Recovery Plan Update

SUMMARY

The client, a subsidiary of a leading bank, is required to maintain and update their Recovery Plan on the regular basis. Given internal resource limitations along with new requirements, the client required an assistance in the review and update of the plan. Avantage Reply provided a recovery plan expert who 1) updated the plan according to the latest regulatory requirements and 2) integrated the recommendations received from the internal audit function as well as the national regulator.

CUSTOMER GOALS

The goal was two-fold:

1. to review the recovery plan and to update it given the regulatory or internal changes and
2. implement the comments received from the internal audit as well as the national regulator.

CHALLENGES

The primary challenge was the short deadline for the delivery of the updated plan given shortage in the internal resources as well as data shortage or delay.

SOLUTION

Avantage Reply provided a recovery planning expert to conduct the regulatory review and update of the plan. The expert performed the following:

• Assessed the completeness of the recovery plan
• Performed a gap analysis with the regulatory requirements
• Updated the plan, where necessary
• Integrated internal audit and regulatory comments or suggestions