3 Things To Look For When Choosing A Credit Union Business Continuity Partner

Seems like just yesterday that I was sitting behind that big ole' desk at my credit union and wondering (probably out loud) - how in the world do I "know" which business continuity solution would be best for my organization? I mean after all, the choices ran from big name shops to little known consulting firms. Reaching out to my peers resulted in the same myriad of options. Why were we so disparate in our choices when we were all credit unions? Well, if you read my last post you'll know that although credit unions subscribe to the same fundamental approach to member services - the actual makeup and strategies to meet strategic goals can be quite different! So how DO you determine which solution is right for you? Follow these 5 key actions and you'll be on your way!

Step 1: Decide if you want a product or solution

What's the difference you ask? It's easy to spot a salesperson of a solution vs a product. The solution provider is going to do VERY LITTLE TALKING because they are interested in hearing your challenges. BCP challenges are especially tough to identify and a good solution provider will be experienced in asking key questions to determine what combination of products and services will meet your needs. Beware of "bells and whistles" type demos - a good solution provider won't need smoke and mirrors!

Step 2: Do you want a ERM solution or BCP or both?

Depending on the maturity level of your risk management program you may want to begin consolidating these areas into one module based ERM solution. For the majority of credit unions, the sophistication and reporting of these systems is over-reaching for their current needs. I'll let you in on a little secret - many, MANY credit unions are still using word processing tools to manage their BCP. And, getting a credit union business continuity program off the ground can be a challenge - my advice, start with what you need and allow the program to grow into more sophisticated tools over time.

Step 3: Make sure the solution provider knows your industry

While I agree that business continuity as a whole works best when following known standards - as a consultant, I can share how many plans I've had to rework because the author of those plans didn't understand the business/industry behind them. When looking for a credit union business continuity solutions provider, I always looked for the following signs that my industry was being understood:

• This may seem small but to a credit unionist, if you call my members - customers - then I'm almost certain you do not understand my needs.

• Request references from existing credit union clients OR if are interviewing a fairly new solution provider looking to break into the industry ask about their in-house credit union expertise or partnerships. Reaching out to CUNA CSS is always a good idea too as they generally have an ear to the ground when vetting good solutions for credit unions.

Are you ready to take the plunge and update your BCM solution? At BConView, our consultants have over 20 years of credit union experience and our SbS (Service Based Solution) is taking credit union BCP strategies to the next level. We help you meet your compliance and your emergency planning goals!