Coronavirus in the news media is overwhelmingly taking the center stage with fears concerning public safety, medical community readiness and government response. Another reminder for businesses, specifically financial institutions, that time is of the essence to review disaster recovery and business continuity preparedness. Updating call / email trees and reviewing policy and reporting requirements with employees should be prioritized immediately. Pandemic planning is unique since that the issue of technology infrastructure failures is not present, but rather the level of staffing shortages that will likely result from a pandemic outbreak. No individual or organization is immune from the adverse impact of a pandemic event. Pandemic event readiness should be reviewed, monitored, tested, and reported with the financial institution’s disaster recovery plan initiatives. Further, business impact and risk assessment should be evaluated and reported to senior levels of management and the board of directors on a frequent basis. Regulatory agencies already have a focus on business continuity and disaster recovery, pandemic events will take a more prevailing position due to Coronavirus in the future. The Business Continuity team at Everett Advisory Partners has the experience and competencies to help guide clients through the process of pandemic event planning and preparation of communications to regulators and clients. Everett’s consultants can help you assess, document and communicate these important messages as part of your business continuity plan.
Peter D. Brown, Managing Director
(504) 915-4447 – pbrown@everettadvisory.com
Lisa Narrell-Mead, Esq., Chief Executive Officer
(205) 617-8392 – lisa.mead@everettadvisory.com