FFIEC IT Examination Handbook BCM-VII.J: VII.J Testing for Core and Significant Firms (Business Continuity Management)

What does BCM-VII.J require?

Core and significant firms develop verification strategies and exercises that validate sound recovery practices consistent with their role in the industry and the impact of an event on the sector, test the systems supporting the critical market activities in which they are core or significant, confirm critical clearing and settlement recovers within RTOs kept in line with industry time frames, demonstrate under wide-scale disruption of key personnel that pending material payments complete, funding is accessible, open positions are managed, books and records are kept and communications, connectivity and capacity hold, and test with the core firms from their alternate sites to the core firms' standards.