There are many ways an organization can prepare for a business continuity audit. Experts predict that regulatory scrutiny and compliance risks are going to intensify. Regulatory change costs organizations the most, with the financial services sector experiencing the most disruption. Keeping your business compliant with industry regulations is key to its longevity. Besides, disobeying compliance standards will most likely lead to costly fines.

For example, 41% of firms say they can activate their business continuity (BC) plans inside the “Golden Five Minutes.” This percentage is an improvement over 32% in the previous year.

Today, more employees work remotely. About 75% of firms take advantage of business continuity software-as-a-service (SaaS) technology.

In part, this circumstance exists because firms can deploy SaaS quickly. Also, the technology allows them to perform incident management seamlessly. However, there’s more than technology to effective business continuity and risk management.

To learn more about preparing for a business continuity audit with the FFIEC handbook, continue reading.

The Standard for Business Continuity

Firms are getting better at business continuity activation due to the increased industry demand for a centralized SaaS platform. 

With the emergence of COVID-19, Agility Recovery has seen increased customer activity in requesting help with business continuity testing and incident management. Also, the pandemic has highlighted the importance of business continuity planning.

The Federal Financial Institutions Examination Council establishes (FFIEC) continuity guidelines. The council usually publishes its guidelines in the Information Technology Examination Handbook. You may have heard this guide called the IT handbook. However, this year the FFIEC has renamed the guide Business Continuity Management.

The FFIEC change points to changing priorities and new expectations for member firms. Consequently, the update is generating considerable interest among banks and other financial institutions. Accordingly, those in the financial space must be prepared for a future business continuity plan audit. Compliance, IT, and risk leaders should know about the updated guide for this reason.

The FFIEC has issued Business Continuity Management to address institutions’ growing reliance on SaaS. These resources might include cloud-based services and other third-party IT resources.

SaaS resources also outsource part of their IT infrastructure. Resultantly, their resources are also interconnected. SaaS resources are also ripe for interruptions such as outages, cyberattacks, and data breaches. Furthermore, the risks associated with this interconnectivity are in constant flux. This circumstance creates a challenge in maintaining business continuity.

Getting Into Business Continuity Planning