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By Ongoing Operations
The first step in building a comprehensive business continuity program (BCP) is to conduct a business impact analysis or BIA.
As credit unions look at their business continuity and disaster recovery planning efforts, it is wise to start at the core. Include all departments and functional areas in the BIA. Make sure it outlines the processes and functions within each department and ranks them according to criticality. The report should also describe potential risks, financial impact, and the criticality of each business process to help determine the requirements necessary for sustainability, even in a disaster timeframe. Based on the outcome of this analysis, departments are able to focus on the areas in which documentation, cross training, and additional planning are needed. Single points of failure can be identified and plans for resolution created.
The second step in the process is to conduct a risk assessment.
The primary goals of a risk assessment are:
A risk assessment should meet the following criteria:
A risk assessment should also address these specific items:
Once a credit union has finished the BIA and risk assessment, it should be in a good spot to start building individual plans for each department and putting in the content and resources needed to create the actual business continuity plan.
Are you trying to determine the best way to store and organize a business continuity plan? Do you worry about how to get your employees or co-workers engaged in the BCP process? If you have these or other questions please e-mail us at firstname.lastname@example.org or visit our blog.
Kirk Drake is founder and CEO of Ongoing Operations, LLC, a rapidly growing CUSO that provides complete business continuity and technology solutions. With its recent acquisition of Cloudworks, Ongoing Operations has expanded its market niche and become the leader in hosted solutions for credit unions and their providers. Kirk is a well-known and respected industry leader with over 15 years of experience designing and implementing advanced IT Systems and Disaster Recovery Solutions. Prior to founding Ongoing Operations, he served as Chief Technology Officer for NIH Federal Credit Union, a $400 million financial institution. During his time at NIH, Kirk spearheaded critical system conversions and led many projects to strategically advance the credit union, allowing it to better serve its members. Kirk is also an expert in designing collaborative solutions and developing innovative technology platforms. During Kirk’s tenure at Ongoing Operations, the CUSO has grown to one of the top twenty CUSOs in the nation and successfully recovered numerous clients in actual disaster situations.
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at email@example.com or 1-800-446-7453.
December 3, 2012
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