Digging deeper into your credit union business impact analysis

by. Michele Dowls

Your credit union Business Impact Analysis (BIA)  has been completed and you’re doing a review to make certain everything has been captured. Looks like all of the details from every department have been defined. We all know ACH and Share Draft processes have time restrictions around them which adds to their criticality. These are generally the first processes that come to mind. Is there anything that’s been overlooked? Details in job descriptions can often help. If there’s a function noted in a job description that’s not been identified as a business process, it should likely be added. Remember, your Credit Union Business Impact Analysis isn’t being written based on “what processes need to be completed during a disaster”. The disaster could be the loss of a department. The Credit Union could be just fine with the exception of a department being excluded. If that’s the case, what are the functions that need to be covered by others?

3 processes that shouldn’t be missed. Continuity of member service no matter what!

1) Cash Management – Members need access to cash – Whether the impact of an event is regional or isolated to your Credit Union, members need and want cash! Verify your offline procedures. Are tellers all aware of process to identify members and what cash allowances are acceptable during downtime? Are you a part of the Shared Branch Network? ATMs and Point of Sale are great options for cash as well. In your communication plan, reassure members with options that are available for them to obtain cash. Cash in the pocket provides security.

2) Facilities Management – Staff and Members will need to have Facility access.Most facilities are accessed with electronic badge readers anymore. Who has the keys? Do you have his/her phone number readily available? If there’s a power outage, do the doors default to being locked? More than likely, that is the case, but be certain!

continue reading »