FFIEC Guidance on Pandemic Planning for Financial Institutions Posted by AVCU on 4:55 PM

The Federal Financial Institutions Examination Council (FFIEC) has issued guidance identifying actions that financial institutions, including credit unions, should take to minimize the potential adverse effects of a pandemic such as one caused by the coronavirus.

Pandemic preparedness is an important part of a financial institution’s business continuity planning. The guidance provides the Council’s prudent expectations that regulated institutions should periodically review related risk management plans, including continuity plans, to ensure their ability to continue to deliver their products and services in a wide range of scenarios and with minimal disruption.

Pandemic planning presents unique challenges to financial institutions. Unlike
natural disasters, technical disasters, malicious acts, or terrorist events, the impact of a
pandemic is more difficult to determine because of the difference in scale and duration. The nature of the global economy ensures that the effects of a pandemic will be widespread and threaten not just a limited geographical region or area, but potentially every continent.

The FFIEC guidance addresses board and management responsibilities, pandemic risk assessments, risk monitoring and testing, etc.

Download the FFIEC's Interagency Statement on Pandemic Planning.