What is Ffiec guidance?
The Federal Financial Institutions Examination Council (FFIEC) is a five-member agency responsible for establishing consistent guidelines and uniform practices and principles for financial institutions. FFIEC guidelines provide financial institutions with expectations for compliance.
What are the three phases of a BCP?
Companies must separate business continuity planning into three phases: planning and prevention (resolve phase), disaster response (respond phase) and, return to normal (rebuild phase). They must also think about three levels of disruption because disasters vary widely in scope and complexity.
What is FFIEC data?
The FFIEC Geocoding/Mapping System (System) helps financial institutions meet their legal requirement to report information on mortgage, business, and farm loan applications. The System also provides Census demographic information about a particular census tract, including income, population, and housing data.
Who has to comply with FFIEC?
3. Who Needs to Comply with FFIEC Requirements?? Federally supervised financial institutions need to comply with the FFIEC’s stipulated guidelines.
Who does the FFIEC regulate?
The Council is responsible for developing uniform reporting systems for federally supervised financial institutions, their holding companies, and the nonfinancial institution subsidiaries of those institutions and holding companies.
What is PNC’s three business continuity?
The PNC Financial Services Group, Inc.’s (PNC) Business Continuity Program leads the organization’s business continuity activities, which include business recovery, disaster recovery, and crisis management.
What is continuity of existence?
Continuity of existence is an important factor in choosing the structure of a business. The value of a business when viewed as a continuing or going concern is likely to be considered higher than when viewing the same business if it is being dissolved and its value is being distributed.
How do I set up a BCP plan?
This involves six general steps:
- Identify the scope of the plan.
- Identify key business areas.
- Identify critical functions.
- Identify dependencies between various business areas and functions.
- Determine acceptable downtime for each critical function.
- Create a plan to maintain operations.
Is the FFIEC handbook on business continuity updated?
The FFIEC handbook on business continuity has been updated by the organization to place greater emphasis on planning, with more detailed information on testing and exercises. Handbooks and standards are helpful tools for all aspects of business continuity planning.
What is the purpose of Business Continuity Planning?
Business continuity planning is the process whereby financial institutions ensure the maintenance or recovery of operations, including services to customers, when confronted with adverse events such as natural disasters, technological failures, human error, or terrorism.
Where can I find the FFIEC it Handbook?
The Business Continuity Management booklet is part of the FFIEC Information Technology Examination Handbook (IT Handbook) and replaces the Business Continuity Planning booklet issued in February 2015. The IT Handbook is available at http://ithandbook.ffiec.gov/.
Why do financial regulators revise business continuity management booklet?
Financial Regulators Revise Business Continuity Management Booklet to Stress to Examiners the Value of Resilience to Avoid Disruptions to Operations.