We are very proud that both the London Metal Exchange and LME Clear have achieved the highest accreditation in standards of business continuity. The LME’s Operational Resilience Team has worked hard to put robust processes in place to deal with any disruptions to the smooth day-to-day running of our business, whether that is related to the orderly function of our trading platforms, or for our colleagues around the business should anything untoward happen.
The LME Group Business Continuity Management System (BCMS) is based on a foundation recommended by the Business Continuity Institute’s Good Practice Guide. The system focuses on the essential services provided by LME that require a strategy for continuance following a major disruption – for example, responding to a pandemic by making sure that all staff can continue their work from home if the office or our DR sites are no longer accessible.
ISO 22301 is the International Standard for Business Continuity Management (BCM). LME and LMEC have obtained accredited certification against this standard and so can demonstrate to customers, regulators, legislators, prospective customers and other interested parties that the LME is adhering to good practice in business continuity.
To achieve this standard the team worked closely with the British Standards Institute, going through a process involving a series of audits and close interrogation of our BCMS. We were awarded our ISO22301 certificates in 2015 and 2016 respectively – however, the hard work for our team doesn’t end there: the BCMS and the BC strategies must be monitored, maintained and tested on an ongoing basis to ensure that our business continuity processes continue to meet the necessary requirements and are fit-for-purpose.