Go Beyond Checking the Box – Key Steps, Questions & Elements to Building an Actionable Business Continuity Program
What does the worst case scenario look like for your business? When your organization thinks holistically about its continuity of operations plan, it has to consider the worst possible incidents which could impact your company, then prepare for that scenario in order to continue supporting your customers. This whitepaper discusses key areas the SEC, CFTC, and FINRA define as the essential elements of emergency preparedness.
Keys to Improving Your Business Continuity Program
Superstorm Sandy was a reality check for the financial investment industry’s ability to do
business during a crisis. The SEC’s National Examination Program (NEP) partnered with
FINRA and the CFTC to interview dozens of firms
to understand how their operations were impacted
by the storm, how they enacted their BCPs, and determine areas for improvement. Together they issued an advisory of BC and DR programs.
Analysis & Pre-Planning
1. Data gathering.
Define processes and suppliers, looking at all necessary applications and technologies which keep your business running and gathering requirements from individual business units and stakeholders.
Integrating fail-safe technical systems for continuous communications. In the modern world, business is conducted across a variety of networks. Organizations sometimes fail to consider telephony in their BC and DR plans for all communications circuits and data servers.
3. Gap Analysis
Examination of all the gaps in critical functions. For example, what does it take to transfer funds from “A to B?” Determine who in your business keeps the revenue stream alive, what you need from your essential suppliers to fulfill their contractual obligations to your firm. Review your vendor’s BC/DR plan to ensure they have a continuity of operations program.
4. Filling the Gaps
Determine what you have in place today and what needs to be altered.