White Papers for Federal Financial Institutions Examination Council (FFIEC)

Business Continuity Planning And The FFIEC Guidelines

Planetstrohl

In May, the Federal Financial Institutions Examination Council (FFIEC) issued revised guidance for examiners
and financial institutions on business continuity planning (BCP). According to the FFIEC, the booklet, “provides guidance and examination procedures to assist examiners in evaluating financial institution and service provider risk management processes to ensure the availability of critical financial services.” A comprehensive business continuity plan does more than meet FFIEC regulations; it proves to customers, employees, and others that the business will withstand any disaster. In today’s fast-paced, volatile business climate, financial institutions cannot risk having outdated, incomplete, or inefficient plans and need to automate the plan building and maintenance processes. For this reason, many community financial institutions are searching for a planning tool developed to meet specific needs and regulatory requirements.This paper outlines the FFIEC guidelines – updated in 2003 –and discusses how PLANet, an online business continuity planning tool from Strohl Systems, can help financial institutions meet them.

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