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Contingency Plan Template

Contingency Plan Template

Posted by Ncontracts on Nov 13, 2018 9:00:00 AM

A contingency plan template can be a physical document, or a digital form used to create a compliant contingency plan. The purpose of the contingency plan is to have procedures and systems ready in the event that something unexpected happens.

The unexpected event could be the loss of the head of the firm, a severe weather event that disrupts services, a cyber-attack, or even a positive event like a major contract that is more than the bank’s systems can handle. The contingency plan asks what would happen in an unexpected situation and how the bank would respond to it. Its aim is to reduce the number of decisions that need to be made while an emergency situation is happening.

A contingency plan template has the basic structure and much of the language required for compliance. The bank adds their own unique information to the template to create a workable and compliant plan. The plan lists the systems critical to the bank’s mission. It also lists the probable threats, including a rating for the threat level of each.

Related: What is Business Continuity Management?

Because contingency plans need to be detailed, contingency plan software is ideal for creating them. The contingency plan template gives space for an organizational chart for contingency planning and describes how contingency planning will be carried out. It lists notifications that must be sent out, press releases that must be given, alternate sites to use if necessary, and the teams that will carry out the contingency plan.

The template gives details about the plan that is created. The plan needs to have several phases: the response phase, the resumption phase, the recovery phase, and the restoration phase. It also defines what success would be in the situation and how that will be tested. A contingency plan template typically has a list of terms that can be used for discussing and developing the plan.

Learn more about contingency planning.

Topics: Banks, Risk & Compliance, Credit Unions, Mortgage Lenders, Business Resiliency,

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