Now is the time to pull out your Business Continuity Plan and read it. You need to make sure that all of the information is accurate. Have you changed the location of your offsite location? Have you changed the policy on people working from home? Is your communication tree up to date?
If you do not have a BCP or can’t find it reach out to a consultant or counsel and get one today.
Once you are sure it is accurate you need to send it around to all of your employees, independent contractors and consultants and legal counsel. Make it clear that it should be read and understood. Make sure you have a link to it on your website for clients. If clients call about your BCP make sure that there is someone to speak with them that has a full understanding of the BCP.
BCP’s are not looked at very often. Frankly we don’t think we will need them. But that time has come. We don’t know if the coronavirus will reach the level it has in China, Italy or South Korea but we do need to be prepared.
Finally, make sure someone is following alerts from FINRA, the SEC, states and other regulators that regulate your business.
You should not panic but you should be alert.
(C) 2020 Sharon M. Davison