The developing COVID-19 pandemic serves as a reminder to our industry of the importance of business continuity planning (BCP). It is not just worldwide health pandemics that should prompt businesses to create and maintain a BCP—natural disasters and other unexpected events also reemphasize the importance of preparedness.
Most institutions likely follow the Federal Financial Institutions Examination Council’s (FFIEC) recommended BCP process, which includes a business impact analysis (BIA), risk assessment, risk management and risk monitoring and testing. And despite the FFIEC’s 2019 updates, some financial institutions are still behind.
Is your institution’s BCP up to date? Ensure your organization is ready for the business landscape of the digital age by using these best practices. And don’t forget to review your plan with industry professionals who can evaluate your completed plan.
Protecting Your Data
While threats of physical loss or disruption caused by pandemics and natural disasters indeed pose risks, other threats to business continuity include disruptive data loss, breach or corruption—and these threats could affect any geographic region at any point in time.
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