EFG Hermes is committed to protecting its employees, clients and their assets at all times, whether during emergencies or significant business disruptions. EFG Hermes’ Business Continuity Plan (“BCP”) has been developed and maintained to facilitate the management of any incident that might potentially harm our employees or damage our premises while providing a reasonable, but not absolute, assurance of business continuity in the event of a disruption to the firm’s normal operations.
As part of this commitment, and in compliance with internal policies and industry regulations, EFG Hermes developed and implemented BCPs for its business units. Each plan is developed by identifying each business unit’s critical risks and documenting the functional requirements needed to reestablish essential business operations. The BCPs document the actions and procedures are to be followed before, during and after a prolonged service outage resulting from the loss of operational facilities, critical information systems or essential personnel. In instances by which business processes require recovery from a significant operational disruption, the BCPs include off-site recovery sites, and/or work-from-home arrangements.
The firm undergoes annual disaster recovery drills designed to ensure computing systems and networks are built with sufficient redundancies. The firm also requires all business units to conduct an annual exercise to ensure that personnel - particularly recovery team personnel and their alternates – can be contacted at any time. In addition, BCPs are tested throughout the year in an effort to ensure that EFG Hermes and its clients are provided with the most beneficial recovery plan to their needs.
The firm relies on the availability, capacity, and reliability of information technology. EFG Hermes’ primary data center has a corresponding backup/disaster recovery site that is set up away from the firm’s primary premises. The firm’s data centers are equipped with stand-alone electrical power and cooling capabilities sufficient to run for several hours without relying on conventional utility power. EFG Hermes also uses satellite technology as an alternate communication channel with other offices in the region when regular internet and leased line services are interrupted. In an effort to ensure that applications are restored within an acceptable timeframe to the business, applications have been prioritized and their recovery requirements are based on that prioritization.
The EFG Hermes Business Continuity Committee is headed by the Group Chief Executive Officer and is responsible for ensuring the firm’s readiness to manage business disruption. The Business Continuity Team is responsible for the coordination and response procedures in the event of a disruption or possible disruption to normal operations. The communication of the plans with EFG Hermes Business Continuity Committee, regulatory authorities and key business stakeholders is included in the BCP team’s responsibilities.
On 4 January 2017, British Standards Institution (BSI) has certified EFG Hermes for complying with ISO 22301:2012 requirements, which makes EFG Hermes the first Investment Bank in Middle East and North Africa certified by BSI.
The Business Continuity Plans are confidential and proprietary in nature and are, therefore, not made available for public distribution.
