TraceRiskRisk SubjectsBusiness Continuity Plan Risk

Business Continuity Plan Risk

Business Continuity Plan

Use Case: Business Continuity Plan Risk

Changes in business processes and technology, increased terrorism concerns, recent catastrophic natural disasters, and the threat of a pandemic have focused even greater attention on the need for effective business continuity planning. Consequently, these issues should be given greater consideration in the business continuity planning process. Financial institution management should consider the potential for area-wide disasters that could affect an entire region and result in significant losses to the institution. The business continuity planning process should address interdependencies, both market-based and geographic, among financial system participants and infrastructure service providers. In most cases, recovery time objectives (RTOs) are now much shorter than they were a few years ago, and for some institutions, RTOs are based on hours and even minutes. Ultimately, all institutions should anticipate and plan for the unexpected and ensure that their business continuity planning risk assessment process appropriately considers the lessons learned from past disasters and identifies adverse event probabilities and impacts.

Who Should Assess the Risk:
Chief Technology Officer, Data Security Officer, Bank Security Officer, Chief
Risk Officer, Chief Operating Officer, Chief Administrative Officer, Facilities Manager, Internal Auditor

Risk Assessment Statistics:

  • 53 Key Risk Indicators
  • 5 Risk related documents for use
  • 4 Regulatory Agency reference links

 

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