Pandemic Policy (#253)
As currently covered in the national news, there is heightened concern about the spread of the coronavirus originating in China. The coronavirus continues to spread across the globe, taking a toll on the U.S. economy and resulting in travel restrictions, screening at major airports, school closures, and an increasing number of deaths in the U.S.
The World Health Organization (WHO) has declared the coronavirus a global pandemic. Both the FFIEC and WHO have issued guidance on steps to be taken in developing a pandemic policy and plan. Unlike traditional business continuity planning that plans for destruction or impairment of buildings and equipment, pandemic planning must address staffing shortages and other human elements of the business. Traditional business continuity plans typically plan for disruptions of one to two weeks, rather than disruptions lasting for several months which could occur during a pandemic.
As outbreaks of the coronavirus continue to spread across the U.S., you should review your institution’s pandemic plan to ensure that it is up to date. Young & Associates, Inc. has just updated our Pandemic Policy in response to this impending situation. This policy may be used as a stand-alone policy or incorporated into your institution’s business continuity policy and contains guidance from The Interagency Statement on Pandemic Planning. It includes a sample pandemic plan and is available for $195.