The Federal Credit Union September-October 2013 - (Page 32)

The righT approach To creaTing and updaTing your disasTer conTinuiTy plan can mean The difference By Margaret Littman Communication Federal Credit Union (CFCU) has 19 branches in Okla- homa and two in Kansas, so management has seen a twister or two in its day. While CFCU’s locations ended up being a safe five miles away from the tornado that knocked out Moore, Okla., in May of this year, the team was prepared in case the storm hit the north side of town, where its Oklahoma City branch is located. That’s because the CFCU has — as is required of all federal credit unions — an updated business continuity plan in place. Like businesses in many other industries, credit unions are required to have business continuity plans, also called disaster plans, that document all the appropriate responses to all the various what-ifs that can happen in the world, from natural disasters to terrorist attacks. But having a plan that merely meets minimum requirements, but doesn’t truly reflect the specifics of your organization, is as useless as an umbrella in a fire. “Having the wrong plan is not as bad as no plan,” says Russell Owens, senior business continuity specialist, AVP, Chubb Group of Insurance Companies. “But it isn’t good.” 32 Chubb and other insurers, federal agencies, consultants and other experts help businesses — including credit unions — develop continuity plans that cover every contingency and prevent a one-time disaster from becoming a long-term albatross. As a result, credit union senior management members are urged to think about the development, evaluation and updating of their plans on an ongoing basis. Christopher Taylor, head of financial institutions, commercial markets, at Zurich in North America, says there are three areas credit union executives in particular need to consider when starting their continuity plans. Every plan should outline the following: 1. What do you do to secure and protect your employees? 2. What do you do to secure and protect your property? 3. What do you do to secure and protect your operations? Taylor cautions: While it is important to make sure your property and operations are protected, what happens to your employees is paramount. In addition, he adds, “Credit unions exist to service members. The employees are a critical component of the credit union movement. They are relationship-driven, so they need to think about that safety belt they provide to their employees as well as their communities.” “From a credit union standpoint, they [credit unions] are critical to the recovery The Federal CrediT Union September–OctOber 2013

Table of Contents for the Digital Edition of The Federal Credit Union September-October 2013

Voices & Opinions
Fromt the Chair
Inside NAFCU
Technology Today
What You Need to Know Now About EMV
core Competency
In Case of Emergency
Delivering for Dealers
Getting to Know...
Management Insight
Compliance Central
Inside NAFCU Services
From the President's Desk

The Federal Credit Union September-October 2013