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Just out: FFIEC Highlights Pandemic Preparedness Guidance for Financial Institutions

  • 1.  Just out: FFIEC Highlights Pandemic Preparedness Guidance for Financial Institutions

    Posted 03-06-2020 05:51 PM
      |   view attached

    Hi All,

    I wanted to ensure to bring to your attention that the FFIEC has just released an "Interagency Statement on Pandemic Planning" to highlight pandemic preparedness guidance.

    You can see the press release here https://www.ffiec.gov/press/pr030620.htm or read the attached pdf to this post (or visit it here https://www.ffiec.gov/press/PDF/FFIEC%20Statement%20on%20Pandemic%20Planning.pdf 

    "The Federal Financial Institutions Examination Council (FFIEC) today updated guidance identifying actions that financial institutions should take to minimize the potential adverse effects of a pandemic.

    Pandemic preparedness is an important part of a financial institution's business continuity planning. The guidance provides the Council's prudent expectations that regulated institutions should periodically review related risk management plans, including continuity plans, to ensure their ability to continue to deliver their products and services in a wide range of scenarios and with minimal disruption.

    Sound planning, in advance of imminent risk to particular institutions, helps minimize the disruptions to services to consumers, businesses, and communities when such contingencies occur."

    Please note within the PDF as it relates to TPRM: "Management should also monitor its service providers, identify potential weaknesses in the service and supply chains, and develop potential alternatives for obtaining critical services and supplies"

    Also, as an additional resource, Renee Murphy from Forrester plans to discuss her thoughts on the coronavirus impact to third-parties and supply chain during a webinar on Tuesday (you can register here https://www.venminder.com/library/manage-vendor-risk-industry

    Have a safe and healthy weekend.

    --

    Brittany Padgett 
    Community Manager 

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  • 2.  RE: Just out: FFIEC Highlights Pandemic Preparedness Guidance for Financial Institutions

    This message was posted by a user wishing to remain anonymous
    Posted 03-06-2020 09:32 PM
    This message was posted by a user wishing to remain anonymous

    ​Thank you for sharing!