BC4SB Continues to Meet New FFIEC Requirements for Credit Unions

Over 700 credit unions in position for compliance

With the publication of the latest FFIEC Business Continuity Planning Booklet this past month, BC4SB continues to help credit unions meet the new regulations. BC4SB currently has over 700 credit unions using it to meet the FFIEC requirements as well as recommendations from the NCUA.

In total, over 1,200 financial institutions currently use BC4SB to build their business continuity plans, protect their assets and assure their members that they can depend on their credit union in times of crises. BC4SB is a strategic partner of CUNA Strategic Services. 

The new FFIEC BCP Handbook reiterates and strengthens the need for senior management and board involvement in the business continuity program. Since BC4SB is an online tool, it is accessible to anyone within an organization with an Internet connection and BC4SB’s plan approval feature ensures that the senior management and board are kept up-to-date on planning activities. 

The new guidance also advises credit unions to take into account pandemic planning. Each subscription of BC4SB comes with a pandemic planning module, which takes into account all activities needed to deal with response to this type of disaster. 

Included in each version of BC4SB are:

• A Risk Assessment and business impact analysis (BIA) module which be used to help identify risks and establish mitigation strategies. The booklet recommends credit unions conduct a BIA and risk assessment as the first steps for building a business continuity program.
• The online solution also includes strategies, procedures, tasks and recommendations for building plans according to the FFIEC booklet.
• The Test My Plan feature and many features of the product enable credit unions to meet the other requirements regarding plan exercising and maintenance.
• In addition, each subscription of PLANet includes a pandemic planning module, 24×7 support, standard reports, online training and access to Strohl’s archive of BCP information and monthly newsletters on planning.