The pandemic has disrupted operating models of businesses across the globe. Since the beginning of 2020 – and since the launch of our company in 2006 – LogicManager has been working with our clients to help them pivot and prepare. We have over 15 years of experience under our belt of helping customers avoid all sorts of risks and scandals.
Over this past critical year, we’ve collected over 200 value stories from our customers about how they’ve leveraged our guidance to drive their businesses forward. This series delves deeper into those stories in hopes of helping other businesses throughout these challenging times.
Creating a business continuity planning process that sets your business up for long-term success.
This company is a repeat protagonist in our series of LogicManager customer value stories.
In 2020, we wrote about helping this bank channel chaos into creativity during the early days of the pandemic when there was an influx of PPP loan requests (check out the full story here).
Today, we’ll share a new story about this client that explains how they’ve continually been able to overcome the ongoing challenges of the pandemic with LogicManager’s robust business continuity solutions.
It’s important for all organizations to have a Business Continuity Plan (BCP) in place, but in the banking industry, it’s critical. A bank’s BCP helps them reduce financial loss, ensure customers can continue to be served, maintain the ability to comply with regulatory requirements, diminish the negative impact on credit quality and so much more.
This particular client’s Business Continuity Plan was in the process of being updated when COVID-19 threw them off course. Their process for developing and updating their BCP initially involved holding in-person interviews with department heads to gather information about various impacts to their core processes in case of an outage:
- Who are their key team members?
- What vendors or applications do they rely on?
- What are their workaround processes?
- How long can they be without phones or laptops?
This data collection process was scattered across multiple spreadsheets, and the process from start to finish took several months. Once the interview process was completed and properly documented, it would take our client another one to two months to perform an analysis on the information, determine the criticality of their processes to properly prioritize in the event of a business continuity outage and ultimately compile all of the information into an organized and comprehensive BCP to disseminate across the organization.
This time-consuming, disintegrated process for developing a BCP was difficult enough, and when the pandemic hit, our client was no longer able to hold interviews in person. They were faced with the urgent need to accelerate decision making, on top of the onslaught of new challenges associated with transitioning to a remote model.