ABA Banking Journal - July 2013 - (Page 10)

bank notes Wild weather! Are you prepared? In the first half of 2013, residents in various regions of the United States experienced or were affected by a major weather event, including: • A February Nor’easter, also known as Winter Storm Nemo, that hit the Northeastern U.S. and parts of Canada, resulting in heavy snowfall and hurricane-force winds. • Torrential rains in April that led to several deaths and severe flooding in Missouri and Mississippi. • An outbreak of tornadoes in Oklahoma in May and June that resulted in widespread destruction and many fatalities, with related storms leading 10 | ABA BANKING JOURNAL | JULY 2013 to record-breaking rains in North Dakota, New York, and Vermont. In recognition of the June 1 start of the 2013 Atlantic hurricane season, bankers are encouraged to develop an emergency preparedness and recovery plan. For those who have a plan, review and refresh it based on updated risk assessments and the incorporation of lessons learned from internal testing. Financial institutions play a criti- cal role in helping customers and communities recover from major events. Therefore, there are regulatory expectations that banks have a business continuity planning (BCP) process to ensure they maintain or resume operations quickly. These plans should include: • Recovery, resumption, and maintenance of all aspects of the business— not just technology components. • Enterprise-wide scope with prioritization of business objectives and critical operations essential for recovery. • Integration of the institution’s role in financial markets. • Regular updates based on changes in business process, audit recommendations, and lessons from testing. • A cyclical, process-oriented ap- PHOTO: MINERVA STUDIO/SHUTTERSTOCK.COM

Table of Contents for the Digital Edition of ABA Banking Journal - July 2013

ABA Banking Journal - July 2013
Contents
Chairman’s View
Editor’s Column
The Economy
Bank Notes
Picture This
Community Banking
Pass the Aspirin
Tech Topics
Cover Story: Pay Choices
State Association Roundtable
Compliance Inbox
ABA At Your Service
First Person

ABA Banking Journal - July 2013

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