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A report recently released by the U.S. Treasury indicates a need for organizations to include a pandemic focus in their business continuity plans.
The results were drawn from the experiences of more 2,700 financial institutions during a two-week pandemic flu exercise that took place September 24-October 12, 2007. This exercise, the largest of its kind, was coordinated by the U.S. Treasury, the Financial and Banking Information Infrastructure Committee (FBIIC) and the Financial Services Sector Coordinating Council for Critical Infrastructure Protection and Homeland Security (FSSCC). NASCUS is a member of FBIIC.
The exercise was designed to simulate different levels of a pandemic flu including absentee rates and degradation in available services. The exercise also analyzed telecommuting capabilities, human resources policies and communications strategies.
Overall, exercise respondents indicated value in the project but recognized a need for continued improvement and testing in their pandemic response and planning. The report also focused on the value of public and private partnerships, regional collations and state and local coordination in planning for a pandemic.
There were several key findings in the financial institutions area especially pertaining to automated teller machine (ATM) operations, branch operations, customer service and regulatory relief. Participants discovered a reliance on third-party vendors for replenishment and maintenance of ATMs, a service that will be more widely used during a pandemic. The report suggests that financial institutions communicate with vendors and servicers to ensure their business continuity plans encompass the necessary components for providing services during a pandemic.
The exercise revealed that during the height of the pandemic 26 – 50 percent of branches would be closed on any given day due to absenteeism. The report also demonstrated that financial institutions would reduce operating hours and/or provide drive through services as a way to reduce the spread of disease and follow social distancing measures. Additionally, the report discusses providing relief to customers on consumer debt and mortgage loans during a pandemic.
Possible regulatory relief measures are included in the report, for example, extensions or waivers of certain reporting requirements, consumer related regulations and postponement of examinations and audits.
To view the report, click here.
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