- Review our In-Depth: Top 10 Considerations For Pandemic Responsiveness.
- Recognize that pandemics are fundamentally different than other emergencies.
- Prepare your bank for multiple contingencies.
- Create a formal and comprehensive pandemic plan.
Unprecedented Challenges Due To COVID-19
Banks are familiar with business continuity planning to address emergency situations that are short in duration, limited in scope, and specific in geography. Pandemics, on the other hand, are long-lasting, widespread, and can occur in multiple waves.
The COVID-19 (coronavirus) pandemic is presenting unprecedented challenges to our nation, and the banking industry is on the forefront of ensuring that normalcy is eventually restored. Accordingly, banks need to be fully prepared for the spectrum of issues that they may encounter as they plan and prepare for, respond to, and ultimately recover from the current pandemic, and any future ones we may face.
Top 10 Considerations For Pandemic Responsiveness
Click here to review each consideration in more detail: in-depth-top-10-considerations-for-pandemic
- Business Impact Analysis
- Risk Assessment
- Pandemic Plan
- Stay Informed
- Reserves, Supplies & Equipment
- External Coordination
- Customer Relations
- Third-Party Agreements
- Malicious & Fraudulent Transactions
- Employee Issues
We Can Help You
We have been on the forefront of dealing with COVID-19 for our clients. Whether providing training to Boards and employees, assisting with policies, procedures, and customer disclosures, interacting with regulators, addressing employee and other practical concerns, negotiating third-party agreements, or evaluating potential workout and other litigation issues, we can help your organization navigate through the complex legal challenges involved with pandemic-related issues.
We strongly recommend that banks evaluate the following pandemic-related business and legal considerations that we have been discussing with our clients in the following Client Alerts:
- COVID-19 Insurance Coverage Considerations
- 10 Steps For Following Regulators’ COVID-19 Guidance
- Webinar: Is Your Bank's Pandemic Contingency Plan Ready For Implementation?
- Financial Institutions Urged To Work With Borrowers Impacted By COVID-19