Dear Board of Directors:
The purpose of this letter is to inform you the Federal Financial Institution Examination Council (FFIEC)1 issued updated guidance for examiners, credit unions, and technology service providers to identify business continuity risks, evaluate controls, and implement risk management practices for effective business continuity planning. The guidance is an update to the original
“Business Continuity Planning Booklet” which was issued in March 2003.
The revised booklet includes enhancements to the business impact analysis, testing, and emerging threats sections and includes lessons learned in recent years. The booklet also stresses the responsibility of each credit union’s board of directors and management to address business continuity planning with an enterprise-wide perspective by considering technology, business operations, communication, and testing strategies for the entire credit union.
The revised booklet also contains an appendix addressing pandemic planning. A pandemic outbreak would present unique business continuity challenges and all credit unions should have plans that address how they would manage during a pandemic.