Ten Steps to An Effective Business Continuity Plan

Disaster Recovery / Business Continuity

A Business Continuity Plan (BCP) is the process whereby financial institutions ensure the maintenance or recovery of operations, including services to customers, when confronted with adverse events such as natural disasters, technological failures, human error, or terrorism.

The objectives of a BCP are to minimize financial loss to the institution, continue to serve customers and financial market participants, and mitigate the negative effects disruptions can have on an institution’s strategic plans, reputation, operations, liquidity, credit quality, market position, and ability to remain in compliance with applicable laws and regulations. Changing business processes (internally to the institution and externally among interdependent financial services companies) and new threat scenarios require financial institutions to maintain updated and viable BCPs.

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