Can Your Bank survive a Natural Disaster?

By: Jennifer Kramer

If this were a true headline would your bank be able to conduct business tomorrow? The FFIEC recently issued revised guidance for examiners and financial institutions on business continuity planning. The Business Continuity Planning booklet provides guidance and examination procedures to assist examiners in evaluating financial institution and service provider risk management processes to ensure the availability of critical financial services.

Sound business continuity plans allow financial institutions to respond to such adverse events as natural disasters, technological failures, human error and terrorism. Financial institutions must be able to restore information systems, operations, and customer services quickly after any adverse event. It is important that business operations be resilient and that customer service disruptions be minimal.

For more information, please refer to www.ffiec.gov/press/pr052003.htm.

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