If a bank faces significant disruption like a power outage, what should it activate?

In situations where a bank experiences significant disruptions such as a power outage, activating the business continuity plan is essential. This plan is specifically designed to ensure that the institution can maintain or quickly resume its essential operations despite the disruption. It encompasses a wide range of strategies, including identifying critical functions and resources, maintaining communication during the incident, and outlining procedures for restoring services.

The business continuity plan is proactive, focusing on safeguarding operations and minimizing downtime while managing risks associated with such disruptions. It helps the bank to continue serving its customers and maintain stability in operations.

While the emergency response plan may include initial immediate actions taken during an incident, like ensuring the safety of personnel, and the disaster recovery plan might focus on restoring IT systems and data after a disruption, the business continuity plan serves a broader purpose. It coordinates the ongoing operations of the bank in the face of the disruption and is fundamental for a bank's resilience.