Business continuity in financial services firms
We were reminded in 2005 that significant business disruptions continue to occur in varying forms and levels of intensity. The London bombings of July 7, the devastation caused by Hurricanes Katrina and Rita in the late summer and the New York City transit strike in December were all examples of events in which some measures of business continuity management response were taken by financial services firms.
Despite the headlines, business continuity remains a challenge for many financial institutions in terms of: regulatory compliance, its misperception as an insurance policy rather than a risk discipline, approval of costs for risk mitigation, corporate governance, accurate assessment of business and technology resiliency and contingency plan effectiveness, improvement of staff training and awareness for multiple emergency scenarios and ensuring an optimal, enterprise-wide and business-oriented
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