For years, examiners have pressed banks to incorporate pandemics in their GLBA risk assessment and provide appropriate planning to address a possible pandemic. Until this year, that risk seemed remote. It was difficult to imagine just how strongly a pandemic could affect not only the bank, but the entire community, region, nation, and world.

All banks are required to assess the risk of a pandemic to their business and have a plan to address providing continued service during such an event.  Does your plan include a contingency to allow some employees to work from home? Remote working is becoming easier than ever and is a smart way to prevent the spread of illnesses.

 

By Mike Gilmore, RESULTS Chief Compliance Officer

 

Community Banks carry an on-going burden of compliance for information technology (IT). Examiners expect the bank to undergo annual IT audits, penetration tests, policy reviews, and complete comprehensive technology plans, risk assessments and cybersecurity self-assessments all while trying to do the real work of banking in the community.