The supporting standards cover specific components of the Business Continuity Management Program: (7) Identification of potential business interruptions by third parties necessary to continue the business of the swap trader or key swap participant and a plan to minimize the impact of such disruptions. For some companies, disaster planning is at the bottom of their priority list. But for many others, creating a contingency plan is far from optional. Critical organizations (especially in the healthcare, finance, and government sectors) are often required by law to weather any storm with operations intact and data intact — or face heavy penalties from federal, state, or local governments. Business continuity plans help minimize the financial impact of events that disrupt the normal flow of business. A plan can help all employees stay calm and cohesive in times of crisis, and can provide guidance to employees on their roles during the recovery period. If you don`t have a plan, it can cause a law firm to lose valuable clients if they`re not available to serve them at crucial times. (e) emergency contacts. Each swap dealer and each major participant in the swap shall provide the Commission with the names and contact details of two staff members to whom the Commission may contact in the event of an emergency or other malfunction. Identified individuals are authorized to make important decisions on behalf of the swap broker or principal participating in the swaps and are familiar with the company`s business continuity and disaster recovery plan. The swap trader or the main participant in the swap shall immediately provide the Commission with any updates to this information. Creating a business continuity plan is not an easy task, but it requires careful planning and evaluation of critical business features and available resources. However, developing such a plan can avoid the misfortune of succumbing to a difficult business interruption.

Elements of a business continuity plan include: 1) the team, 2) the mission and 3) the policy. To keep your business safe (and out of the legal penalty box), you need to take the time to find out if there are any business continuity regulations that require your company to comply with extended disaster planning. This way, in the face of a disaster, you will not only be in full regulatory compliance, but you will also be able to successfully protect your sensitive data and quickly get back to work to serve consumers. Companies interested in developing a business continuity plan are strongly advised to consult with a licensed legal advisor, human resources consultant, and/or insurance professional to thoroughly analyze their business organization`s vulnerability to disruption and develop a comprehensive and specific business continuity plan that meets regulatory or other applicable legal requirements. In most cases, business continuity planning should be done in conjunction with a general threat assessment as well as obtaining various types of insurance coverage, such as business interruption insurance, which are discussed in this series. For more information about these threat assessment and BCP methods and the typical insurance coverage available in the construction industry, contact Michael C. Shutts attorney. Kelley or a local insurance expert experienced in the field of risks and coverage mechanisms related to construction and construction. FINRA requires organizations to create and maintain written business continuity plans (BCPs) related to a disaster or significant business interruption. Rule 4370 – finra`s emergency preparedness rule – sets out the required BCP procedures. A company`s BCP must be proportionate to the scope and scope of its activities.

The problem is that some business people are not fully aware of the laws and regulations that require them to go further in creating a feasible and actionable disaster recovery (DR) and business continuity (BCP) plan. FINRA provides the following optional tools to help organizations meet their needs for creating and updating business continuity plans (BCPs) and emergency contact lists under FINRA Rule 4370. Business continuity planning is about creating a formal plan to keep a business running in the event of a disaster. Any event that disrupts the normal flow of business in a company can lead to lower sales and even cost valuable customers if the situation is not handled properly. Key elements to consider when planning a law firm`s business continuity include providing alternatives for meetings, communication, research, and preparation.