Financial firms need plans in place in case a business disruption interrupts normal operations. Common disruptions include power outages, severe weather, and communication interference. To prepare for these events, firms maintain comprehensive business continuity plans (BCPs).
BCPs can vary in detail, but they typically include:
Data recovery plans
Meeting locations for employees
Alternative communication plans for employees
Alternative communication plans for customers
Firms must give customers an outline of their BCPs when customers open accounts, and they must also make the outline available on the firm’s website. In addition, firms must provide their BCPs to customers if the customer requests them in writing.
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