Xamin, a leading provider of managed IT services for highly regulated and reputation-sensitive companies, has announced the availability of the final whitepaper in its five-part series, “Rise of the Remote Workforce: Don’t Forget About Business Continuity and Disaster Recovery,” which helps financial institutions understand the updates that need to be made to their disaster recovery and business continuity (DR/BC) plans.
While financial institutions already had pandemic planning included in their DR/BC policies per the FDIC’s 2008 regulations, most have likely learned they were not as prepared as they thought. While the most comprehensive DR/BC policies document the processes an institution should follow if the primary operations center is unavailable, community banks and credit unions may not have expected primary operations to still be functioning while the majority of their employees worked from home for an extended amount of time.
Whether financial institutions decide to have employees return to the branch, adopt a hybrid workforce or stay fully remote, now is the time for them to update policies and procedures to protect themselves and their staff. These changes will need to be addressed in DR/BC plans to integrate considerations around data security, protection, backup and recovery, helping institutions stay ahead of the auditory guidelines and regulations.
To combat these concerns, Xamin’s latest whitepaper offers guidance on necessary components of DR/BC testing and planning, assesses the impact of the pandemic and evaluates potential scenarios to help financial institutions plan for the future. The whitepaper also urges continual updates and periodic testing to reflect changes in the business and operating environment.
“In light of the current crisis, the final whitepaper in this series focuses on the necessary changes that financial institutions need to implement in their disaster recovery and business continuity testing and planning,” said Jonathan Smith, President and CEO of Xamin. “Like it or not, remote work is here to stay, which places a responsibility on financial institutions to reshape their disaster recovery and business continuity plans to protect themselves and their staff. Addressing these changes in the disaster recovery and business continuity (DR/BC) plans will need to be prioritized in order to stay ahead of the auditory guidelines and regulations.”
For more information on updating and expanding disaster recovery and business continuity plans to support a remote workforce, download Xamin’s free whitepaper.
Founded in 1999, Xamin offers industry leading managed IT services to financial institutions as well as other highly regulated and reputation-sensitive industries. The organization provides a suite of technology solutions including infrastructure, security, cloud, data protection and professional services. Xamin specializes in transforming IT to a revenue driving capability for an organization rather than a cost and compliance challenge. Its consultative, “white glove” approach ensures its services meet the needs of the customer and auditors. Xamin has committed annually to the examination and reporting of controls in a service organization under the SOC2 Type II certification. For more information, visit www.xamin.com.