Booklet: Business Continuity Planning Section: Summary Subsection:

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In summary, the following factors represent critical aspects of an effective business continuity planning process:

• The effectiveness of business continuity planning depends upon the involvement of the board and senior management;
• Business continuity planning involves a continuous, process-oriented approach that includes a BIA, a risk assessment, risk management, and risk monitoring and testing;
• A thorough BIA and risk assessment should form the foundation of a comprehensive BCP;
• The BCP and testing program should be developed on an enterprise-wide basis;
• The effectiveness of the BCP should be validated through annual, or more frequent, testing;
• The BCP and test program should be thoroughly documented, evaluated by institution management, independently reviewed by an internal and/or external audit function, and reported to the board;
• The BCP and test program should be updated to reflect and respond to changes in the institution and gaps identified during continuity testing; and
• In addition to the BCP, other financial institution policies, standards, and processes should be integrated into the business continuity planning process.

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