Recovery Strategies

Businesses or companies should define measures that enable their critical functions to recovery their normal operation state with few hours of disruption and backup system starting operations immediately after an incident occurs (Clark, 2016). The following procedures will ensure that the financial institutions return to normal operations about two hours after a disruption. 

Incident management 

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Incident management is categorized into four main categories. The first category is the malfunction, a low-level incident, which occurs when processes experience a temporary outage of processes with little or no damage. The second category is an emergency that possesses potential immediate risks and financial loss (Clark, 2016).  The third category is a crisis that leads to dangerous and unstable conditions with little controllability, unpredictable outcome, harm, and uncertainty (Allen & Derr, 2016). The fourth category is called disaster which is a special crisis where the disruption not only affected the institution but also the community surrounding ort depending on the company is affected (Xin et al., 2019). Every incident that occurs should be immediately reported to the disaster management team for the coordination of appropriate actions to normalize operations. 

Emergency and crisis management is another recovery strategy that serves the business continuum plan and contains precautions and instructions to ensure that during an incident, the company provides critical precautions and instructions of its financial services in crisis and emergencies (Xin et al., 2019). In the context of emergency management, there is business contingency planning, business contingency testing, and continuous improvement to ensure operations normalize immediately after disruptions. 

Lastly, exceeded risk tolerance procedure (ERT) will be used when the institution encounters a disaster exceeding its risk tolerance threshold. As a result, general management will assume disaster management supervision (Clark, 2016). As a result, the disaster can be controlled and the operations resume normalcy.

References 

Allen, G., & Derr, R. (2016). Threat assessment and risk analysis: An applied approach.

Clark, R. (2016). Business Continuity and the Pandemic Threat. Ely: IT Governance Publishing. 

Xin, M., & Choudhary, V. (April 01, 2019). IT Investment Under Competition: The Role of Implementation Failure. Management Science, 65, 4, 1909-1925.

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