From BCMpedia. A Wiki Glossary for Business Continuity Management (BCM) and Disaster Recovery (DR).
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|1. Important Business Services is a service provided by an organisation, or by another person on behalf of the organisation, to one or more clients which, if disrupted, could:
- cause intolerable harm to any one or more of the organisation’s clients, or
- pose a risk to the soundness, stability or resilience of the financial system or the orderly operation of the financial markets.
Notes (1): For precise usage of this term, refer to FAC and PRA regulations whereby they outline what constitutes an “important business service”
Notes (2): Example of Banking Business Services includes Cash transactions, Lending, Deposit-taking, Treasury, Private banking, Wealth management, Investment banking, Corporate finance and Trade services
Notes (2): Example of Insurance Business Services includes Claims servicing, Policy renewal and servicing, and Policy inception
Related Term: Operational Resilience, Important Business Services, Critical Business Services, Critical Operations, Critical Business Function, Levels of harm, Intolerable harm, Harm, Inconvenience, Important Business Services