WASHINGTON -- The Federal Financial Institutions Examination Council has issued an update to the Business Continuity Planning Booklet that was issued in March 2003.
The updated guidance is for examiners, financial institutions and technology service providers to identify business continuity risks and evaluate controls and risk management practices for effective business continuity planning.
The new booklet includes enhancements to the business impact analysis and testing discussions, and addresses emerging threats and lessons learned in recent years. It also points out the responsibility of each institutions board and management to address business continuity planning by considering technology, business operations, communications and testing strategies for the entire institution.
Elements of the FFIEC's December 2007 Interagency Statement on Pandemic Planning have also been included in the update. The elements detailed in the booklet provide a framework for financial institutions to develop or update their pandemic preparedness plans.
Lessons from financial institutions that suffered damages from hurricanes Katrina and Rita were also included in the updated booklet.
Electronic versions of the Business Continuity Planning Booklet are available at http://www.ffiec.gov/ffiecinfobase/index.html.
--lsiegriest@cutimes.com
