To the Chief Executive Officers of All Bank Holding Companies, State Member Banks, State-Licensed Branches and Agencies of Foreign Banks, Edge Corporations, and Others Concerned, in the Second Federal Reserve District:
The Federal Financial Institutions Examination Council (FFIEC) has issued a revised policy statement on "Corporate Business Resumption and Contingency Planning (SP-5)" as of March 1997. The new policy statement recognizes that information systems technology has evolved into a critical facet of the corporate structure of financial institutions, and emphasizes that the directors and management of financial institutions need to address the risks inherent in the loss or disruption of these services to themselves and their customers. It also addresses various issues and responsibilities relating to the development and implementation of business resumption and contingency plans.
A copy of this interagency statement is available as a (pdf) file. It updates and supersedes an earlier version, issued by the FFIEC in July 1989 under the title "Interagency Policy On Contingency Planning For Financial Institutions."
Any questions you may have on the statement should be directed to Thomas W. Wines, Examining Officer, Advisory and Technical Services Function.
