Monday, March 16, 2020

Lenders Compliance Group issues complimentary Business Continuity Plan Checklist (Includes COVID-19 Pandemic Response)


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.
Lenders Compliance Group has established a dedicated form to request a complimentary copy of the Business Continuity Plan Checklist & Workbook (Includes COVID-19 Pandemic Response) directly from its website Home Page at