Business Continuity Software
Business continuity software is a software solution for planning for adverse events that would disrupt the operation of the financial institution. The software facilitates both developing and documenting the business continuity plan. It also provides backup and recovery for the essential data and systems the bank uses to do their work.
The components of the BCP include stating the bank’s essential functions, identifying key systems and processes that need to be sustained in a crisis, and listing details about how to keep them going. The purpose of the plan is to consider what would happen in an unexpected situation and set up procedures for dealing with that event if it happened. A BCP not only helps the business continue when an emergency strikes, but banks are required to have a business continuity plan.
Business continuity software helps with gathering information for the plan, doing a risk assessment to identify and rate risks, creating a business impact analysis, developing the specific plan, testing the plan, and updating the plan.
Business continuity software uses databases and modules for guiding the financial institution in creating a business continuity plan that meets industry standards and regulatory compliance. It helps with planning for managing emergencies and assists with creating a plan for disaster recovery.
Because banks rely on software to carry out their functions, one task for business continuity software is to provide data backup for the bank. Data is often stored in a private cloud. The software also addresses disaster recovery options and choices.
The software provides tools for analyzing review reports to minimize the impact of adverse situations. It includes features that help the business create and test their BCP. It addresses infrastructure needs as well as organizes software apps and processes for a variety of scenarios. Business continuity software assists with notifying personnel and with compliance testing.
Learn more about business resiliency.