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You Might Need to Update Your Business Continuity Plan If…

A gap in your Business Continuity Plan can severely impact your organization, and old and incorrect information can be just as harmful as having no information at all. If your institution has recently experienced one of the following circumstances, it’s time for you to you refresh your BCP.

Consider updating your Business Continuity Plan if:

  1. Your organization has reached or passed its maintenance date.
  2. Changes have been made to regulatory guidelines that affect your institution.
  3. Staff or roles have changed within your organization’s recovery team.
  4. There have been updates made to your organization’s technologies, vendors, or processes.
  5. The markets and industries your organization supports have changed.
  6. You have experienced a merger or acquisition
  7. A business interruption has affected your institution.
  8. Your plan has not recently been tested.
  9. You have not created or implemented a strong communication procedure into your plan.
  10. Your organization received regulator comments during your last examination

One of the common themes on our list is change. Has your institution made significant adjustments to its people, processes, or technologies? If so, it must be translated into your Business Continuity Plan to ensure successful recovery in the event of an interruption.