Summary
Money managers, capital market organizations and other parts of the national market system are expected to perform following a disaster because reputation and stability is key to maintaining customer confidence and national economic stability. In this case disaster planning is not an option but a requirement. Managers should rank disaster risks. Using low, medium and high to categorize and rank risks can provide focus and simplify the process. Once a disaster occurs, there are many issues that need to be addressed. Among these are: 1. identifying what is affected, 2. communicating, 3. establishing critical operations, and 4. recovering all operations. The five-step business continuity process followed by RSM McGladrey is very effective in providing the guidance and direction through the development effort. The five steps in this process are: 1. Initiate program. 2. Analyze operations. 3. Determine strategy. 4. Plan development. 5. Implement program.
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Contingency Planning for All Sizes
Having a plan for operational risks is just as important as the risk management in your trading program. The news is constantly bringing to our attention the fact that disasters occur. Whether it is the wild fire in California, flooding in Mississippi, rail car derailment in Arkansas, explosion in Maryland, or electrical outage in New York, there are times when our organizations are not able to carry on business as usual. There are many more disruptions that can affect organizations that do not make the news. For the com...
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