Critical Operation or Service definition
Critical Operation or Service means any activity, function, process, or service, the loss of which would be material to the continued operation of the regulated persons, Competent Authority, and/or financial system concerned. Whether a particular operation or service is ‟critical” depends on the nature of the relevant organisation or financial system. Data centre operations are an example of critical operations to most regulated persons. Examples of critical services to financial systems include, but are not limited to, large value payment processing, clearing and settlement of transactions, and supporting systems such as funding and reconciliation services.