tandem - kn

The introduction and rise of the coronavirus, also known as COVID-19, has caused many to ask, "Are we prepared for a pandemic?" For financial institutions, pandemic planning has been part of the business continuity management process since its introduction in the 2008 version of the FFIEC's Business Continuity Planning booklet. But what about your vendors? Are they as prepared as you are? This article will help you know which vendors need to be prepared for a pandemic, as well as what steps you can take to ensure they are ready.

On November 14, 2019, the Federal Financial Institutions Examination Council (FFIEC) released an updated Business Continuity Management (BCM) booklet, as part of their IT Examination Handbook. This update appears to be a restructuring of the document to make it more organized, shorter, and better focused on the importance of recovery planning. At this time, we do not believe there are any significant changes in regulatory expectations.

This article was published in the January/February 2014 edition of the Nebraska Banker magazine.