Continuity of Operations Planning (COOP) is an effort taken within individual executive departments and agencies to ensure essential functions continue to be performed in the case of an emergency including acts of nature, accidents, and technological or attack-related emergencies.
To achieve this goal, the organization must identify its essential functions and ensure they will be continued during emergencies or resumed shortly afterward. In the case of the federal government, it has forged a partnership with other non-federal government agencies who play integral roles in ensuring homeland security, to see to it that COOP measures are in place.
There are five basic steps in COOP. They include:
Analysis: Analysis is an ongoing activity businesses must carry out to identify and assess risks. The first step in analysis is identifying essential functions. Also, bankers must know the likelihood that an emergency will happen and assess the impact it would have on the institution.
Planning: Through business continuity planning, banks can develop procedures and policies that would be used in the event of an emergency such as a data breach or a natural disaster. Planning must include factors such as who will make decisions in an emergency and how authority will be delegated.
Key personnel must know what to do if an alternate facility is required, for example, during a natural disaster. Another aspect of COOP is planning for details of how operations will resume after a disaster. After the plans are created, they need to be updated regularly. The plans must be tested to ensure they have the desired effect.
Communications: As a part of COOP, banks must have the ability to notify key personnel for tabletop exercises as well as in the event of an actual emergency. This must be done in the proper order of succession.
Implementation: Continuity of Operations Planning also includes implementing the plans that have been created. These processes can be streamlined through business continuity planning software so that applications, infrastructure, and processes are set up to handle a variety of scenarios.
Measurement: COOP doesn’t stop with creating and implementing plans. It is just as important to make sure the plans put in place are effective ones. The plans must also be measured to prepare for bank exams and reduce noncompliance risks. BCP software can used to create measurable timeframes and results.
Continuity planning is a good business practice and fundamental duty of public and private entities. Learn more about COOP so you can determine the best methods for keeping your business safe.