APP Business Continuity and Emergency Planning Flashcards
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Read the first 6 APP Business Continuity and Emergency Planning flashcards as text
Which standard is recognized internationally as the leading framework for Business Continuity Management Systems (BCMS)?
Answer: ISO 22301
ISO 22301 is the international standard specifically designed for Business Continuity Management Systems, providing a framework to protect assets and ensure organizational resilience.
In the context of emergency planning, a 'succession plan' protects business assets by:
Answer: Identifying and preparing individuals to assume leadership roles if key executives are incapacitated
A succession plan ensures leadership continuity so that critical decisions protecting business assets can still be made if key personnel are unavailable during an emergency.
Which document serves as the communication blueprint during an emergency, outlining who contacts whom and through which channels?
Answer: Crisis Communication Plan
A Crisis Communication Plan defines notification chains, spokespersons, messaging guidelines, and communication channels to protect the organization's reputation and coordinate asset recovery during emergencies.
What is the purpose of a 'vital records program' within a business continuity and asset protection framework?
Answer: To identify, protect, and ensure the recoverability of records essential to resuming operations and legal obligations
A vital records program protects documents such as contracts, deeds, financial records, and licenses that are essential to recovering operations and defending legal and financial assets after a disaster.
Which type of emergency planning test involves actually switching operations to the backup site to validate full recovery capability?
Answer: Full interruption (failover) test
A full interruption test is the most rigorous BCP test, cutting over entirely to the backup site to verify that all systems and assets are fully recoverable in a real disaster scenario.
Under FINRA Rule 4370, registered broker-dealers in the US are required to maintain a Business Continuity Plan that must include:
Answer: Procedures to address the emergency relocation of staff and systems to maintain customer access to funds
FINRA Rule 4370 mandates that broker-dealers have BCPs addressing emergency relocation and continuity of customer-facing operations, protecting client assets and firm financial stability.