As of March 11, 2020, COVID-19 was classified as a pandemic. It is important for financial institution to implement their business continuity pandemic plan, which includes updating board members and senior management as well as notification to consumers.
The Coronavirus COVID-19 Pandemic Tools includes: 1) COVID-19 Pandemic Planning Director/Senior Management Update, which provides information on the issue, summary of necessary steps, action timefrimes, and an initial risk assessment; and 2) the Coronavirus Customer Notice, which is a sample letter informing customers of the issue, actions taken by the bank to protect them and cotinue operations, assistance programs that might be available, and ways to stay informed. The Notice can be mailed, emailed, relayed on social media or online banking platforms.
Compliance Resource will be hosting a webinar on Pandemic Planning on March 23. Visit our training page for more details and to register.