The Definitive Guide to Disaster Planning for Credit Unions
Hundreds of financial institutions were out of operation for days, some of them weeks. If operations at your credit union came to a halt as a result of a hurricane or any other disaster, you realize the importance of business continuity. Maintaining operations through any disruption provides uninterrupted service to your members. If your credit union has never been stopped in its tracks by a major disaster, or even a minor incident, you’re very fortunate. But what about the future?
Particularly in today’s world of increased cybersecurity risk, it is critical to identify the gaps in your business continuity plan and determine how you can close those gaps before a disaster strikes. In addition, Sarbanes-Oxley requires business leaders to ensure that internal controls will protect the organization from fraud. If parts of your infrastructure are down, that can be a difficult promise to fulfill. Regularly examining and testing your disaster readiness will help your credit union be prepared for any kind of disruption. It will also ensure that you can bring systems back online quickly and efficiently.
Lesson from Major Hurricanes
- Every Storm is Different
Don’t just learn the lesson of what happened. Think ahead. Every weather pattern is unique; don’t assume you will have the same experience every time.
- Proper Business Continuity Planning Saves Jobs and the Local Tax Base
The most successful way to prevent a lengthy business disruption is to plan for it. Thorough planning will ensure that your team always has a blueprint for recovery that will work in a real-life situation.
- Think, Work, and Act Like a Team
Employers should encourage employees to have their own family emergency plans and to strengthen their homes to withstand disasters as well as possible. Since employees are the first line of defense in a disaster, employers should offer advice and try to help their employees in any way they can