Banking & Finance
Oversights and Expectations
The financial services is a huge sector. It’s so heavily regulated and the reputation of an institute is at stake if any regulations are violated.
Customer expects availability of funds deposited into an account that a customer is able to withdraw
Availability of IT systems that are used to clear and settle transactions for critical markets. Like online banking, ATMS etc.
Information security is key for financial institution. The implications of data loss are very serious. Criminals with access to lost or stolen data, particularly highly-confidential information such as national insurance numbers, payment card and banking information, can use it to commit identity and other frauds. So financial institutions have a need for robust business continuity program. different regulations and guidelines prescribed by FFIEC, FINRA (Financial Industry Regulatory Authority), Sarbanes-Oxley Act SOX and other regulatory bodies results into going beyond just the basic program capabilities and develop effective strategies within all key areas of business continuity.
Why BConView?
The objectives of BConView is that the business continuity planning process involves the recovery, resumption, and maintenance of the entire business, not just the technology component. While the restoration of IT systems and electronic data is important, recovery of these systems and data will not always be enough to restore business operations. It really emphasis on development of enterprise wide BCP and the prioritization of business objectives and critical operations that are essential for recovery. This framework should include a plan for short-term and long-term recovery operations. It places significant emphasis on governance, risk assessment, BIA, planning, testing and maintenance requirements.
Projects & Offerings
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US Financial Institution: Performed a comprehensive gap analysis between current business continuity program capabilities and industry regulations such as FFIEC. Provided updated and compliant program documentation and developed guidance on facilities hardening, alternate work area assignments, human capital management planning, and pandemic planning. Result – Beyond just regulatory compliance, the organization was more knowledgeable and better prepared to respond to and recover from a wide variety of resources losses through pragmatic enhancements to policies, standard operating procedures and plan documentation.
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Regional Financial Institution: Develop and maintain a formal plan that is responsive to the institution’s current business needs and operating environment. Ensure that a business continuity recovery team includes representatives from all business units. Provide ongoing business continuity training to all employees, including executive management and the board. Evaluate documentation and provide a process to test each business unit’s adherence to entity standards. Ensure that thorough, current business impact analysis and risk assessments are maintained. Review and approve periodic testing strategies, including analyzing the results of tests and providing recommendations, where appropriate. Ensure a centralized executive view of the business continuity plan and programs. Report the organization’s general business continuity readiness and results of the periodic tests to the board and executive management and Coordinate business continuity activities.
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Regional Bank: Banks process sensitive and proprietary data every day in order to do business. Maintaining the confidentiality and privacy of information and ensuring business continuity is essential to operations. Implemented business continuity with strategies to meet regulatory requirements to enable internal business continuity professionals to spend more time helping business clients become more efficient and effective; delivered world-class solutions designed to create business continuity awareness.
