By Ken Schroeder
OK, you’ve appointed your Compliance Office to handle your business continuity plan. Great, now move on to discussing where to locate the next branch, after you review the presentations from the three vendors who are trying to sell you an app for mobile banking, which you’ll cover as soon as you review last quarter’s financials and mandatory ratios. And you’ll get to that once you iron out the details of the tent you’re setting up at the fairgrounds car show. But your first priority is sitting down with the Compliance Office to come up with a game plan for making sure the credit union conforms to the new CFPB mortgage rules. When all of that’s done, you can get back to checking in on the continuity plan. Until something more important knocks it off your priority list again.
Sound familiar? You shouldn’t have to worry about your business continuity plan, much less the planning process since you’ve assigned it to someone who is detail oriented, right?
Well, the answer to that depends on what you expect the compliance person in charge of continuity to actually do. Do you want your business continuity plan to simply pass muster with the examiners or are you actually committed to creating a climate of resilience within your credit union for its members?