Saudi Central Bank’s Business Continuity Management Framework (SAMA BCM)
Saudi Central Bank’s Business Continuity Management Framework (SAMA BCM)
Implementing the Saudi Central Bank’s Business Continuity Management (SAMA BCM) framework is what financial institutions in the Kingdom need in order to provide adequate protection for assets and services, reduce the time to resume operations, and reduce the impact of any unexpected incidents that may occur on their properties, assets, employees, financial resources, etc.
Through our business continuity services, we help you keep your business safe and stable; until you reach the highest degree of efficiency in production and performance!
About the framework
A framework that defines appropriate regulations and provides guidance that helps member organizations improve their business continuity program, document, implement and prepare strategies to address and manage potential risks, and build ability and effective response that ensures the interests of their key stakeholders, their reputation and their high-value activities, to ensure that the member organization has the capacity to clearly identify the actions to be taken, and the resources necessary to enable the organization to manage the turbulent outage and return to a situation where normal operations can be resumed.
SAMA’s business continuity management framework requirements are based on industry practices and common international standards, such as ISO 22301 and ISO 27001, all member organizations must comply with these requirements and formally integrate them into their business continuity management program.
Where is SAMA’s Business Continuity Management Framework applied?
The Central Bank of Saudi Arabia (SAMA) Business Continuity Management Framework document sets out the principles, objectives and oversight considerations for initiating, implementing, maintaining, monitoring and improving business continuity regulations in all member organizations (under the umbrella of the Central Bank), which includes:
- All banks operating in the Kingdom
- All operating insurance and/or reinsurance companies
- All financing companies operating in the Kingdom
- All credit bureaus operating in the Kingdom
- Subsidiaries of foreign banks located in the Kingdom of Saudi Arabia
- Financial market infrastructure
Notably, the SAMA BCM framework is applicable to the full scope of a member organization, including subsidiaries, employees, subcontractors, third parties and customers.
Also, the Business Continuity Management (BCM) framework has a reciprocal relationship with other company policies in related areas, such as risk management, health, safety and environment (HSE), physical security, and cybersecurity (including cyber resilience and incident management).
Benefits of the SAMA BCM framework
Implementing the framework and developing a functional and effective business continuity management system requires significant time and effort, but is necessary to ensure business continuity and sustainability, among the benefits that the SAMA BCM framework gives the organization:
- Define the business continuity plan (BCP) and align it with the overall strategy
- Defining, adopting, implementing and maintaining a business continuity governance framework
- The framework helps enhance stakeholder confidence, and its application reflects the confidence and skill of senior management in overcoming challenges.
- Continuously test response strategies and ensure their effectiveness and integration with rapid developments
- Improving the organization’s resilience and cyber resilience, and assessing and analyzing all threats that can affect the organization and the likelihood of occurrence
- Conduct Business Impact Analysis (BIA) and Risk Assessment (RA) of all activities periodically, which helps management to better understand the organization’s performance
- Developing employee competencies by maintaining training and awareness programs on an ongoing basis
About Renad Al Majd for Information Technology and Consultancy (RMG)
Renad Al Majd Information Technology (RMG) is one of the first Saudi companies to successfully implement the approved framework (SAMA BCM Framework), and was able to achieve a 100% project completion rate. We excel in providing all forms of support to national institutions, in their journey towards applying standards and regulatory frameworks in the fields of information technology, digital transformation, cybersecurity and quality standards, through a group of award-winning consultants who have broad and deep technical experience in all industries.
Our methodology
We have a three-step methodology that we use to determine an institution’s maturity, and develop a framework that suits the business and requirements set by the Central Bank. Through these actions, we will work closely with you to implement the Central Bank’s Business Continuity Management Framework:
Gap Analysis
Our consulting team with long experience in the financial sector will analyze aspects of the organization’s current business and IT systems and determine their level of maturity.
Planning for improvement
Our team will determine the scope of application of the framework, and the actions that must be taken to improve the organization’s business continuity system.
Implementation
The RMG team will work with you and show you how to implement all framework requirements.
What we offer
- Conduct Maturity Assessment, Business Impact Analysis – BIA to understand the nature of the organization and identify key needs and time frames.
- Design and documentation of procedures: We have years of experience and skill in designing, developing and documenting business continuity management systems.
- Implementing the business continuity management framework approved by the Central Bank of Saudi Arabia.
- Testing services: We develop testing policies to achieve the requirements of the Business Continuity Management Framework of the Central Bank of Saudi Arabia, and test and enhance the effectiveness of current plans.
- Training and knowledge transfer services: We will conduct and implement courses, training programs and workshops; to improve employee awareness.
Why do customers choose RMG?
Comprehensive knowledge
Our consultants have knowledge and experience in relevant interconnected areas of the framework context, including but not limited to: enterprise risk management, IT governance, and ISO standards, making us the best choice to provide optimal support in the framework implementation journey.
Deep knowledge of information technology
A business area that is primarily technology-centric, planning, developing, operating and maintaining IT services, making us the best provider of integrated risk management solutions.
Extensive experience in various industries
We provide and design our solutions according to our customers’ business needs, and based on our extensive experience in various industries, all sectors, government, private and non-profit, regardless of the size of the organization.
From strategy to implementation
We do not only provide recommendations, but we work with you to design strategies and plans, and accompany you in implementing them and making them successful.
You won’t be alone
We work with you from the beginning to ensure that our customers reach a stage where they are able to manage the project themselves without the constant need for us, we make sure to be available to support you at any time.
Support in all languages
Our consultants are bilingual (Arabic and English), we adopt Arabic as the primary language at work.
Request for Demo / Request for Quotation
If you would like to learn more about the Saudi Central Bank’s Business Continuity Management (SAMA BCM) framework, contact us today and our experts will be pleased to assist you
We are pleased with your contact and inquiries!
What is Business Continuity Management (BCM)?
It is a comprehensive management process that identifies potential threats to an organization and the impacts on business operations that these threats may cause, it provides a framework for building ability and effective response that safeguards the interests of its key stakeholders, reputation and operations. Business continuity management is part of the overall management system.
What is SAMA BCM Framework?
A framework, developed by the Central Bank of Saudi Arabia, identifies appropriate regulations and guidelines that help financial institutions in the Kingdom improve their business continuity program, and document, implement and prepare the necessary strategies to confront and manage potential risks.
What is the scope of SAMA’s Business Continuity Management Framework?
The Business Continuity Management Framework sets out the principles, objectives and control considerations for initiating, implementing, maintaining, monitoring and improving business continuity regulations in member organizations, and is applicable to the full scope of the member organization, which includes:
- All organizations affiliated with the Central Bank of Saudi Arabia (SAMA)
- All banks operating in the Kingdom
- All banking companies affiliated with Saudi banks
- Subsidiaries of foreign banks located in the Kingdom
Who owns SAMA BCM Framework?
The Central Bank of Saudi Arabia is the owner and responsible for periodically updating and maintaining the BCM framework document, member organizations are responsible for adopting and implementing the requirements set out in this framework document.