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The objectives and basic principles of the Bank of Latvia's business continuity management as well as the procedure for its implementation and oversight are established by "The Bank of Latvia's Business Continuity Management Policy" which is approved by the Bank of Latvia's Council.

The objectives of the Bank of Latvia's business continuity management are to ensure continuous execution of critical processes or execution and resumption of these processes on an acceptable level and within a specified period of time in the event of the possible business discontinuity as well as effective incident and crises management.

The implementation of the Bank of Latvia's business continuity management policy is ensured by the Bank of Latvia's Board but oversight of the policy implementation is carried out by the Bank of Latvia's Security Supervision Commission. 

The Bank of Latvia has specified the critical processes whose discontinuity may cause an adverse effect on the Latvian economy or financial system or affect the Bank of Latvia's ability to execute the tasks established by the Law "On the Bank of Latvia" and to participate in the implementation of the functions of the European System of Central Banks; specified also are the maximum permissible periods of discontinuity of critical processes and critical resources used in the implementation of these processes. On a regular basis, the Bank of Latvia's Board reviews the list of critical processes and critical resources. The Bank of Latvia identifies and assesses the threats to the implementation of critical processes and availability of critical resources as well as takes the respective measures of minimising these threats.

In the field of business continuity management, the following documents have been developed at the Bank of Latvia:

  1. regulations governing the organisational procedures for the business continuity management process and the split of responsibilities in the field of business continuity management as well as the procedures for incident, emergency situation and crises management;
  2. business continuity action plans that stipulate ongoing implementation of critical processes and availability of critical resources and provide for execution of preventive measures to ensure ongoing implementation of critical processes;
  3. a secondary site provision plan that stipulates the location and equipment of the secondary site for the staff involved in the implementation of critical processes and crisis management, should their primary site be unavailable.

At the Bank of Latvia, the business continuity action plans are tested and updated on a regular basis and a plan for organising training in the field of business continuity and testing thereof which is approved by the Bank of Latvia's Board has been devised for the current year.


Useful links:

European Central Bank links:

De Nederlandsche Bank

UK Financial Sector Continuity website

Banco de España

Belgian Financial Stability Committee website