In response to the coronavirus (COVID-19) outbreak, the Federal Financial Institutions Examination Council (FFIEC) updated its 2007 Interagency Statement on Pandemic Planning to provide guidance to financial institutions on actions they can take to mitigate the potential adverse effects of a pandemic to their operations. It requires financial institutions to have plans in place that describe how they will manage a pandemic event.

For an explanation of the five areas that a financial institution’s business continuity plan should include with respect to pandemics from the FFIEC, continue reading.