Business Continuity and Contingency Plan (BCP) for Financial Institutions
Financial institutions need to be prepared to resume operations as quickly and efficiently as possible after a disaster or other adverse incident. In an Internet environment, these threats may include the loss of Internet access by the institution or loss of access to the institution via the Internet by its customers.
The contingency plan should cover the following areas:
- Define the roles and responsibilities for each team member in the event of a problem situation.
- Identify the risks posed by each system deployed.
- Detail strategies and procedures for recovery.
- Establish criteria for testing and maintenance of plan.
- Identify the principal departments, resources, activities, and constituencies potentially affected by a problem.
- Assess the response capability of key disaster recovery service.