Who is responsible for having account/relationship level bcp in place

MARCH 18, 2020 Due to the FINRA requires firms to create and maintain written business continuity plans (BCPs) relating to an emergency or significant business disruption. BCP procedures must be reasonably designed so the firm can meet its existing obligations to customers. A firm must disclose to its customers how its BCP addresses the possibility of a significant business disruption and how the firms plan to respond to events of varying scope. This BCP disclosure must be made in writing to customers when they open their account, posted on the firm's website if they maintain one and mailed to customers upon request. The BCP also must be made available promptly to FINRA staff if requested. What to Include in a Business Continuity Plan • Data backup and recovery (hard copy and electronic); • All mission critical systems; • Financial and operational assessments; • Alternate communications between customers and the firm, and between the firm and employees; • Alternate physical location of employees; • Critical business constituent, bank, and counterparty impact; • Regulatory reporting; • Communications with regulators; and • How the firm will assure customers' prompt access to their funds and securities in the event that the firm determines that it is unable to continue its business. A firm must address the elements to the extent applicable and necessary. If any of the elements is not applicable, the firm's BCP must document the rationale for not including the element in its ...

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