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With the new and rapidly spreading Coronavirus (COVID-19) potentially reaching pandemic levels, it is important for financial institution to be prepared. Institutions should review their business continuity plans (BCP) related to pandemics, become familiar with any new information relevant to pandemic preparedness, identify gaps in the bank’s BCP- pandemic procedures and ways to mitigate associated risk, determine what should be done now to prepare, and, ultimately, ways to respond if a pandemic does occur. The goal of an effective business continuity pandemic plan is to minimize operational disruption in order to maintain critical business functions while also protecting employees and consumers.
Financial institutions are required to have disaster recovery and business continuity plans in place to deal with disasters of all types including pandemics. However, since pandemics occur less frequently, financial institutions are more likely to anticipate and be prepared for weather or technology related disasters or disruptions rather than pandemics. Considering the rarity of pandemics, financial institution management may not have experienced the broad-reaching impact and, therefore, may underestimate the risk to their business operations and offerings.
This one-hour recording will walk you through the current threat related to COVID-19 and current health guidelines, pandemic guidance issued by the banking agencies, business continuity plan components issued the FFIEC, and will discuss practical steps your bank can take now to mitigate the impact to your institution and employees.
- What is a pandemic;
- The effects of a pandemic on society and your bank;
- How a pandemic can impact a financial institution’s offerings, operations, and product demand;
- Information on the current Coronavirus (COVID-19) from the Center for Disease, Health and Human Services,
- Regulatory guidance from banking agencies and Federal Financial Institutions Examination Council (FFIEC);
- Steps to take to prepare for a pandemic;
- How to respond to a pandemic to ensure business continuity at various stages of a pandemic;
- Precautions to facilitate employee and consumer safety;
- Considerations related to employees with information from the Department of Labor/Occupational Safety and Health Administration
This informative recording is designed for Senior Management, Risk Managers, Compliance Officers, IT Professionals, Business Line Managers, and anyone else involved in developing and implementing an institution’s business continuity plan.