Continuity plan as threat lingers by lindayy


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									Friday, 15 May 2009

Continuity plan as threat lingers
LAW FIRM [Moray & Agnew] has weighed in with a warning about swine flu as the threat lingers
around the world claiming more sufferers although the death toll has been contained largely.

Swine flu and its transmission across the globe serves as a timely reminder of the need to ensure
an appropriate Business Continuity Plan (BCP) is in place.

The law firm in its warning refers to APRA’s Prudential Practice Guide 233, that has suggestions for
regulated institutions for managing a pandemic.

“Essentially, you will need to consider the content of your BCP, your crisis management plan and
the associated communications strategy,” said Mikaela Reynoldson, partner Moray & Agnew

“The core issue revolves around how to continue your operations when your workforce and that of
your suppliers or vendors is significantly disrupted.”

She said the threat precaution was a good opportunity to use a cross-disciplinary approach to
address considerations.

These include: staff health and welfare; resource priorities; alternative processing arrangements
especially for claims management or renewals and new business processing; compliance;
succession and decision making; rehearsal measures; alternative work arrangements and
technology alternatives

“In addition to using your internal risk management framework to identify these issues and their
related controls, it will be incumbent upon you, as a regulated institution to keep APRA informed of
any significant impact on your operations, financial conditions and customers,” said Ms Reynoldson,
who is a recognised insurance industry compliance expert.

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