailed procedures for handling crises or disruptions. Institutions must also ensure proper communication with stakeholders during emergencies.

Cyber Risk and Operational Risk Management

SAMA places significant emphasis on managing both operational and cyber risks. Institutions are required to implement adequate controls and monitoring systems to detect, mitigate, and respond to risks. IT infrastructure and data security are central to BCM, ensuring that institutions can recover from both physical and cyber-related disruptions.

How TCG Can Empower Your Business Continuity

• Comprehensive Risk Assessment: We conduct detailed risk assessments to identify potential business disruptions and vulnerabilities, helping companies align with SAMA’s requirements for a robust BCM framework.
• Tailored BCM Framework Development: We assist in designing and implementing customized BCM frameworks that meet the specific needs of the organization, ensuring compliance with SAMA’s guidelines.
• Business Impact Analysis (BIA): We perform a thorough Business Impact Analysis to identify critical functions and the necessary resources, aiding companies in adhering to SAMA’s BIA standards.
• Crisis Management and Response Planning: We help develop and test crisis management and incident response plans, ensuring organizations can swiftly respond to incidents and meet SAMA’s operational resilience requirements.
• Training and Awareness Programs: We support in providing BCM training and awareness sessions to ensure employees are fully equipped to handle disruptions, a crucial element in maintaining SAMA compliance.
• BCM Testing and Drills: We also facilitate regular testing, including simulations and drills, to ensure the BCM plans are effective, up-to-date, and in line with SAMA’s mandated testing protocols.
• Documentation and Reporting: We offer support in maintaining and updating all necessary documentation and reports required by SAMA to demonstrate ongoing BCM compliance.
• Audit Preparation and Support: We aid in preparing for BCM audits by ensuring all aspects of the BCM framework comply with SAMA’s regulatory requirements, providing support during the audit process.