We are very proud that the London Metal Exchange has achieved the highest accreditation in standards of business continuity. The LME’s Business Continuity 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 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, moving open outcry trading to our secondary location if there’s a reason why the Ring at our Finsbury Square headquarters can’t be used; or making sure that colleagues can continue their work from home if the office is out of action.
ISO 22301 is the International Standard for Business Continuity Management (BCM). LME 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 certificate in April 2015 – however, the hard work for our team doesn’t end there: the standards must be monitored and maintained on an ongoing basis to ensure that our business continuity processes continue to meet the necessary requirements and are fit-for-purpose so that our business can run efficiently and confidently should anything out of the ordinary occur.
We were delighted to be awarded ‘Most effective recovery of the year’ award at the CIR Business Continuity Awards 2017.