Every company holding Virtual Asset Service Provider (VASP) status or seeking registration is required to have an adequate, operational, and comprehensive risk management framework.
The absence or deficiency of Business Continuity (BCP) and Disaster Recovery (DRP) plans poses a direct threat to a company's supervisory license — the National Bank of Georgia (NBG) is authorized to revoke a VASP's registration if critical deficiencies are identified during an independent audit or penetration testing.
LC HUB offers full development, implementation, and audit preparation for the Business Continuity and Operational Resilience package.
Our team creates tailored documentation and processes aligned with the scale and complexity of your operations, fully satisfying all regulatory requirements:
Business Impact Analysis (BIA) and Identification of Critical Functions
Mapping Critical Processes and Parties: Identifying internal and external critical processes, systems, and vendors (including outsourced companies).
Establishing Tolerance Limits for Disruptions (RTO / RPO): Defining maximum permissible limits for operational downtime and data loss.
Critical Scenario Modeling: Developing emergency, systemic failure, and cyberattack scenarios.
Business Continuity Plan (BCP) and IT Disaster Recovery Plan (DRP)
IT Infrastructure Recovery: Creating detailed DRP protocols for disaster recovery, automating data backups, and ensuring control over their authenticity and immutability.
Redundancy Mechanisms: Identifying substitutes for personnel responsible for critical operations and ensuring their operational availability.
Backup Channels and Incident Management: Establishing detailed action plans for communication and business continuation during emergencies.
Operational and Technological Risk Management Framework
Data Protection and Authentication: Standardizing the secure storage and transmission of user passwords, unique identifiers, and authentication data.
Control over Manual Processes: Minimizing risks of human error and fraud.
Data Accuracy and Integrity: Ensuring the smooth operation of IT systems and real-time centralized data storage mechanisms.
What do you gain by partnering with us?
Turnkey Documentation and Processes: Fully drafted policies, procedures, operational manuals, and staff instructions.
100% Audit Readiness: A guarantee of seamlessly obtaining the required 12-month independent audit opinion as mandated by law.