Does Your Business Continuity Program include a Pandemic Plan?

Compliance 0 Comments

Pandemic planning presents unique challenges to credit unions unlike most natural or technical disasters and malicious acts. The impact of a pandemic is much more difficult to determine because of the difference in the scale and duration of a pandemic event. As a result of these differences, credit unions need to plan for the potential adverse effects of a pandemic event. Experts believe the most significant challenge may be the severe staffing shortage likely to result from a pandemic outbreak.

Credit union preparedness plans should include:  

  • A preventative plan to reduce the likelihood that operations will be significantly affected by a pandemic event;
  • A documented strategy;
  • A  framework of facilities and procedures to continue critical operations if  staff are unavailable for prolonged periods;
  • A testing program to ensure the pandemic planning practices and capabilities are effective; and
  • An oversight program to ensure ongoing review and updates are made to the pandemic plan.

Credit unions should review and revise their continuity plans in a timely manner to properly address the management of a pandemic event.

There are several resources and guidance available to assist in creating or updating a Pandemic Plan:

 

Print Friendly, PDF & Email

Leave a Reply