Xamin, a leading provider of managed IT services for highly regulated and reputation-sensitive companies, announced the availability of the final whitepaper in its five-part series, “Rise of the Remote Workforce: Don’t Forget About Business Continuity and Disaster Recovery,” which helps financial institutions understand the updates that need to be made to their disaster recovery and business continuity (DR/BC) plans.
Xamin latest whitepaper offers guidance on necessary components of DR/BC testing and planning, assesses the impact of the pandemic and evaluates potential scenarios to help financial institutions plan for the future.
While financial institutions already had pandemic planning included in their DR/BC policies per the FDIC’s 2008 regulations, most likely have learned that they were not as prepared as they thought. While the most comprehensive DR/BC policies document the processes an institution should follow if the primary operations center is unavailable, community banks and credit unions may not have expected primary operations to still be functioning while the majority of their employees worked from home for an extended amount of time.
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Whether financial institutions decide to have employees return to the branch, adopt a hybrid workforce or stay fully remote, now is the time for them to update policies and procedures to protect themselves and their staff. These changes will need to be addressed in DR/BC plans to integrate considerations around data security, protection, backup and recovery, helping institutions stay ahead of the auditory guidelines and regulations.
To combat these concerns, Xamin’s latest whitepaper offers guidance on necessary components of DR/BC testing and planning, assesses the impact of the pandemic and evaluates potential scenarios to help financial institutions plan for the future. The whitepaper also urges continual updates and periodic testing to reflect changes in the business and operating environment.
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