Business Continuity for Financial Services
The need for business continuity planning (BCP) in the financial services industry is of utmost importance as these institutions need to be well prepared to respond in times of disaster, emergencies, crisis, threats, and other incidents. Clients need to know their finances are safe and financial institutions need to maintain a high reputation of trust to be successful in the industry.
A key reason for BCP is due to the scope of work that financial institutions provide. They need to keep accurate and up-to-date records of clients’ personal and private data, as well as client statements, loans, investments, credit cards and other important files. Another crucial reason is banks need to keep their client’s money free from harm. Third, banks and financial institutions have a complex and detailed infrastructure that needs to be fully operational 24/7 which entails their ATMs, networks, website and phone applications are all up and running. In the event their system goes down, the organization needs risk mitigation and disaster recovery strategies to resolve the issue as quickly as possible. There are also third-party vendors, employees, contractors, and others that are dependent on these institutions and need to have a place in a BCP and recovery plan.
Strategic BCP ResilienceONE provides a complete and concise software solution to exceed the requirements when creating a Business Continuity Plan for financial institutions. It offers risk management to protect the infrastructure, disaster recovery to restore IT assets, risk assessment to keep threats in check and other vital services. In addition, ResilienceONE stands behind the solution 100% with Audit Protection, a contractual assurance on passing audits with external regulators. Under this, we remediate any deficiencies in our work at our cost.
If financial institutions cannot operate, this can be detrimental to the institution and the community. Don’t leave the planning to chance. Create a sound business continuity plan and stay ahead of the competition.
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ASIS SPC 1-2009: American Society for Industrial Security
BCI—Business Continuity Institute: The Good Practice Guidelines, International
CCPA of 1992
CFTC Rule 23.603 Commodity Futures Trading Commission
CGMP—Current Good Manufacturing Practice Regulations COBIT (Control
Objectives for Information and Related Technology)
COBIT: Control Objectives
for Information and Related
DOE 0 150.1:2008
DRII—Disaster Recovery Institute International: Generally Accepted
Practices for BC Practitioners
FERC COOP:2007—Federal Energy Regulatory Commission
FDA 21 CFR Part 11—Federal Drug
Administration—Pharmaceutical Companies BC
FDCA—Food, Drug, and Cosmetics Act
FDICIA—Federal Deposit Insurance Corporation Improvement Act
FFIEC—Federal Financial Institutions Examination Council: BC Planning IT Examination Handbook, U.S.
IT Examination Handbook.
Interagency Statement on
FINRA Rule 4370—Financial
Industry Regulations on Emergency
Preparedness & Business Continuity
FHLB Bulletin R-67—Federal Home Loan Bank
FIRREA—Financial Institutions Reform, Recovery and Enforcement Act
FISMA—Federal Information Security Management Act
FRB SR 96-22
HIPAA:1996—Health Insurance Portability And Accountability Act
HIPPA Security Rule 164.308(a)(7)(i)
Homeland Defense’s Pandemic Preparedness Handbook:2007
IERP—Independent Experts Review Panel
Interagency Paper on Sound
Practices to Strengthen the
Resilience of the U.S. Financial System, 2003
ISO22301—International Organization for Standardization Business
ISO22313—International Organization for Standardization Business
Organization for Standardization BIA
ITIL, v2, v3
ITSCM—IT Service Continuity Management ITIL v3, International
Joint Commission-Environmental Care Standards: 2005
Joint Commission 2.30:2008
NASD 3510 and 3520: National Association of Securities Dealer
NERC CIP 002-009 Cyber Security Requirement
NFA Compliance Rule 2-38:2008
NFPA 1600: 2016 Standard on Disaster/Emergency Management and BC Programs, U.S.
NIST 800-34 National Institute of Standards and Technology
NYSE Rule 446: Business Continuity and Contingency Plans OCC 2001-47
PPACA—Patient Protection and Affordability Care Act
Sarbanes-Oxley: Section 404 (SOX).
Securities and Exchange Act 17 CFR240:2005