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Maintaining safe and stable operations –
Business Continuity Management
Operational resiliency is a focus topic for regulators and the financial industry. Credit Suisse has launched a Group-wide Operational Resilience initiative sponsored by the Group COO and the CRCO and has implemented an Office of Resiliency combining critical elements such as cybersecurity, technology and third-party risk management and business continuity management in order to enhance preparation for and response to the evolving threat landscape.
The company-wide Business Continuity Management (BCM) Program is in place to support the maintenance of critical business processes in the event of a major internal or external incident. The aim of the BCM Program is to exercise a duty of care to employees, protect client and company assets and minimize the financial, regulatory, reputational and strategic impact of such incidents.
In 2020, Credit Suisse had to address the challenges created by the global COVID-19 pandemic, which affected the entire industry. The resulting crisis required a globally coordinated response within Credit Suisse. Overseen by the Executive Board, local Crisis Management Teams implemented response plans in accordance with applicable local regulations. Measures implemented (e.g. building up infrastructure to support the new enhanced levels of remote working arrangements, measures for staff wellbeing, split operations) have ensured continued operations throughout the different waves of the pandemic.
Technology and cybersecurity risk has been elevated due to the prolonged work from home environment and cyber threats remain high and continue to increase. The bank maintains a robust set of controls, in line with industry standards, to manage cybersecurity threats, including both technical and process controls to identify, defend, detect, respond to and recover from a cybersecurity event. Credit Suisse also provides training and awareness campaigns for employees regarding cybersecurity, including realistic phishing tests.