A guide to help Financial Institutions and Technology Service Providers achieve their business continuity objectives
By John Beattie
In April 2019, the FDIC released FIL-19-2019, a document providing financial institutions with guidance and compliance requirements for contracts with Technology Service Providers (TSPs), focused on business continuity and incident response. FDIC regulated Financial Institutions (FIs) and the TSPs they rely on to deliver mission critical services, must work together to meet these requirements to ensure business resilience. They each share the same goal of minimizing risk but have very different objectives about how to accomplish it.
As a TSP who provides business continuity consulting and technology services to many FIs and TSPs, Sungard Availability Services knows how to optimize business continuity, incident response, and third-party risk for FIs and TSPs. It’s what we do.
Below are three key steps to ensure that FIs and TSPs meet the requirements under the FDIC’s Business Continuity Planning booklet:
Two Parties with a Common Goal
Minimize Risks | Set Expectations | Comply with Rule & Regulations
For your business continuity and incident response control expectations:
Technology Service Providers
For your business continuity and incident response control capabilities:
About the Author: John Beattie is a Principal in Sungard Availability Services’ Business Advisory practice. His consulting focus is on Business Continuity, Third-party Risk Management, and IT Service Risk Management. He has worked with both FIs and TSPs on their business continuity and incident response capabilities and inter-relationships.