Are you preparing for coronavirus?

With the recent and significant uptick in global cases of the coronavirus (also known as COVID-19), and the virus now prevalent in the U.S., credit union executives and their leadership teams are assessing how this could impact their business operations. If you are not preparing already, you should start now.

When analyzing preparedness organization-wide, multiple areas need to be addressed to ensure that your pandemic plan will mitigate the impact on your credit union headquarters and branch operations. It is important to take a holistic approach to your plan and consider the domino effects that can occur when certain pieces of your plan fall apart. Otherwise, your credit union could face significant exposure if the threat of COVID-19 becomes a reality.

Start With a Tabletop Session

The best way to accurately gauge your pandemic plan—and by extension, your CU’s emergency action plan—is through a tabletop session with your leadership team and personnel from headquarters and branch locations. This type of exercise uses escalating scenarios to challenge your current policies and procedures and is a valuable tool to highlight areas of your plan that need to be modified.

 

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