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Financial Services

The financial services sector is responsible for managing trillions of dollars, pounds or euros on behalf of individuals, pension funds, private companies and even governments. It is critical to the success of this industry that business operations are kept up and running 24 hours a day, 365 days a year.

A business disruption event of even a few minutes could cost the business and their customers millions of dollars as the financial markets move against them. In such a 24/7 industry it is vital that a business recovery plan is in action to ensure an effective disaster recovery arrangements are in place.

The financial services industry is one of the most highly regulated of any sector and regulators will want to make sure that financial crashes to do not occur as a result of non-market events, such as IT failures or building evacuations. They will also want to ensure that data protection requirements are not breached as a result of a disruption event.

Having a reliable critical communications system and a sound business recovery plan in place can make all the difference in activating your response team quickly and keeping your business up and running throughout a business disruption event. Crises Control can equip financial services businesses with the integrated communications platform needed to reach out to their response teams and customers, handle the disruption and return to business as usual as quickly as possible.

Crises Control Facilitates:

  • Business Continuity Planning
  • ISO 22301/27001 Compliance
  • Disruption Event Exercises
  • Response Team Performance
  • Crisis Incident Management
  • Emergency Planning
  • Stakeholder Communications
  • IT Problem Resolution
  • Incident Response Audit

Regulatory Drivers

In the UK businesses within the financial services industry, and regulated by the Financial Standards Authority, are covered by the provisions of FSA Handbook Chapter 3.2.19. This requires them to have in place appropriate arrangements, having regard to the nature, scale and complexity of its business, to ensure that it can continue to function and meet its regulatory obligations in the event of unforeseen interruption. These arrangements should be regularly updated and tested to ensure their effectiveness.

In the US the Financial Industry Regulation Authority requires firms to create and maintain written business continuity plans, appropriate to the scale and scope of its business, relating to an emergency or significant business disruption under FINRA Rule 4370. BCP procedures must be reasonably designed so the firm can meet its existing obligations to customers. A firm must disclose to its customers how its BCP addresses the possibility of a significant business disruption and how the firms plan to respond to events of varying scope. This BCP disclosure must be made in writing to customers when they open their account, posted on the firm's website if they maintain one and mailed to customers upon request. The BCP also must be made available promptly to FINRA staff if requested.

Crises Control

We are very pleased to have the Crises Control Service, a quicker notification time allows maximum time for proper preparations, which minimizes life safety concerns and mitigates impact to our bottom line.
Jason Jackson
Jason Jackson
Director
JoomlaMan