This will be my shortest blog post ever. But, one that may become very important. Do you have a clear understanding of your critical vendors’ (including core processing) escalation policies? If a situation arose and your institution requires assistance or other form of consideration from your vendors, do you know how to escalate that if your normal contacts are no longer accessible?
Most vendors have centralized support, which should provide a pool of resources that would be available. However, typically there is only one individual that manages your institution’s relationship. If that person is no longer available, who do you contact? You can’t assume a pandemic event will only affect your financial institution. It could very well impact your vendors. Be prepared if your contacts are no longer accessible.
ProBank Austin is offering an in-depth training class on Pandemic Planning on March 18, 2020. For registration information check here.
About the Author.