Most financial services firms have developed business continuity and disaster recovery plans to satisfy the minimum standards required for regulatory compliance and recommendations. However, clients depend on a firm’s ability to keep the business running and deliver services despite any disruptions which is why firms should evolve from simply “checking-the-box” to a implementing full BC programs.
Is your firm prepared to quickly assess the impact of a disaster and execute an effectively planned response and recovery based on any threat? To get started, here are three key plan elements to an overall business continuity program:
1. Corporate & Local Incident Management Plans: Corporate and local plans allow firms to respond respectively to offices and individuals affected by disasters. This allows each office to have specific communications protocols and decision-making authority documents.
2. Business Continuity & Disaster Recovery Plans: BC and DR plans provide function-based actionable plans so that your firm may continue and recover business operations during and after an emergency.
3. Crisis Communications Plans: After a crisis, crisis communication plans supply policies for communicating with media, authorities, clients, and vendors. This helps firms lead the conversation and control the brand and reputation.
For more insight on successful and compliant business continuity business continuity programs for investment and asset management firms, register for our webinar on April 2nd or contact us for help and insight on how you can get started.