Financial Institution Risk Management: Banque de Luxembourg Sets New Standard with Business Continuity Management System
Banque de Luxembourg, one of Luxembourg’s leading wealth managers for over a century, has taken a significant step forward in financial institution risk management by implementing a cutting-edge Business Continuity Management (BCM) system based on the ISO 22301 standard. This strategic partnership with EBRC has enabled the bank to develop a robust framework for managing risks that could impact its banking services.
A Commitment to Excellence and Regulatory Compliance
As a leading financial institution, Banque de Luxembourg recognizes the importance of adhering to regulatory requirements and ensuring the continuous availability of its services. In 2015, the bank joined forces with EBRC to establish a BCM system that not only meets regulatory demands but also instills confidence among clients and partners.
The Importance of Business Continuity Management
“We wanted a structured approach to business continuity that would guarantee our clients’ trust and ensure responsible risk management,” said Stéphane Vokar, Banque de Luxembourg’s representative. “With the support of EBRC’s experts, we developed a comprehensive framework that addresses our businesses and risks.”
The BCM System in Action
The BCM system is designed to assess risks and the sensitivity of activities, identify interdependencies, and develop plans for recovery in the event of a crisis. This approach has been particularly effective in responding to unforeseen events such as the “Royal Hamilius” building site construction, which posed significant risks to business continuity.
Cyber Risks: A Major Concern
However, yesterday’s risks are not today’s. Cyber risks have emerged as a major concern, prompting Banque de Luxembourg to integrate the Cyber-Resilience Portal solution into its BCM system. This innovative tool facilitates the modeling and operationalization of the bank’s continuity requirements, enabling centralized information sharing, decision-making support, and crisis management.
The Benefits of Continuous Improvement
“The beauty of ISO 22301 is that it provides a comprehensive framework for continuous improvement, taking into account changes in business risks,” said Christophe Ruppert, Cyber-Resilience Advisor at EBRC. “Our solution helps build skills to address the various challenges facing organizations.”
Maintaining the BCM System
Maintaining the BCM system is crucial, as it requires ongoing updates and reassessment of plans and procedures. Banque de Luxembourg has successfully transitioned from a major drive in 2015 to updating its system, incorporating new risks and requirements.
Centralized Information Sharing
“We wanted to improve system maintenance and encourage information sharing,” said Stéphane Vokar. “The Cyber-Resilience Portal solution has enabled us to centralize information, share it more easily with stakeholders, and support crisis management.”
Setting a New Standard for Financial Institution Risk Management
By implementing this advanced BCM system, Banque de Luxembourg sets a new standard for financial institution risk management in Luxembourg, demonstrating its commitment to excellence, client trust, and regulatory compliance.