With the number of reported cases of the novel coronavirus on the rise in the U.S., the Federal Financial Institutions Examination Council late Friday issued guidance for banks on business continuity planning in the face of a pandemic. The agencies noted that plans should provide for a preventative program, a documented strategy scaled to the stages of a pandemic outbreak and a comprehensive framework to ensure the continuance of critical operation, a testing program and an oversight plan.
“Pandemic plans should be sufficiently flexible to effectively address a wide range of possible effects that could result from a pandemic,” the guidance said. “[They] need to reflect the institution’s size, complexity, and business activities.”
ABA continues to urge its members to take proactive steps to ensure they are prepared for how coronavirus might affect customers, employees and daily operations. Bankers can stay up to date on the latest developments and resources from the Centers for Disease Control, World Health Organization and others on ABA’s dedicated webpage, aba.com/coronavirus.