Helping a Bank Address an MRA through RecoveryPlanner

Problem

Many industries must comply with business continuity regulations. An $18 billion bank based in New York City received an MRA (matters requiring attention) notice from a banking regulatory body. The bank contacted Agility for help designing and developing a business continuity program that would address the immediate audit deficiency as well as future maintenance and reporting requirements. They wanted a business continuity program that would be easily managed by their BC coordinator, updated and understood by their end users, and reported on by their management staff.

Solution: RecoveryPlanner

RecoveryPlanner’s cloud-based software addressed all the bank’s immediate compliance needs as well as enhanced their current program and processes going forward. The BC coordinator is now able to manage individual department plans and business impact analyses (BIAs) using automation for updates and reviews and workflow management for approvals and can print official audit reports for senior management based on individual plan revisions. 

Additionally, using RecoveryPlanner’s “shared section” functionality, all the department plans’ bank-wide components are simultaneously updated and shared across all plans. Each department-assigned employee has unique permissions to the software, allowing for a streamlined focus on their information. Email notifications provide users with secure access to the exact area in the software they need, whether that area is to update/review a plan or access the BIA Wizard, which walks them through the BIA process step by step. 

RecoveryPlanner’s reporting functionality is designed for all levels of technical expertise, which is perfect for this bank, which needed people to be onboarded quickly and efficiently. Standard and custom point-and-click reports are included in RecoveryPlanner and require little filtering. For reporting across different areas of the software, users took advantage of RecoveryPlanner's advanced reporting capabilities. RecoveryPlanner provides pre-designed high-level charts and graphs for the bank’s senior management and executives who are only looking for a high-level graphical view.

Results

This bank now has a robust and audit-ready business continuity plan to address any future incidents. It can easily streamline and produce reports for senior management and provide visibility to employees across the company. Going forward, the bank can utilize RecoveryPlanner’s compliance area to ensure they are meeting the audit guidelines for their next safety and soundness exam and avoid any future MRAs in business continuity.