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NCUA highlights business continuity information
ALEXANDRIA, Va. (4/7/08)—The National Credit Union Administration recently sent a letter to credit union directors alerting them that federal financial regulators have issued updated guidance for examiners, credit unions, and technology service providers regarding business continuity plans. The guidance covers how to identify business continuity risks, evaluate controls, and implement risk management practices for effective disaster planning. The guidance is an update to an original “Business Continuity Planning Booklet” issued in March 2003. The revised booklet includes enhancements to the business impact analysis, testing, and emerging threats sections and includes lessons learned in recent years. It also stresses “the responsibility of each credit union’s board of directors and management to address business continuity planning with an enterprise-wide perspective by considering technology, business operations, communication, and testing strategies for the entire credit union,” the letter noted. The revised booklet also contains an appendix addressing pandemic planning. "A pandemic outbreak would present unique business continuity challenges and all credit unions should have plans that address how they would manage during a pandemic,” the NCUA reiterates in the communication.
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