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Approval and versions

A BIA takes effect when the entity’s own Entity Risk Manager or BCP head approves it. Each approval creates a new version; earlier versions are kept, so the company can always show which BIA applied at any date.

Who may do it: the Entity Risk Manager or BCP head of that entity. See Roles and permissions.

Approving the BIA

Section titled “Approving the BIA”
  1. Open your entity’s BIA for the cycle.
  2. Check the activities, their dependencies and links. The coverage view shows activities still missing an RTO, an owner or a linked risk.
  3. Approve.
  4. The system creates a new version, stamped with who approved it and when. BCP Core reads this version from now on.

Versions

Section titled “Versions”
  • Every approval is a version with its date and approver.
  • Earlier versions are kept and can be opened and exported.
  • Changes after approval are drafted in the next version; the approved version does not change.
  • The BIA is approved at least once a year. An approval falling due shows on the executive summary under BIA readiness and in the management review.

What the system does or refuses

Section titled “What the system does or refuses”
  • Approval is the entity’s own act. A parent reads the approved BIA through report-up and cannot approve or change a subsidiary’s BIA — see Subsidiary-Independence.
  • An approved version does not change.
  • The approver is stamped — see Who-filed is stamped.
Section titled “Related”