Financial firms need plans in place in the event of a business disruption. Examples of disruptions include power outages, weather-related events, and communication interferences. In order to plan ahead, firms need to have comprehensive business continuity plans (BCPs) in place.
BCPs will include a varying amount of information, but typically include:
Data recovery plans
Meeting locations for employees
Alternative communication plans for employees
Alternative communication plans for customers
Firms must provide an outline of the BCPs to customers when they open accounts and make it available on their websites. Additionally, they must provide their BCPs to customers when they request it in writing.
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