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Coronavirus: Are your business continuity plans up to date?
As health officials analyze reports of coronavirus cases as the flu season continues, NAFCU is encouraging credit unions to revisit or update their business continuity plans to ensure continuous operation of critical systems in case of a disaster or emergency. Last week, U.S. officials declared the coronavirus outbreak a public health emergency.
In a new Compliance Blog post, NAFCU Regulatory Compliance Counsel Loran Jackson broke down NCUA guidance on pandemic preparedness and a Pandemic Planning guide developed by the agency in collaboration with other Federal Financial Institutions Examination Council (FFIEC) member agencies.
"A credit union’s contingency or business continuity plan should account for the operation of critical systems and anticipate where the greatest need would be if the credit union lost access to employees, resources, or systems," wrote Jackson.
Jackson also pointed to the FFIEC's recently updated Business Continuity Management booklet, which focuses on business-wide approaches to ensure operations are not disrupted or can easily recover after a disaster.
For more, read Jackson's blog, members of the association's compliance team have published a number of blogs on the topic of business continuity planning and dealing with emergencies.
Additionally, The November/December 2019 edition of The NAFCU Journal includes a feature on helping credit unions prepare contingency plans for all types of situations, including natural disasters, to mitigate losses and provide extreme member service during difficult times.
NAFCU also has a webinar, available on-demand, designed to teach credit unions about implementing a business continuity and crisis communication plan, and discuss key resources available to all federally-insured credit unions.
NAFCU will continue to support its members to ensure all have access to needed resources and tools.
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Add to Calendar 2022-05-20 14:00:00 2022-05-20 14:00:00 BSA Training for Your Board The Bank Secrecy Act (BSA) remains an area of heightened concern and examiners continue to elevate compliance expectations for your credit union. During this BSA Training for Your Board webinar, we will address the key components of BSA, Anti-Money Laundering (AML) and the Office of Foreign Asset Control (OFAC) compliance. You will leave with a basic understanding of the BSA, the current examiner focus for compliance and your role as a board member. Covered Topics Program requirements Risk assessment Regulator focus Regulator updates and guidance Key Takeaways Understand the basic requirements of the BSA. Develop an understanding of BSA risks to apply to your credit union. Anticipate examiner expectations and how to satisfy them. Register Now$295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until May 20, 2023.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Board members Board chairs and vice chairs Supervisory committee members Presidents/CEOs Executive assistants Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar NCVEs will receive 1.0 CEUs for participating in the webinar NCBSOs will receive 1.0 CEUs for participating in the webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Regulatory Ethics – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU digital@nafcu.org America/New_York public
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