Bank Negara has begun preparations to conduct an industry-wide crisis simulation in 2021.
The central bank said this, in addition to developing a crisis communication plan, was among various efforts that it embarked on last year to further strengthen its risk management framework and capabilities, including strengthening its organisational preparedness for dealing with crisis events.
“This involved the bank working closely with various stakeholders in the financial sector to ensure that the business continuity plans of various organisations are aligned, and allow for a coordinated response.
“We also conducted cyber-drills and refined our existing business continuity plans to ensure that we have clear recovery strategies to restore normalcy speedily after a crisis,” it said in its 2019 annual report released today.
Bank Negara has enhanced its incident reporting system to allow for incident reports to be processed seamlessly, thus shortening the time taken to escalate, report and manage operational incidents.
It said the enhanced system allows for incidents to be tracked and monitored based on criticality and tolerance levels, and the generation of dashboards to aid prioritisation of…
