Business Continuity Planning: Key Provisions and Third-Party Considerations

Companies that have found their business continuity plans (BCPs) inadequate during the COVID-19 pandemic can now use these shortcomings, such as how third parties are handled, as an opportunity for improvement. This second article in a two-part series focuses on how to strengthen key BCP areas highlighted by the pandemic, including technology and employee risks, and backup office plans. We also examine how to mitigate third-party risks going forward. The first article contained insights on how to effectively implement, test and maintain BCPs, and offered an overview of regulatory standards from various agencies to reference when updating BCPs. See “How Asset Managers and Others Can Mitigate Pandemic-Related Operational Risks and Maintain Business Continuity” (May 6, 2020).

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