Strong policies can provide guidance and calm to an organization facing a novel challenge. As Maine prepares for an increase in cases of coronavirus COVID-19, credit unions can be proactive in reviewing business continuity planning (BCP) and ensuring that their policies are up to date.

As outlined in the Interagency Statement on Pandemic Planning, the credit union’s BCP plan should also address the following unique challenges posed by a pandemic:

  1. A preventive program to reduce the likelihood that an institution’s operations will be significantly affected by a pandemic event, including: monitoring of potential outbreaks, educating employees, communicating and coordinating with critical service providers and suppliers, in addition to providing appropriate hygiene training and tools to employees.
  2. A documented strategy that provides for scaling the institution’s pandemic efforts, so they are consistent with the effects of a particular stage of a pandemic outbreak, such as first cases of humans contracting the disease overseas, first cases within the United States, and first cases within the organization itself. The strategy will also need to outline plans that state how to recover from a pandemic wave and proper preparations for any following wave(s).
  3. A comprehensive framework of facilities, systems, or procedures that provide the organization the capability to continue its critical operations in the event that large numbers of the institution’s staff are unavailable for prolonged periods. Such procedures could include social distancing to minimize staff contact, telecommuting, redirecting customers/members from branch to electronic banking services, or conducting operations from alternative sites. The framework should consider the impact of customer reactions and the potential demand for, and increased reliance on, online banking, telephone banking, ATMs, and call support services. In addition, consideration should be given to possible actions by public health and other government authorities that may affect critical business functions of a financial institution.
  4. A testing program to ensure that the institution’s pandemic planning practices and capabilities are effective and will allow critical operations to continue.
  5. An oversight program to ensure ongoing review and updates to the pandemic plan so that policies, standards, and procedures include up-to-date, relevant information provided by governmental sources or by the institution’s monitoring program.

Model policies for pandemic preparedness and disaster contingency planning are available on CU PolicyPro and for download.