The Federal Financial Institutions Examination Council (FFIEC) has updated its guidance on planning for a pandemic, which includes actions that financial institutions should take to minimize the potential adverse effects. CUNA’s CompBlog contains information on this and other guidance released by regulators related to the coronavirus.
Specifically, an institution’s business continuity plan(s) (BCP) should address pandemics and provide for a preventive program, a documented strategy scaled to the stages of a pandemic outbreak, a comprehensive framework to ensure the continuance of critical operations, a testing program, and an oversight program to ensure that the plan is reviewed and updated.
The pandemic segment of the BCP must be sufficiently flexible to address a wide range of possible effects that could result from a pandemic, and also be reflective of the institution’s size, complexity, and business activities.
A financial institution’s BCP should provide for: