Principle 11: Banks should have business continuity plans in place to ensure their ability to operate on an ongoing basis and limit losses in the event of a severe business disruption. [The Committee's paper High-level principles for business continuity, August 2006, discusses sound continuity principles in greater detail.] Business continuity plans should be linked to the bank's operational risk management framework.

63. Sound and effective governance of banks' business continuity policy [Business continuity planning should be consistent with and conducted alongside the business continuity planning and testing of critical operations as specified in the principles for operational resilience. BCBS, Principles for operational resilience, March 2021.] requires:

a) Regular review and approval by the board of directors.

b) The strong involvement of the senior management and business units leaders in its implementation.

c) The commitment of the first and second lines of defence to its design.

d) Regular review by the third line of defence.

64. Banks should prepare forward-looking business continuity plans (BCP) with scenario analyses associated with relevant impact assessments and recovery procedures: