Business continuity oversight expectations for systemically important payment systems (SIPS)
On 31 May 2006, the Governing Council of the European Central Bank (ECB) approved the “Business continuity oversight expectations for systemically important payment systems (SIPS)” report, which lays down new oversight expectations with regard to business continuity for the systemically important payment systems processing the euro. These expectations focus on business continuity strategy, planning and testing as well as crisis management.
In May 2005, the ECB launched a public consultation based on the issues paper entitled “Payment systems business continuity”. The aim of the public consultation was to invite all interested parties to comment on the issues paper by 29 July 2005. A summary of the comments received and of the Eurosystem’s response to these comments is available on the ECB’s website. As a result of the comments received, the ECB has amended its initial SIPS report and has now adopted the oversight expectations. These expectations form part of the Eurosystem’s oversight policy on business continuity applicable to all SIPS. Some of the expectations have an impact on critical participants in SIPS and the SIPS’ third-party providers of critical services/functions in the euro area.
The report can be obtained from the ECB’s website.