Critical Business Services
1. Critical Business Services is a business service that, if disrupted, is likely to significantly impact the organisation's safety and soundness, its customers or other organisations (within the financial services institution sector) that depend on the business service.
Notes (1): is similar to the definition for Important Business Services. Notes (2): according to the Central Bank of Ireland, highlight that it is a business service provided by an organisation to an external end user or market participant where disruption to the provision of the service could cause material customer detriment; harm market integrity; compromise policyholder protection, or threaten a organisation's viability, safety and soundness, or financial stability. Notes (3): according to the Monetary Authority of Singapore, critical business service, if disrupted, is likely to significantly impact the Financial Institution's or FI’s safety and soundness, its customers or other FIs that depend on the business service.
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