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When disaster strikes

There are few things more critical to a financial services organization than its business continuity plan. Without one, the costs to your organization can be staggering. Celero’s team of experienced risk experts are well-versed in helping financial services organizations develop flexible business continuity plans allowing for a quick response to events as they occur. 

The importance of being prepared

Our comprehensive business continuity plans are designed to permit you to resume operations as quickly as possible, given the scope and severity of the disruption. The overall objective of the plan is to help organizations reduce their risk by identifying potential areas of exposure and by establishing processes and procedures to minimize the duration of the disruption to your organization’s operations.

A plan typically includes the following deliverables:
  • Analysis of the business environment, potential impact areas and critical business functions
  • Set priorities for critical business functions recovery
  • Establish restoration sequences (what should be restored first, second, third)
  • Design, test and delivery of the plan
     

Creating a customised business continuity plan

A well-defined business continuity plan will provide a pre-determined set of action to follow with clear definition of everyone’s role and responsibilities. 
Defining roles so you know exactly who has the authority to invoke the plan and subsequent personnel in the event the first point of contact is unavailable.
 
Develop a clear understanding of what exactly the plan is designed to do. What is included and what is excluded. What are the vulnerabilities of the plan, if any? This section ensures the critical functions of the business continuity process are prioritized.
Protect your business against chaos by clearly outlining what the essential and specific roles, tasks and assignments that are required.  For example, the IT manager may need to send the backup tapes to the recovery site. The CEO may be assigned as the designated media spokesperson and someone else may be in charge of securing the disaster site. Clearly defined roles will ensure you get back up and running with minimal impact.
 
Establishing a well-defined process and procedures that outlines the end-to-end steps and decision points an employee needs to consider is essential when working in a crisis environment. Who needs to redirect the phone lines? Deal with the telecommunications centre? Manage the media?  Make sure your team has access computers, phones and work stations? Without a plan, chaos can quickly ignite.
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