The importance of planning for disaster

Mark Sumner, Director of Banking at the Jersey Financial Services Commission, outlines the principles behind the Jersey regulator’s insistence that in the financial services industry “fit and proper” includes having adequate business contingency plans in place.

Mark Sumner, Director of Banking of the Jersey Financial Services Commission

As the world struggles to come to terms with the disastrous consequences of the Asian tsunami crisis, we yet again see the impact that extreme events can have on many thousands of lives and businesses right across the globe. The crisis should surely serve as a wake up call for those who believe ‘it won’t happen to me’.