Module 3 SLP: BUSINESS CONTINUITY AND DISASTER RECOVERY FOR THE BANKING INDUSTRY

BUSINESS CONTINUITY AND DISASTER RECOVERY FOR THE BANKING INDUSTRY
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Business continuity and disaster recovery for the Banking Industry
Business continuity planning and disaster recovery planning are very integral to the well being of a business organization. They are meant to ensure that there will be continuity at the organization in the event of unprecedented and difficult event. It is important to have an unambiguous practice, and essentially a framework that will ensure that solid continuity practices are implemented and maintained within the organization. Disaster recovery procedures are the first major steps in ensuring that there is business continuity after an incident or a disaster. The recovery plan should take into account the maintenance of any secondary facilities or equipments, data backup procedures and techniques, access control for all temporary systems, and the implementation measures for the disaster recovery process (Snedaker, 2011).
It is certain that many of the commercial activities that take place today are entirely dependent on banks. Due to this dependency, banks have taken up some extremely complex business modules and technologies so that they can deliver their services. Some of the technologies that banks currently deploy to meet the needs of their customers include, the sophisticated and interconnected ATM networks, Internet Banking Solutions, Core Banking Solutions and Tele-banking. In maintaining the theme of continuous availability of the services that banks render, banks should put in place some contingency measures and continuity plans to ensure that operation will not be hampered and to mitigate loses in the unfortunate event of severe business interruption (Gibb & Buchanan, 2006).
Some of the perspectives that banks need to take cognizance of to ensure business continuity include the fact that banks need to take into account critical business processes, which include dependencies of such elements as third parties and external vendors, and ascertain alternative mechanisms that will see them resume their services after an outage. There should be great attention on the restoration of both physical and electronic records; moreover, the backup system should be deliberately placed an adequate distance to minimize risk when back-up fa...