Business continuity planning is a necessity for every financial services industry organization--not only just to meet regulatory and compliance standards, but to ensure resiliency.
In fact, 65% of financial organizations reported an incident requiring business continuity plan (BC plan) activation in the past year.
Business continuity planning may take a lot of time and effort, but it can be the difference between just surviving or thriving in a fast-paced, competitive marketplace.
While no two organizations and their BC plans will be the same, there is something to be said for studying and evaluating how other companies are conducting their disaster recovery, emergency preparedness and crisis management strategies.
1. Keep Up with the Competition
The consumer-mindset shift which demands instantaneous, digital and affordable financial services has built increasing competition amongst the financial services industry. Having a BC plan in place, not only minimizes the likelihood of an event or incident occurring that could disrupt businesses operations and frustrate customers, but it can help you win new business by showing you’re prepared to keep their assets safe and secure. By keeping an eye on what other organizations are doing when it comes to business continuity, you can identify differentiators and highlight the strengths of your program to get ahead.
2. Generate New Ideas
Business continuity planning is an evolving process. There is always a new, different and better way to plan and protect your organization. By finding out what others may be doing you can improve your program's success and provide better overall resiliency. For example—are other financial service providers using a certain business continuity software that offers industry specific plan template and resources?
3. Identify Potential Gaps
In addition to finding new and innovative business continuity ideas, evaluating other’s plans can help you identify gaps in your own program. You may find you’re not conducting test scenarios enough, that you need to adhere to additional compliance standards or that your recovery time objectives (RTOs) are lower than the industry average.
4. Assist Your Conversations with Senior Management
Arming yourself with information on what other financial services industry companies are doing when it comes to business continuity management, can helps you show the value and success of your own BC plan and perhaps help you make the argument for additional budget and resources.
Taking the time to do some research, attend business continuity industry events and educate yourself with free resources can be a helpful starting point for learning more about what you can do to advance and improve the growth and adoption of your business continuity program.
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Written by Assurance Software
Assurance Software takes your company’s enterprise-wide business continuity and resiliency program to the next level. With Assurance as your go-to partner for continuity and resilience, you can confidently mitigate risk, manage recovery, and safeguard your employees, customers, operations and brands.