The Federal Financial Institutions Examination Council (FFIEC) recently released an updated a version of its Business Continuity Booklet. OCC Bulletin announced that the FFIEC has released appendix J to the ” Business Continuity Planning” booklet of the FFIEC. The Federal Financial Institutions Examination Council (FFIEC) released an updated Business Continuity Planning Booklet (booklet), which.

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Business Continuity Planning

Looking Ahead to Business continuity planning includes the integration of the institution’s role in financial markets. Examination Procedures Appendix B: Assessment and prioritization of all business functions and processes, including their interdependencies, as part of a work flow hadbook Identification of the potential impact of business disruptions resulting from uncontrolled, non-specific events on the institution’s business functions and processes; Habdbook of the legal and regulatory requirements for the institution’s business functions and processes; Estimation of maximum allowable downtime, as well as the acceptable level of losses, associated with the institution’s business functions and processes; Estimation of recovery time objectives RTOsrecovery point objectives RPOsand recovery of the critical path.

Balancing Privacy, Technology Handbolk. Incorporation of the BIA and risk assessment into the BCP and testing program; Development of an enterprise-wide testing program; Assignment of roles and responsibilities for implementation of the testing program; Completion of annual, or more frequent, tests of the BCP; Evaluation of the testing program and the test results by senior management and the board; Assessment of ffuec testing program and test results by an independent party; Revision of the BCP and testing program based upon changes in business operations, audit and examination recommendations, and test results.

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Critical markets include, but may not be limited to, the markets for federal funds; foreign exchange; commercial paper; and government, corporate, and mortgage-backed securities. While this approach is reflected as four steps, the business ffkec planning process actually represents a continuous cycle that should evolve over time based on changes in potential threats, business operations, audit recommendations, and test results.

But no one is showing them how – until now.

FFIEC IT Examination Handbook InfoBase – Business Continuity Planning Process

As such, other policies, standards, and processes should also be integrated into the overall business continuity planning process. Allocating knowledgeable personnel and sufficient financial resources to hahdbook the BCP. Based on a comprehensive BIA and risk assessment. Business Continuity Plans and examination procedures. Ensuring the BCP is continually updated to reflect the current operating environment.

Evaluation businrss the testing program bsuiness the test results by senior management and the board. With a strong background in computer security and great interest in current trends, Tom enjoys writing on security related topics. This booklet is intended to provide guidance to the financial institutions regarding Business Continuity Planning, which helps companies recover and resume business processes when operations have been disrupted unexpectedly.

Based on these guidelines, key financial industry participants are expected to identify activities that support these critical markets, continually maintain their ability to recover and resume critical operations in a timely manner, and routinely use or test recovery and resumption arrangements. Ensuring employees are trained and aware of their roles in the implementation of the BCP.

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The four steps in this process include:. Promising Security Technologies in the Year Ahead. The Business Continuity Plan is an ongoing process that needs to be updated as events occur.

Better Cyber Threat Intelligence. Identification of the potential impact of business disruptions resulting from uncontrolled, non-specific events on the institution’s business functions and businees. Business Continuity Plan Financial institutions should develop a comprehensive Business Continuity Plan based on the size and complexity of the institution.

Assessment and prioritization of all business functions and processes, including their interdependencies, as part of a work flow analysis.

Top 5 Health Data Breaches. These technological advances underscore the importance of maintaining a current, enterprise-wide BCP.

Business Continuity/Disaster Recovery: Executive Summary of FFIEC IT Examination Handbook

Protecting Customer Trust in e-Banking. More Breaches Illustrate the Vulnerabilities. Risk Assessment The risk assessment is the second step in the process of creating a Business Continuity Plan.

The nusiness of the BCP should be to minimize financial losses to the institution, serve customers and financial markets with minimal disruptions, and mitigate the negative effects of disruptions on business operations.

Laws, Regulations, and Guidance Appendix J: Establishing policy by determining how the institution will manage and control identified risks.