Business continuity plan

A business continuity plan (BCP) is a written strategy for continuing the firm’s business in the event of a business interruption event.

This subtopic:

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covers the regulatory requirements that must be complied with when preparing a BCP, and
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provides guidance on formulating a BCP

Industry standards

Lexcel

The Lexcel Practice Management Standard imposes certain requirements in relation to business continuity planning. These should be considered compulsory for firms or in-house legal teams that have or are working towards Lexcel accreditation; they are not compulsory for others although they provide an indicator of good practice.

Lexcel requires firms to have a BCP that must include:

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an evaluation of potential risks that could lead to business interruption
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ways to reduce, avoid and/or transfer the risks
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key people relevant to the implementation of the plan
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a procedure to test the plan annually, to verify that it would be effective in the event of a business interruption

See further Practice Note: Lexcel practice management standard v6.1—Precedents

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