Business continuity has always and continues to be at the forefront of Cayman's financial services industry. Due to the partnership that exists between Government and the private sector, we have collectively engaged in ongoing reviews and discussions regarding business continuity plans. Significant events, such as the 9/11 terrorist attacks on the U.S. and more recently, Hurricane Ivan, have provided us with insight on how best to approach and continually evaluate our business continuity programmes. For the most part, these plans focus on ensuring the safety and security of individuals and their families who work in Cayman's financial sector (e.g., safe shelters, evacuation, etc.); protecting intellectual property and client data, ensuring a seamless transition for customers when business continuity programmes are activated and minimising physical damage to property and systems.
In July 2007 representatives from the Cayman Islands shared information garnered from the Islands' Hurricane Ivan experience with attendees at the 17th World Conference on Disaster Management in Toronto. Dr Barbara Carby, Director of Hazard Management Cayman Islands, and Mr Patrick Bodden, acting managing Director of the Cayman Islands Monetary Authority, presented a session entitled Business Continuity Planning and the Post-Ivan Recovery in the Cayman Islands.
They detailed how business continuity plans had aided, particularly the financial industry, in dealing with the impact of the hurricane and in getting back to full operations, and how government and the private sector collaborated. They also addressed some of the unforeseen challenges of the hurricane, the weaknesses these exposed in continuity plans, and how lessons learned had since been used to strengthen Cayman's resilience. Their presentation is available here in pdf format. Business Continuity Planning And The Post Ivan Recovery In The Cayman Islands.
The following information sources are available to assist with enquiries on the financial services industry in the Cayman Islands:
- Portfolio of Finance & Economics
- Phone: (345) 244-2280/(345) 925-7109
- Fax: (345) 949-6374
- Website: www.caymanfinance.gov.ky
- Cayman Islands Monetary Authority
- Phone: (345) 244-1591/ (345) 926 4419
- Fax: (345) 949 2532
- Website: www.cimoney.com.ky
Last Updated: 2010-08-15