Datamaran + DLA Piper

Business Continuity

Global ESG Regulatory Tracker

Business continuity has received increasing policy attention over the past fifteen years against a backdrop of extreme weather events, cyber incidents and pandemics. 

For example, the work done by the Basel Committee on Banking Supervision, the International Organisation of Securities Commissions and the International Association of Insurance Supervisors at the request of the Financial Stability Board (then the Financial Stability Forum) in 2005 on high-level principles for business continuity was developed in the aftermath of severe power outages in North America and the SARS outbreak, each in 2003, the Niigata Chuetsu earthquake in 2004 and the London terrorist attacks in 2005, all of which have clear parallels to a range of subsequent and recent events.

Regulatory developments on business continuity: a commentary from DLA Piper’s experts

Breakdown of regulations for Business Continuity

Given the central role of business continuity in responding to critical global challenges it is perhaps surprising that, with a few exceptions, it hasn’t translated into more extensive regulatory intervention over the past decade. 

However, as the data shows, regulatory interventions had continued to be sporadic until the onset of COVID-19 in 2020 when there was immediate and exponential growth in business continuity regulation across a number of jurisdictions.

Notably, while all sectors have seen a degree of regulatory intervention, financial services stands out as a key focus. 


This is reflective of the emphasis the sector has placed, including through the development of Basel II and III, on operational risk and business continuity as well as the priority afforded to those issues in response to COVID-19 by both legislators and regulators, with the European Securities and Markets Authority and National Competent Authorities in Europe and the Securities and Exchange Commission in the US featuring among the latter.

It will be interesting to watch whether the regulatory emphasis on business continuity remains as the most severe effects of COVID-19 subside. Business continuity forms an important component of the response to climate risk, as demonstrated by several case studies in the 2019 TCFD Status Report. As climate risk disclosure increasingly gains the attention of global regulators, we would not be surprised to see the emphasis on business continuity expand across a range of sectors. For more regulatory data and insights about climate risks: visit our Climate Change & Risk Management page.

Sector breakdown of regulations for business continuity | Datamaran, DLA Piper

It will be interesting to watch whether the regulatory emphasis on business continuity remains as the most severe effects of COVID-19 subside. Business continuity forms an important component of the response to climate risk, as demonstrated by several case studies in the 2019 TCFD Status Report. As climate risk disclosure increasingly gains the attention of global regulators, we would not be surprised to see the emphasis on business continuity expand across a range of sectors. For more regulatory data and insights about climate risks: visit our Climate Change & Risk Management page.

Global ESG Regulatory Tracker

Seeking alignment on ESG reporting: our regulatory snapshot, featuring views from DLA Piper

The current momentum in ESG policy-making is unprecedented. The recent developments in the non-financial reporting space spotlight the growing regulatory and investor demands for more quality corporate disclosure on ESG and ultimately, reinforce the need for senior corporate leaders and Board members to proactively embed ESG issues into their risk management, annual reporting and Board oversight processes.

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