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Tools: Is Your Bank Physically Prepared for the Unexpected?

Thursday, October 1, 2009

Bankers across America are re-examining their financial safety and soundness during the current financial crisis.  At the same time, bankers may also want to consider their physical contingency plans.

You would rather not be caught flat-footed by natural disasters such as floods, tornadoes, ice storms and severe thunderstorms, or even swine flu and bird flu pandemics and terrorist attacks.  While the last three may seem unlikely, it's better to be prepared.  Here are some considerations you may want to revisit:

  • Do contingency plans go beyond technology functions?
  • Is there more than one alternative site for conducting business, including back-end operations?
  • Is there a central location from which to deploy plans of action?
  • Are plans tested regularly?
  • Are newer staff members and the board of directors familiar with the plans?
  • Are contingency plans in writing and easy to find?
  • Are data storage and backup efforts up to date with today's technology and operating environment?
  • Is there a network of vendors with whom to coordinate alternative plans?
  • Is there a clear plan for communicating with your constituents?

>>Read more:
Lessons from Katrina