31.07.2014

Preparation for Testing Business Continuity and Recovery Plans of Goldman Sachs Bank, LLC

Project completion date:

October 17, 2013

The Customer:

Goldman Sachs Bank, LLC is a major commercial bank being a financial conglomerate. The Company was established back in 1869 with headquarters in New York. The company operates in three key business segments: investment banking, exchange trade, and asset and security management. The Moscow representative office of the Bank was opened in 1998. In 2008, Goldman Sachs Bank was established in the form of a limited liability company (LLC) and began its operations according to the banking license issued by the Central Bank of Russia. The license provides for banking transactions with Russian rubles and foreign currencies (without the right to attract deposits from private clients).

Business needs:

Goldman Sachs Bank is a major player on the financial market despite a relatively low number of employees (as compared to other Russian banks). As a result, the company needs to take extra measures to ensure the operation of critical IT resources with a high priority of the security of the Bank’s employees.

Objective:

Experts from Informzaschita were to solve the following problems as a part of the project:

  • Analysis of business continuity and recovery plans of Goldman Sachs Bank, LLC for their completeness and sufficiency
  • Determination of the procedure for testing business continuity and recovery plans of Goldman Sachs Bank, LLC in view of the particulars of response procedures established in the Bank
  • Development of organizational and administrative documents and forms of reporting documents for testing the business continuity and recovery plans of Goldman Sachs Bank, LLC.

Solution:

A decision was taken to test the business continuity and recovery plans in compliance with recommendations set out in Regulation No. 242-P “On the organization of internal control in credit institutions and bank groups” issued by the Central Bank of Russia on December 16, 2003.

Result:

Informzaschita developed a method and procedure for testing the business continuity and recovery plans for Goldman Sachs Bank, LLC providing for routines of the Bank employees’ actions in case of emergencies. The audit conducted as a part of the project revealed a number of shortcomings in the documents and made it possible to optimize the response procedures in case of emergencies.

To develop the test plan, Informzaschita analyzed the Bank’s business continuity and recovery plans and allied plans of the most critical divisions and took into consideration the particular features of the emergency response procedures established in the company. As a result, a clear response procedure in case of accidents and emergencies up to every second was developed.