What is Business Continuity Management?
Natural disasters. Pandemics. Business partner (vendors) missteps. Cyber or physical security breaches. Negative reviews on Social Media. Though seemingly unrelated, each of these incidents have one theme in common: potential disruption of “normal” (and optimal) business operations. In the last year alone, it is highly-likely your organization had to respond to at least one of these events. How prepared was your credit union? Was there a cohesive and coordinated response? If there were long-term effects, were they addressed quickly and adequately? Did the results match your expectations?
As defined by Swiss-based standards-setting body the International Organization of Standardization (ISO), ISO 22301 states Business Continuity Management is a “holistic management process that identifies potential threats to an organization and the impacts to business operations those threats, if realized, might cause, and which provides a framework for building organizational resilience with the capability of an effective response that safeguards the interests of its key stakeholders, reputation, brand and value-creating activities.” The key outcome is organizational resilience (a.k.a. operational resilience), a reference to the ability of a company to adjust or pivot quickly in order to provide continuous delivery of critical services during an unplanned business disruption. To achieve a resilient state, an organization needs to embrace, develop, and practice the BCM-related disciplines of Incident Response, Crisis Management, Disaster Recovery (technology continuity) and Business Resumption (functional resiliency).
Symphony can deploy skilled and trained resources to assess the effectiveness of your organization’s comprehensive BCM program. Our experienced BCM resources follow industry “leading” practices, which align with NCUA/FFIEC regulatory guidelines, to provide targeted education and awareness sessions, conduct program assessments, and develop forward-looking and time-specific “roadmaps” to guide your credit union towards a more robust BCM capability.
What You Can Expect
- BCM-certified, credit union-experienced resources;
- Expert-led training, process guidance, program audit/review, and exercise facilitation;
- Industry “leading” practice methodology designed to align with NCUA/FFIEC regulations;
- Focus on building a foundation for a resilient workforce and risk culture; and
- “Do The Right Thing” mindset to protect the credit union’s most valuable assets – trust, brand and reputation, and your employees and members.