Q: Are Resources Available to help Financial Institutions with Business Continuity Management?
A: Yes. The Federal Financial Institutions Examination Council Agencies Maintain Various Up-To-Date Business Continuity Management Resources.
Business continuity management (BCM) is the process by which a financial institution implements resilience, continuity, and response capabilities to safeguard employees, customers, and products, and services from cyber events, natural disasters, and man-made events. A financial institution should consider whether it has allocated sufficient resources to developing its BCM policy, reviewing BCM on an annual basis, and ensuring that BCM is kept up to date and all employees are trained and aware of their role in its implementation.
Pandemic preparedness is also an important part of business continuity planning. Financial institutions should consider whether their BCM address the threat of a pandemic outbreak and its potential impact on the delivery of critical financial services. Specifically, a financial institution should have a business continuity plan that addresses pandemics and provides for a preventative program that includes:
- A documented strategy scaled to the stages of a pandemic outbreak,
- A comprehensive framework to ensure the continuance of critical operations,
- A testing program, and
- An oversight program to ensure that the plan is reviewed and updated.
The pandemic segment of BCM must be sufficiently flexible to address a wide range of possible effects that could result from a pandemic and also be reflective of the institution's size, complexity, and business activities.
For additional BCM resources consider the following:
- The FFIEC Business Continuity Planning Handbook
- Interagency Statement on Pandemic Planning
- FDIC Risk Management Supervision
Birrenkott is WBA assistant director – legal. For legal questions, please email firstname.lastname@example.org.
Note: The above information is not intended to provide legal advice; rather, it is intended to provide general information about banking issues. Consult your institution's attorney for special legal advice or assistance.
By, Amber Seitz