Business Continuity Planning: How to Update a BCP With Lessons Learned From the Pandemic

The COVID-19 pandemic has forced most companies to implement elements of their business continuity plans (BCP), revealing unforeseen flaws. This first article in a two-part series includes tips from industry practitioners on preparing, implementing and testing an updated BCP; regulatory guidance for fund managers in particular to consider; and return-to-work preparedness. The second article will explore topics warranting extra attention when revising a BCP, as well as how third parties, such as investors, portfolio companies and vendors, factor into the BCP process. See “How Asset Managers and Others Can Mitigate Pandemic-Related Operational Risks and Maintain Business Continuity” (May 6, 2020).

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