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3 Key Business Continuity Program Plans for Financial Services Firms

3 Key Business Continuity Program Plans for Financial Services Firms

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.

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“Cyber Criminals Steal Via Wealth Managers” – Asset Managers Advised to Develop Plans for Preventing Cyber Attacks

“Cyber Criminals Steal Via Wealth Managers” – Asset Managers Advised to Develop Plans for Preventing Cyber Attacks

The Financial Times reported in its article “Cyber Criminals Steal Via Wealth Managers” that at least six wealth managers have been the victims of cyber attacks in the past few months. “Cyber criminals are increasingly hacking into the systems of wealth managers in order to steal money from better-protected clearing banks,” the article stated.

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3 Key Business Continuity Program Plans for Financial Services Firms

Business Continuity Vendor Relationship Best Practices from the SEC

If your firm needs assistance in creating or testing your Business Continuity and Disaster Recovery plans, it won’t be alone in hiring a third party vendor. The SEC’s National Examination Program (NEP) deems it a “notable practice” to use a third party service provider to annually audit your business continuity plan and analyze the results for areas of improvement.

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3 Key Business Continuity Program Plans for Financial Services Firms

5 Takeaways from the SEC’s Review of Investment Firms’ Business Continuity Programs

Superstorm Sandy shutdown the New York Stock Exchange for two business days in October of 2012. The last time the NYSE shutdown was on Sept. 11, 2001, and the only time in history it was closed for two days was in 1888, also due to weather issues. As we approach the one year anniversary of Superstorm Sandy, it’s important to note what the Securities and Exchange Commission has done to ensure business can continue operations and fulfill their fiduciary responsibility to their clients.

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