Business Continuity Checklist for Credit Unions
A credit union's business continuity plan must always take into account regional disasters, and possible staff inaccessibility and losses. This is especially useful in the case of pandemics.
To successfully prepare for an unexpected emergency, make sure your facility has taken into account geographical, internal, external, and historical threats. The more prepared you are, the more likely your employees will know how to properly respond to each type of threat.
Your company may have been among them. Unfortunately, one of the two most popular factors that influence the mindset of companies without a BCDR plan is the experience of a recent disruption. But at what cost? This scenario deprives a community of a relied-upon business, leaving a company unprepared when trying to come up with a plan of navigating the rough waters of post-disaster damage control.
Business continuity planning is essential to all companies during disruptions. In the banking industry, in particular, it aims to accomplish the following objectives:
- To reduce financial loss to the banking institution.
- To ensure customers and financial market participants continue to be served.
- To diminish the negative impact of disruptions on the bank’s reputation, market position, liquidity, credit quality, strategic plans, and operations.
- To maintain the bank’s ability to comply with applicable laws and regulations.
Today, technological innovation and changing internal and external business processes, as well as the emergence of new threat scenarios, require the continuous review and update of business continuity plans.