Closing the credit union until these disasters are resolved is not an option. You are competing with large, national banks that have devoted hundreds of millions of dollars to make sure their services are readily available to your members whenever they need them and no matter the circumstance. You’re also competing in an age where it has become so commonplace for organizations to make sure their services are available 24/7, that your members and potential members have come to expect this level of treatment.
So how will these potential disasters affect your membership? And if you aren’t prepared and the issue causes a noticeable impact to your members, what is the short-term and long-term effect on your brand?
A business impact analysis reviews your credit union’s operations to understand how your business is affected in the event of an uncontrollable circumstance.
This is an essential first step that should be done before creating/maintaining an effective business continuity plan.