Modules directly address the specific requirements needed to maintain business continuity in general as well as provide business continuity during the COVID-19 Pandemic in particular.
Lenders Compliance Group (LCG), the first and only full-service compliance firm with a suite of compliance solutions for residential mortgage lenders and originators, has issued today a valuable tool, entitled Business Continuity Plan Checklist & Workbook (Includes COVID-19 Pandemic Response).
The checklist is a valuable development tool to chart the progress in developing a Business Continuity Plan. This is a 60-page, form-fillable document that provides the basic compliance elements and due diligence essentials at this most critical time in the outbreak of the COVID-19 Pandemic.
There are distinct differences between pandemic planning and traditional business continuity planning. Pandemic planning presents unique challenges. Unlike natural disasters, technical disasters, malicious acts, or terrorist events, the impact of a pandemic is much more difficult to determine because of the anticipated difference in scale and duration.
Lenders Compliance Group is providing the Business Continuity Plan Checklist & Workbook (Includes COVID-19 Pandemic Response) on a complimentary basis to the financial services industry.
There are five modules, as follows:
Module 1: Business Continuity Team
Module 2: Facilities Continuity
Module 3: Recovery Requirements
Module 4: Pandemic Planning for COVID-19
Module 5: Generalized Pandemic Response based on NYS Model
Additional sections, some of which contain subsections, provide:
- Team Alert List
- Employee Call List Instructions
- Critical Vendors List (Sample Format)
- Key Customer Description
- Meeting Place Description
- Model Risk Matrix (Sample Format)
The Business Continuity Plan Checklist & Workbook (Includes COVID-19 Pandemic Response) is meant as a means toward building a functionally adequate Business Continuity Plan. Each financial institution is different and processes will vary. However, management should consider how to accomplish the following:
- Prevention and preparedness;
- Reconciling recovery times with business unit requirements;
- Disaster declaration and plan implementation processes;
- Recovery progress reporting; and
- Testing of the plans.