Our BCDR platform helps you to design detailed business continuity plans that meet the requirements of the Financial Industry Regulatory Authority (FINRA). FINRA is an autonomous agency that establishes the guidelines for safeguarding the interests of investors in the financial sector. As a member organization, you can stay prepared for any emergency by adhering to Rule 4370 on business continuity plans and emergency contact information.
Stay in Business lets you ensure that your business continuity plans provide the operational resiliency needed to meet the rising demands of customers. You can also honor important and obligatory FINRA norms such as keeping customers informed on how your organization’s business continuity team will prepare for and respond to disruptions. FINRA mandates that this information must be shared with customers in writing, published on your company website. A copy of the same must also be mailed to customers when solicited. These business continuity procedures also gain importance when FINRA officials audit your plans.
Meeting FINRA Requirements with SIB
Stay in Business is a flexible platform that allows you to adapt your business continuity plans to the following mandates of FINRA’s Rule 4370.
- Data backup and recovery (hard copy and electronic);
- All mission critical systems;
- Financial and operational assessments;
- Alternate communications between customers and the firm,
- Alternate communications between the firm and employees;
- Alternate physical location of employees;
- Critical business constituent, bank, and counterparty impact;
- Regulatory reporting;
- Communications with regulators; and
- How the firm will assure customers’ prompt access to their funds and securities in the event that the firm determines that it is unable to continue its business.
Source: http://www.finra.org/industry/business-continuity-planning
The relevance of these focus-areas and the extent to which they can be addressed depend on your organization and the kind of operations it entails. With Stay in Business, you can design and execute in-depth business continuity plans as per FINRA regulations that make mention of:
- The reasons for omitting one or multiple focus areas.
- Your organization’s relationship with entities that address one or multiple focus areas
SIB’s integrated emergency notification system sends messages to all stakeholders in the event of a disruption that cripples your operations.
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Disasters
