As COVID-19 spreads, it’s prudent that financial institutions have a Coronavirus pandemic preparedness plan in place for when or if a pandemic or disaster occurs. Earlier this week, a top CDC official reported to congress that a global pandemic might be closer than we think. When was the last time you reviewed your pandemic plan and/or business continuity plans?
According to American Banker, the financial industry is treating the recent coronavirus outbreak as a “watch-and-wait situation.” Financial institutions across the US are preparing plans so that if a pandemic is declared, they are ready to activate when state and health officials send word.
What is Pandemic Planning and Why Does it Matter?
Often pandemic planning can be confused with business continuity. While both plans are important, there are key differences financial professionals need to be aware of.
A Business Continuity Plan prepares for a disaster (either man-made or natural). While the socioeconomic impact of a disaster can be chronic, the actual disaster itself is short in duration. A disaster also hits a targeted geographical location, affecting specific business. Therefore, not everyone is affected by a disaster.
A pandemic starts off very slowly and will affect everyone, worldwide. Often, pandemics have ebbs and flows for months and can affect different geographical areas at different times. When a pandemic is declared, no organization is safe; everyone is affected. Because the effects are so widespread, it is much more difficult to determine the impact on the organization.
A Coronavirus pandemic preparedness plan is a living document that describes a financial institution’s plan and strategy for responding to a pandemic. This plan describes the Bank’s procedures and strategy with the intent to stop, slow or limit the spread of a pandemic.
How to Create a Coronavirus Pandemic Preparedness Plan in Your Institution
Due to the complexity of a pandemic, plans need to be flexible in order to address the array of effects that can result. To address the unique challenges presented by a pandemic, the FFIEC recommends that the plan should provide for the following:
- Prevention: A program should include preventative measures that reduce the likelihood of financial operations being affected by a pandemic. This includes a range of activities, from staying in communication with service providers to educating employees on proper hygiene.
- Documentation: A program should be documented and available to employees. The documentation should include a strategy that scales to parallel the effects of each stage of a pandemic and outlines plans to recover after a pandemic is over.
- A comprehensive network of facilities, procedures and systems: It is imperative that a financial institution retain the ability to continue to operate in the face of a pandemic. Some suggestions include:
- Telecommuting for applicable employees
- Redirection from branch to electronic banking services
- Social distancing for employees
- Testing: The first time an institution tests its pandemic plan should not be during a pandemic. Test the plan prior to a pandemic and ensure all operations can continue.
- Oversight: Like anything else, update a pandemic plan and continually review policies to stay up-to-date and relevant.
How Can Banks Help Reduce the Spread of Coronavirus?
Bank tellers and bank professionals have a lot of interactivity and face-to-face time, from shaking hands to handling money – that’s how disease spreads. Here are some easy and tangible ways banks can help reduce the spread and prepare for when/if the coronavirus affects your location.
Hygiene Training
Educate your staff on hygiene protocols that help reduce the spread of germs and disease.
- Wash your hands with soap and water frequently
- The CDC recommends washing your hands for at least 20-seconds, approximately the time it takes to the sing the Happy Birthday song
- Provide hand sanitizer (with at least 60% alcohol) for employees to have at their desk
- Stock the supply cabinet with disinfectant wipes and spray
- Avoid touching your eyes, nose or mouth especially after handing money
- Cover coughs and sneezes with a tissue, then immediately throw the tissue in the garbage
Reduce face-to-face time
Since germs spread by human to human contact consider including the following ways of reducing human to human interaction in your Coronavirus pandemic preparedness plan:
- Consider redirecting customers from the branch to electronic banking services, such as online and mobile banking
- Cancel large business meetings when you can
- Hold meetings virtually via phone or video
- Postpone or cancel unnecessary travel
- Allow employees who can work remotely, to do so
- Set the expectation that sick employees need and should stay home
Cross Train
Cross training should always be a priority in a financial institution. However, when a pandemic strikes, you may find yourself with a skeleton crew. Because there is so much personal interaction within branches, they may be your first line of business that is affected by absenteeism. For example, if you only have four people on staff, and two of them call in sick. That means the other two are left to cover the full day of operation.
Certain job roles need to be cross trained than others – for example your teller drawers. Customers still need to be able to walk into your bank and withdraw money from their account during a pandemic. Prioritize which skills are mandatory for operation and start there.
Start cross training your employees now so when employees call in sick, or you run with a lighter than normal staff, you can keep your business operating and serving your customers.
Stagger Shifts
Ensure the safety of employees by staggering their shifts when possible. This provides those who need to be in the office with some social distance. For example, your Coronavirus pandemic preparedness plan can outline a schedule that has start and end times for employees in branches fluctuating to reduce time spent interacting with one another. One banker could start at 8:30 and leave at 3:00, while another could start at 11:00 and leave at 6:00.
Go Digital
When in a pandemic state, clients will not want to see people, yet they will need and expect access to their finances in a seamless experience. Your financial institution can provide that with the right technology and staff in place. Technology that will help include mobile banking and digital banking. Call centers may receive more calls, so ensure you have proper staffing. Rather than entering a bank, customers may choose to use an ATM. Ensure your equipment has the proper maintenance and is stocked properly.
Readiness is your best line of defense
While no one can predict with certain when a pandemic plan will be needed, it’s important that financial institutions review their plan and are prepared. With the proper training and foresight, banks will be able to withstand the impact of a pandemic.
For more information about the Coronavirus and Pandemic Planning register for this live webinar, “Coronavirus – Check Your Pandemic Plan and Business Continuity Plan.”
Rachel Davis
Product Manager at OnCourse Learning
Rachel Davis is the Product Manager of GRC and professional education for banks, credit unions, and non-bank financial services at OnCourse Learning. Rachel has worked in the financial services industry for 12 years and keeps up to date on financial industry hot topics. Rachel received her Bachelor of Arts in English Literature from Saint Louis University.
Additional webinars related to Business Continuity Planning include:
As COVID-19 spreads, it’s prudent that financial institutions have a Coronavirus pandemic preparedness plan in place for when or if a pandemic or disaster occurs. Earlier this week, a top CDC official reported to congress that a global pandemic might be closer than we think. When was the last time you reviewed your pandemic plan and/or business continuity plans?
According to American Banker, the financial industry is treating the recent coronavirus outbreak as a “watch-and-wait situation.” Financial institutions across the US are preparing plans so that if a pandemic is declared, they are ready to activate when state and health officials send word.
What is Pandemic Planning and Why Does it Matter?
Often pandemic planning can be confused with business continuity. While both plans are important, there are key differences financial professionals need to be aware of.
A Business Continuity Plan prepares for a disaster (either man-made or natural). While the socioeconomic impact of a disaster can be chronic, the actual disaster itself is short in duration. A disaster also hits a targeted geographical location, affecting specific business. Therefore, not everyone is affected by a disaster.
A pandemic starts off very slowly and will affect everyone, worldwide. Often, pandemics have ebbs and flows for months and can affect different geographical areas at different times. When a pandemic is declared, no organization is safe; everyone is affected. Because the effects are so widespread, it is much more difficult to determine the impact on the organization.
A Coronavirus pandemic preparedness plan is a living document that describes a financial institution’s plan and strategy for responding to a pandemic. This plan describes the Bank’s procedures and strategy with the intent to stop, slow or limit the spread of a pandemic.
How to Create a Coronavirus Pandemic Preparedness Plan in Your Institution
Due to the complexity of a pandemic, plans need to be flexible in order to address the array of effects that can result. To address the unique challenges presented by a pandemic, the FFIEC recommends that the plan should provide for the following:
- Prevention: A program should include preventative measures that reduce the likelihood of financial operations being affected by a pandemic. This includes a range of activities, from staying in communication with service providers to educating employees on proper hygiene.
- Documentation: A program should be documented and available to employees. The documentation should include a strategy that scales to parallel the effects of each stage of a pandemic and outlines plans to recover after a pandemic is over.
- A comprehensive network of facilities, procedures and systems: It is imperative that a financial institution retain the ability to continue to operate in the face of a pandemic. Some suggestions include:
- Telecommuting for applicable employees
- Redirection from branch to electronic banking services
- Social distancing for employees
- Testing: The first time an institution tests its pandemic plan should not be during a pandemic. Test the plan prior to a pandemic and ensure all operations can continue.
- Oversight: Like anything else, update a pandemic plan and continually review policies to stay up-to-date and relevant.
How Can Banks Help Reduce the Spread of Coronavirus?
Bank tellers and bank professionals have a lot of interactivity and face-to-face time, from shaking hands to handling money – that’s how disease spreads. Here are some easy and tangible ways banks can help reduce the spread and prepare for when/if the coronavirus affects your location.
Hygiene Training
Educate your staff on hygiene protocols that help reduce the spread of germs and disease.
- Wash your hands with soap and water frequently
- The CDC recommends washing your hands for at least 20-seconds, approximately the time it takes to the sing the Happy Birthday song
- Provide hand sanitizer (with at least 60% alcohol) for employees to have at their desk
- Stock the supply cabinet with disinfectant wipes and spray
- Avoid touching your eyes, nose or mouth especially after handing money
- Cover coughs and sneezes with a tissue, then immediately throw the tissue in the garbage
Reduce face-to-face time
Since germs spread by human to human contact consider including the following ways of reducing human to human interaction in your Coronavirus pandemic preparedness plan:
- Consider redirecting customers from the branch to electronic banking services, such as online and mobile banking
- Cancel large business meetings when you can
- Hold meetings virtually via phone or video
- Postpone or cancel unnecessary travel
- Allow employees who can work remotely, to do so
- Set the expectation that sick employees need and should stay home
Cross Train
Cross training should always be a priority in a financial institution. However, when a pandemic strikes, you may find yourself with a skeleton crew. Because there is so much personal interaction within branches, they may be your first line of business that is affected by absenteeism. For example, if you only have four people on staff, and two of them call in sick. That means the other two are left to cover the full day of operation.
Certain job roles need to be cross trained than others – for example your teller drawers. Customers still need to be able to walk into your bank and withdraw money from their account during a pandemic. Prioritize which skills are mandatory for operation and start there.
Start cross training your employees now so when employees call in sick, or you run with a lighter than normal staff, you can keep your business operating and serving your customers.
Stagger Shifts
Ensure the safety of employees by staggering their shifts when possible. This provides those who need to be in the office with some social distance. For example, your Coronavirus pandemic preparedness plan can outline a schedule that has start and end times for employees in branches fluctuating to reduce time spent interacting with one another. One banker could start at 8:30 and leave at 3:00, while another could start at 11:00 and leave at 6:00.
Go Digital
When in a pandemic state, clients will not want to see people, yet they will need and expect access to their finances in a seamless experience. Your financial institution can provide that with the right technology and staff in place. Technology that will help include mobile banking and digital banking. Call centers may receive more calls, so ensure you have proper staffing. Rather than entering a bank, customers may choose to use an ATM. Ensure your equipment has the proper maintenance and is stocked properly.
Readiness is your best line of defense
While no one can predict with certain when a pandemic plan will be needed, it’s important that financial institutions review their plan and are prepared. With the proper training and foresight, banks will be able to withstand the impact of a pandemic.
For more information about the Coronavirus and Pandemic Planning register for this live webinar, “Coronavirus – Check Your Pandemic Plan and Business Continuity Plan.”
Rachel Davis
Product Manager at OnCourse Learning
Rachel Davis is the Product Manager of GRC and professional education for banks, credit unions, and non-bank financial services at OnCourse Learning. Rachel has worked in the financial services industry for 12 years and keeps up to date on financial industry hot topics. Rachel received her Bachelor of Arts in English Literature from Saint Louis University.
Additional webinars related to Business Continuity Planning include:
Leave A Comment