31.07.2014

Goldman Sachs Bank Optimizes the Procedure in Case of Emergencies

Informzaschita Company has developed a method and procedure for testing business continuity and recovery plans (BCRP) for Goldman Sachs Bank to define the action plan for the Bank’s employees in case of emergencies. As a result of the audit conducted as a part of the project, a number of inaccuracies were revealed in the documents, and the procedure of response to unforeseen events was optimized.

Goldman Sachs Bank prepared for testing BCRPs in full compliance with Regulations No. 242-P “On the organization of internal control in credit institutions and bank groups” issued by the Central Bank of the Russian Federation on December 16, 2003. When developing the testing plan, Informzaschita’s employees analyzed the Bank’s BCRPs as well as similar plans of the most vulnerable divisions and took into consideration the particulars of previous versions of emergency response procedures applied by the Company. The review and assessment of these parameters made it possible to develop a well-defined action plan in case of emergencies and unforeseen situations literally for every second.

Yevgeniy Sachkov, Informzaschita’s Senior Auditor, says: “Such high-ranking banks usually use their own methods to ensure uninterrupted banking operations. At the same time, it is essential to comply with the additional requirements set out in the Russian banking laws including regular tests and improvement of BCRPs. Our cooperation with Goldman Sachs Bank in this area is a serious experience for us because this experience enables us to offer expert services to Russian banks in accordance with the best global practices now.”