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BCP in financial services – CityIQ shed light on the latest trends

The results of a survey of Business Continuity Planning (BCP) in financial services have been unveiled by CityIQ, a specialist capital markets consultancy, who undertook the research this summer. This is the second survey CityIQ have conducted in as many years and it reveals the following:

  • Reliance of third party providers is increasing
  • Remote systems access is becoming an integral part of BCP strategies
  • Budgets are improving
  • Spending on IT related recovery and resilience is increasing
  • Spending on workspace recovery facilities is expected to fall
  • Levels of testing have increased – but there are still gaps for some organisations
  • Supplier Management is an ”area for improvement” for smaller companies

Announcing the results, Paul Wiltshire, Managing Director, CityIQ explored a number of key findings:

“Third party service providers are becoming an ever more critical element of BCP capabilities in many institutions. However, it’s clear from our research that supplier management is an area where services could be improved and costs reduced by adopting a more robust approach.

Working from home is now an important part of many organisations’ business continuity strategy meaning more resources are being put into remote access and remote systems working. As a consequence, investment in workplace recovery is in decline.

Also identified in the results was the presence of “testing gaps”, with a persistent minority believing that live-use is an adequate method of testing key technologies such as remote systems access and internet/cloud computing. However, we still see spending and testing as two areas that have improved since our last survey and we predict they will continue to do so.”