You’ve probably read it somewhere. Someone has probably told you. Chances are, you know that your credit union needs a business continuity plan, but you don’t remember exactly where you first heard it.
But those other concerns don’t change the simple fact of the matter:
It’s even possible that you didn’t know that you need a business continuity plan. It’s not exactly a major component of daily operations. Besides, you have more pressing concerns to worry about!
Your credit union needs a business continuity plan.
The NCUA Requires a Business Continuity Plan
We could list a few reasons why your credit union needs a business continuity plan, but why bury the lede? Any reason other than this one is akin to a strong recommendation.
The NCUA requires every credit union to have a living business continuity plan. Unless you feel like facing their wrath, you’ll need to put one together. Better yet, you should develop a very complete, up to date one.
Does the idea of regulatory action worry you?
It shouldn’t. Developing a good credit union business continuity plan isn’t hard. Plus, if you know where to look, you have plenty of resources available.
Of course, the NCUA didn’t just decide that you need a business continuity plan just to inconvenience you. They have their reasons, too. Aside from the regulatory mandate, their reasons should be your reasons as well.
Serving Your Members
As a credit union, your primary goal is to offer great financial services to your members.
You can’t exactly do that if all your branches and infrastructure are inaccessible.
The idea behind the business continuity plan requirement for credit unions is that you need to think ahead. How can you continue providing your absolutely necessary services to your members, even in times of crisis?
If a wildfire, a tornado, or a hurricane threatens a region, then everyone’s livelihoods are at stake. It’s your duty to be there for your affected members. If they can’t access their funds or use your other banking services in times of critical need, then their financial viability, mobility, and even lives may be in jeopardy.
If you are entrusted with someone’s money, then you need to be able to grant access to it, even when it’s inconvenient.
In short, anything that threatens your credit union also threatens your members. You’re not just doing it for you—you’re also doing it for them.
We hope we gave you some good reasons to develop a living business continuity plan for your credit union. However, if you’d like to see more about what you can do, how you can do it, and why you should, follow our blog! We update it regularly with useful information geared to help your credit union stay operational no matter the circumstances.
Or, if you’d like to read more on the topic of business continuity planning, follow the links below.