With an active hurricane season well underway, it's a good reminder for boards and credit unions to revisit business continuity and disaster preparedness plans, according to the Credit Union Directors Newsletter.
Business continuity planning involves the development of an enterprise-wide plan and prioritizing business objectives and critical operations that are essential for recovery, according to the Federal Financial Institutions Examination Council (FFIEC), an interagency body that includes the National Credit Union Administration (NCUA).
Credit unions should consider how every critical process, business unit, department, and system will respond to disruptions and which recovery solutions to implement, FFIEC points out.
NCUA recommends that all credit unions have a business continuity plan, with board oversight and approval. It should feature:
The business continuity planning process actually represents a continuous cycle that should incorporate changes in potential threats, business operations, audit recommendations, and test results, FFIEC says.
Adapted from the September issue of Credit Union Directors Newsletter.