Pandemic Planning for Banks
Banks must not only “check the box” when it comes to a variety of business continuity compliance requirements, but clients depend on a bank’s ability to continue the delivery of services regardless of an interruption – including pandemic events.
I had the opportunity to attend the Alabama Bankers Association’s Bank Operations and Management Summit on February 5th to speak with members of the banking industry. A common point of concern for many bankers is pandemic planning. The Federal Financial Institutions Examination Council (FFIEC) requires banks to develop and implement a pandemic plan for business continuity in addition
to regular training of said program to ensure that operations will
continue in the event of a pandemic.
According to the FFIEC Interagency Statement on Pandemic Planning, these requirements were created in order to prepare for the severe effects of pandemics. By definition, a pandemic is an outbreak of an infectious disease that has the ability to spread rapidly over large areas without any prediction of length or severity. Due to these conditions, financial operations are limited therefore require a business continuity plan. With the intent of minimizing the potential adverse effects, pandemic planning should determine how financial institutions will manage through a pandemic event. The planning ought to include a preventative plan, documented strategies, periodical testing, and an oversight program.
Through the conversations I had at the Bank Operations and Management Summit in Alabama, I understood that banks need a way to test and demonstrate their ability to continue functionality through a pandemic event which is why Preparis has created a Pandemic Planning Tabletop toolkit. The kit includes simulation walk-through slides, an accompanying facilitator’s guide, a pandemic preparation checklist, and a tabletop report template to document key findings. To download this kit for free, please fill out the form.
For more information about how Preparis can help your bank protect your people, operations and brand, read more here.