Continuity, Katrina and the Fed Mr Tabb writes: “New Orleans may be more than a thousand miles away from major financial centers and light years away from our day-to-day work-oriented thoughts, but the threats posed by disasters like Katrina will be a direct hit on financial services firms’ continuity plans and procedures. Between the Tsunami, the London bombings and Katrina, 2005 will be a wake-up year for financial institutions’ continuity and crisis management initiatives. “TABB Group believes that the Federal Reserve plans to scrutinize the effectiveness of financial institutions’ continuity and disaster recovery plans in Alabama, Mississippi and Louisiana — not only institutions that are headquartered in the affected region, but all institutions that operate there. “Other agencies and legislative bodies will likely follow and their findings will absolutely affect financial firms throughout the US. “We anticipate several key themes will surface from investigations of Gulf Coast financial institutions: “1. Crisis management and business continuity plans were not in place or significantly robust. “2. Communication between financial institutions, customers and employees was not nearly as effective as it should have been. “3. Main facilities and critical back-up facilities were too closely located to allow for necessary continuity of operations. “4. Testing of crisis and continuity plans was not sufficient.” Read the complete article at http://www.tabbgroup.com/thought/continuity_katrina_and_fed.pdf UPDATE
•Date: 22nd September 2005 • Region: US • Type:
Article •Topic: Financial sector BC |
