An assessment was made of the US bank’s contingency plans, which, whilst being comprehensive, nevertheless needed qualifying in the context of a UK operation. Once this process was complete, briefings were held to ensure that all key staff understood the actual nature of the threat, and were therefore in a better position to respond to any incident, whether or not it directly affected the bank. As part of the process, an offsite facility was set up to house the key components of the operation, namely the IT and dealing functions which would enable the bank to continue trading throughout with minimal disruption.
In addition, a short simulation exercise was organized, involving the key personnel acting as a crisis management team, where each scenario was worked through, thereby preparing the team for issues they may face in a crisis.
Through a process of accurate assessment the potential risks were identified and put into perspective, thereby enabling the compilation of a simplified contingency plan and reduced inherent cost. Furthermore, through its contacts in the insurance market, Capcon Argen was able to negotiate a reduction in the bank’s insurance premiums as a result of having an improved contingency plan. Capcon Argen remains on stand-by to review the plans at regular intervals and to assist in the event of an actual crisis.
