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Banking

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  • Financial institutions are among many organizations that require 24-hour surveillance and security. The banking industries are high target facilities crimes committed by hackers. The city of Nessville has two national banks and a credit union with assets that total $400 million and a staff 150 employees.
  • Advance sound planning will assist officials in minimizing the impact that customers will incur during an outbreak. A response plan will address the necessary components of an effective continuity resolution. They are: threat assessment, staffing requirements, communications, evacuation plans as well as financial considerations, equipment, chain of command, and an allocation of bank resources. This plan will ensure the banks can detect crime at the onset and neutralize it before the crime before it causes negative and unrecoverable money losses.
  • No matter where a bank is located, its failure to offer uninterrupted service because of a pandemic outbreak will have an adverse effect on the economy. Research has shown that during crisis events such as the H1N1 outbreak that financial institutions have suffered a decrease of 4%- 6.5% (Alfaro, 2009). Therefore, corporate officials should thus focus on “mitigating the negative effects of fears, reduce absenteeism and maintain market presence” (Alfaro, 2009, para. 11) verses solely focusing on financial losses. The biggest threat that these financial institutions will face is loss of personnel to maintain bank functions. “ The financial impact of a pandemic is difficult to predict, but the losses that would result could be substantial” (McConnell, n.d., para. 3). The impact of a pandemic flu virus can be deadly and would cause much devastation to this local area as well as surrounding areas. The problem with this type of outbreak is that new string influenzas mixed with what is known as human influenza creates a completely new influenza string.
  • Pandemic planning reflects the size of the organization and nature of the business. The most significant area affected is staffing because of illness associated with the virus. As a part of a BCP and security plan, staffing issues are planned and addresses issues such as exposure to affected individuals. The goal is to minimize the amount of contact the employees have with each other while maintaining the ability to continue doing business and offering financial services. Continued services can be offered through online banking; telephone banking and ATM transactions as well as company call centers or work from home options. This will reduce expose to anyone that may be contagious.
  • Transcript

    • 1. Introduction Capstone National Bank & Nessville Credit Union Response Plan• Importance of Response Planning  Reduces financial loss  Protects customers and employees from virus  Reduces serious economic decline locally and abroad• Background Information  Capstone National Bank & Nessville Credit Union  Total assets of $400 million at risk  150 employees at risk 
    • 2. Introduction: Response Plan Breakdown• Pandemic Viral Outbreak Response Plan  Threat Assessment: What are the effects of an outbreak?  Staffing Requirements: What is the minimal staff needed to continue business?  Chain of Command: What are the roles and responsibilities?  Allocation of Resources: How will the institutions maintain business?  Financial Considerations: What is the financial impact?
    • 3. Threat Assessment•  Bank Assets: Financial and Staff  Company capital decreased  Financial economic decline that could effect life of bank  Crisis event could effect the banks capital at least 4%- 6.5%, as reported in the H1N1 outbreak  Risk of infection spreading to customers and staff  prolonged illnesses  potential death  lack of vaccination for developing viral string
    • 4. Staffing Requirements• Bank Operations to Reduce Viral Transmission  Reduce staffing to a minimum to avoid risk of contracting or spreading the virus  Offer online banking  Call center  telework—work from home
    • 5. Chain of Command• Branch Manager Maintains Overall Power  Will be advised by security manager  Must act on security management concerns  Will coordinate efforts with other branch managers  Branch managers and Security managers will meet daily in person or via teleconference• Security Manager Will Assume Responsibility for overall safety and security  Will coordinate with other branches security managers  Will liaison with local law enforcement, National Guard, Center for Disease Control, and Joint Terrorism Task Force
    • 6. Allocation of Resources• The Smaller National bank will close and move all liquid assets and customer records to larger branch.  This will allow more employees to be available as some contract the virus  It will also increase the number of security personnel to protect the banks assets• The Credit union will have to call upon assistance from local security agencies if they are short handed of security staff.  Using contracted security will allow the credit union to man it’s facility with additional security personnel to protect their assets
    • 7. Allocation of Resources• The bank and credit union will purchase and stockpile non-perishable foods and bottled water in case they are forced to shelter-in- place.  In addition they will purchase rolls of plastic and duct tape to seal off a room in case they have to stay inside of the facilities.• Both agencies will need to purchase facial masks and alcohol based hand sanitizer.  The masks have not been proven to reduce exposure to viruses but the properties of them make is feasible to assume that a persons risk of exposure will be reduced  Alcohol based sanitizer can kill germs and viruses brought in by the financial institutions
    • 8. Financial Considerations• If the bank and credit union are forced to close due to the virus or terrorist attacks it may devastate them financially  The banks being closed means they will not be able to accept physical deposits and will not process electronic deposits, thus limiting their amount of holdings  Fortunately many other local businesses will probably also close and limit the need for the financial institutions  With the banks closed some employees may seek employment elsewhere which will hurt the banks when they do open  Those employees that remain employed will probably file for unemployment which the banks will have to pay
    • 9. Communications• Effective Communication Strategies Communicating readiness and security to customers Following guidance from local emergency action center Coordination with corporation headquarters Keeping customers informed on remote banking services
    • 10. Evacuation Plan• Safety Measures Employ preapproved evacuation procedure Deliver mobile ATM’s Issue secure laptops and cellular phones to handle online banking from home
    • 11. ReferencesAlfaro, P. (2009). The Expert View. Bank InfoSecurity.com. Retrieved from http://blogs.bankinfosecurity.com/posts.php?postid=266McConnell, P. (n.d.). Continuity Central. Risk Trading Technology. Retrieved from http://www.continuitycentral.com/avian_flu_oprisk.pdf

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