Business continuity is the capability of continuing the operation without interruptions, even in a crisis situation.
Business continuity covers organisational, technical and staff management measures prepared in order to ensure the performance of essential operational functions during contingencies. Business continuity in the financial sector is especially important for those institutions, whose uninterrupted operation influences the stability of the financial system of Lithuania, i.e. the Bank of Lithuania, the largest banks in Lithuania, the Central Securities Depository of Lithuania, AB Nasdaq Vilnius and other institutions.
Payment and securities settlement systems have a direct impact on the smooth functioning of financial markets and an indirect impact on each person that performs transfer of funds or securities settlement operations. Within one year, the total value of operations processed by the systems exceeds the national GDP several times. Therefore, system operators have to ensure uninterrupted availability of settlement services.
General aspects of business continuity are described in international standards, recommendations and principles. The Principles for Financial Market Infrastructures, prepared by the Committee on Payment and Settlement Systems of the Bank for International Settlements jointly with the Technical Committee of the International Organization of Securities Commissions (Principle 17: Operational risk) and the Eurosystem’s Business Continuity Oversight Expectations for Systemically Important Payment Systems are applied to the systems. The Bank of Lithuania applies these requirements to the payment system LITAS-MMS and the Securities Settlement System.
Market participants and other persons interested in business continuity are invited to use the European Central Bank’s information on business continuity initiatives and the business continuity glossary.