Do you have a business continuity plan for your firm? If so, are you confident it will get you back in business quickly after a major storm or other natural catastrophe? And once it does, will it protect you against storm-related E&O insurance claims? If you don’t have a plan, do you know how to create one that your regulator(s) will deem sufficient?
The following resource list will help you answer all of these questions and more. And don’t forget to ask your RIA firm, broker-dealer, insurance FMO, custodial firm, and financial-product companies about backstop services they may provide to your clients. Good luck!
The Case for Business Continuity Planning
Advisers Have a Fiduciary Duty to Put Robust Business Continuity Plans in Place, Investment News, September 2, 2016
Advisers in Florida Brace for Hurricane Irma’s Wrath, Investment News, September 6, 2017
A Q&A with Insurance Industry Leader, Agility Recovery, August 17, 2015
Business Continuity Plans & Technology Help Businesses Weather Hurricane Harvey, Property-Casualty 360o, September 6, 2017
Financial Advisers in Harvey’s Path Ride Out the Texas Storm, Investment News, August 28, 2017
For Hurricane-Battered Advisors, Planning Is Key, ThinkAdvisor, September 1, 2017
Harvey Tests Whether Advisers Need More Emergency Planning, Investment News, August 28, 2017
Harvey’s Wrath Brings Out Resilience, Client Outreach From Texas Advisors, Financial Advisor, August 30, 2017
Hurricane Irma: Advisory Firms Close Offices, Activate Crisis Teams, Financial Planning, September 7, 2017
Why is Business Continuity Important?, Travelers Insurance
Business Continuity Planning Guides
Being There: An Insurance Professional’s Guide to Preparedness, Agility Recovery
Building a Strong Business Continuity Plan, Charles Schwab
Business Continuity Planning, FINRA
Business Continuity Planning Suite, Ready.Gov (Federal Emergency Management Agency)
FINRA’s Business Continuity Planning Template, FINRA (podcast)
Risk Control Bulletin: Business Continuity Planning Guide, CNA
Stay Open for Business: The Easy Way to Prepare Your Business for the Unexpected, Insurance Institute for Business & Home Safety
Business Continuity Planning Compliance Requirements
SEC
Adviser Business Continuity and Transition Plans, (Proposed, 2016), Securities and Exchange Commission
Business Continuity Planning for Investment Advisors, Lorna A. Schnase, Esq., September 25, 2013
Investment Advisors Act Rule 206(4)-7, Securities and Exchange Commission
Proposed SEC Rule Would Make Business Continuity and Transition Plan a Fiduciary Obligation, July 4, 2016, Michael Kitces Blog
SEC Examinations of Business Continuity Plans of Certain Advisers Following Operational Disruptions Caused by Weather-Related Events Last Year, National Exam Program Risk Alert, SEC, August 27, 2013
What the Proposed SEC Rule on Continuity Planning Means for Your RIA, Wealth Management, September 21, 2016
STATE-LEVEL RIA COMPLIANCE
NASAA Model Rule on Business Continuity and Succession Planning, North American Securities Administrators Association, April 13, 2015
FINRA
Emergency Preparedness Rule, FINRA Rule 4370
Guidance to Members Affected by Hurricane Harvey (and Irma), FINRA, Regulatory Notice 17-27
Business Continuity Plan Hardening
Five Easy Ways to Improve Your Disaster Recovery & Business Continuity Plan, Leverage Technology
How You Can Strengthen Your Business Continuity Plan, Steven Saslow, Information Technology Group, July 13, 2016
Ten Easy Ways to Improve Your Business Continuity Plan, Kenneth Howells, Continuity Central
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