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In the event of Financial operations disruption, the Financial Continuity Planning Procedure ensures the Finance department’s ability to return to normal functional capability with minimal downtime and minimal adverse effects. This procedure applies to the company’s Financial Management System (FMS). It includes the forming of a continuity team and plan to quickly resume mission-critical functions. (10 pages, 1939 words)
Members of the continuity team should be trained in their specific duties early in the original continuity plan implementation. As other personnel are moved into the continuity team, they should receive specialized training immediately. The continuity team leader should also receive periodic refresher training.
Financial Continuity Planning Responsibilities:
The CFO (Chief Financial Officer) is responsible for ensuring development and implementation of a financial continuity plan for Finance and for ensuring that the continuity plan is in force; this includes ensuring that the plan is tested and verified periodically.
The CFO is also responsible for reporting to the CEO and the Board of Directors (or Advisory Board) on continuity plan test results and recommending improvements to the plan. (If the company is large enough, the CFO may assign responsibilities to a continuity manager.)
The Board of Directors is responsible for reviewing and approving the Finance department’s continuity plan.
The Continuity Team Leader is responsible for implementing the plan and participating in plan testing.
Financial Continuity Planning Definitions:
Continuity plan – Plan to ensure that the effects of an extended disruption (e.g., natural disaster) are minimized and the organization is able to maintain or quickly resume mission-critical functions.
Downtime (or “down time”) – Duration of an equipment or system stoppage – scheduled or unscheduled – measured from the moment of failure to the moment at which normal operations resume.