The Federal Financial Institutions Examination Council (FFIEC) has issued guidance for use by financial institutions in identifying the continuity planning that should be in place to minimize the potential adverse effects of a pandemic. This guidance expands upon the contents of the Interagency Advisory on Influenza Pandemic Preparedness issued in March 2006.
The Federal Reserve and the other FFIEC agencies believe the potentially significant effects a pandemic could have on an institution justify establishing plans to address how each institution will manage a pandemic event.
Accordingly, an institution’s business continuity plan should include:
- a preventive program to reduce the likelihood that the institution’s operations will be significantly affected by a pandemic event;
- a documented strategy that provides for scaling pandemic efforts commensurate with the particular stages of a pandemic outbreak;
- a comprehensive framework of facilities, systems, or procedures to continue critical operations if large numbers of staff members are unavailable for prolonged periods;
- a testing program to ensure that the institution’s pandemic planning practices and capabilities are effective and will allow critical operations to continue; and
- an oversight program to ensure ongoing review and updates to the pandemic plan.
See press release for full details.