Disaster Recovery

Who Needs a Disaster Recovery Facilities Plan?

Most financial institutions have addressed a backup plan for data processing services in their disaster plan. However, a plan to backup their facility may have been overlooked or inadequately addressed.

Preparation is the key to contingency planning. In the last few years, terrorist acts, hurricanes, flooding, earthquakes, tornadoes, fires, and even gas explosions have all played a role in the destruction of financial institutions and businesses. Should a disaster should strike your facility, it is required that you have a plan in place to service your customers at your existing location, if at all possible.

You can't anticipate every scenario. There is no fail-safe disaster recovery plan and no way to protect yourself against every possible situation. However, a contingency planner's job is to anticipate as many of these risks as possible and provide alternative solutions. This way, if a disaster does occur, the financial institution or business can keep running the vital areas of the business.

Several choices exist when selecting an alternative facility that is right for your financial institution or business. The ultimate goal is simply to be as operational for your customers as quickly and efficiently as possible. When considering an alternative facility, you should keep the following things in mind:

  • Have a written contract updated annually.
  • Have guaranteed availability.
  • The building must be available in a timely manner.
  • The equipment must be in compliance with federal guidelines.
  • Using an alternative site that is likely to be damaged in the same event, such as a fire or tornado, would render this solution useless.