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:

•
covers the regulatory requirements that must be complied with when preparing a BCP, and
•
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:

•
an evaluation of potential risks that could lead to business interruption
•
ways to reduce, avoid and/or transfer the risks
•
key people relevant to the implementation of the plan
•
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

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Risk & Compliance News

House of Lords conclude committee stage of Data (Use and Access) Bill

The House of Lords has completed the committee stage of the Data (Use and Access) Bill, the final day of scrutiny took place on 18 December 2024 and focused on amendments related to children and AI, national security and data privacy risks and AI compliance with UK copyright law. The bill, aimed at harnessing data for economic growth and improving digital governance, has undergone thorough examination over multiple sessions, addressing issues such as protection of children, misuse of AI rules, data mining and processing of personal data. The next stage, report stage, is scheduled for 21 January 2025.

Businesses should expect a role in tackling fraud next year

Law360, London: If one word sums up a key trend in financial crime enforcement in 2024, it would be fraud, specifically consumer fraud.

FCDO imposes sanctions on Georgian officials for human rights violations

The Foreign, Commonwealth and Development Office (FCDO) has announced sanctions against five senior Georgian officials in response to violent attacks on journalists and peaceful protestors. This action, coordinated with the United States, imposes UK travel bans and asset freezes on the individuals responsible for the crackdown following public opposition to the Georgian Dream party's decision to pause the country's European integration. The sanctions follow the UK's recent suspension of programme support to the Georgian government and restriction of defence cooperation. The FCDO's decision aligns with condemnations from UN experts and the OSCE regarding the pattern of repression and human rights violations in Georgia, particularly in light of the use of force against protestors after the October parliamentary elections.

SARs in Action Issue 29 published

The UK Financial Intelligence Unit’s (UKFIU) magazine, SARs in Action, has published its 29th issue focusing on recent developments in economic crime prevention. The publication emphasises the financial sector's crucial role in detecting and disrupting human trafficking, which affects an estimated 49.6 million people globally. It introduces the Illicit Finance Public Private Threat Group (PPTG) Hydroponics Cell and its recent Amber Alert. The magazine also covers the 2024 Global Financial Institutions Partnership Summit in Ottawa and announces the winners of the 2024 Tackling Economic Crime Awards. Additionally, it highlights Companies House's analysis of company formations used for money laundering and introduces a new Trafficking in Human Beings Handbook, underscoring the importance of the regulated financial industry in combating this pervasive criminal enterprise.

View Risk & Compliance by content type :

News