Compliance Blog

This week, the FFIEC issued a revised Business Continuity Booklet.  Here is NCUA's press release about....well, the release  The Booklet is part of the FFIEC IT Examination Handbook. Here's a link to the FFIEC website where you can view or download the booklet. 

Remember, NCUA is part of the FFIEC.  I often use this math-like formula to drive the point home: NCUA = FFIEC.  While that's not technically true, it does underscore the point that guidance from the FFIEC is akin to guidance from NCUA itself. For that reason, I'd forward this email to the person in charge of BCP issues at your credit union.  If you are that person, keep reading.

Here's a description of the guidance from NCUA:

The Federal Financial Institutions Examination Council (FFIEC) today issued updated guidance for examiners, financial institutions, and technology service providers to identify business continuity risks and evaluate controls and risk management practices for effective business continuity planning.  The guidance is an update to the “Business Continuity Planning Booklet,” which was issued in March 2003. 

The revised booklet includes enhancements to the business impact analysis and testing discussions, and addresses emerging threats and lessons learned in recent years.  The booklet also stresses the responsibilities of each institution’s board and management to address business continuity planning with an enterprise-wide perspective by considering technology, business operations, communications, and testing strategies for the entire institution.