The Federal Financial Institutions Examination Council (FFIEC) released guidance on March 6 to help financial institutions minimize the potential effects of a pandemic as concerns continue about the spread of the coronavirus.

The guidance, which updates previous pandemic planning guidance from 2008, encourages financial institutions to review risk management plans, including continuity plans, “to ensure their ability to continue to deliver their products and services in a wide range of scenarios and with minimal disruption.”

The FFIEC – an interagency body for the FDIC, OCC, NCUA, the Federal Reserve System and other agencies – noted that recent events highlighted the importance of being ready to execute plans. The recommendations include:

• Promoting employee awareness by communicating the risks of a pandemic outbreak and discussing the steps employees can take to reduce the likelihood of contracting an illness;
• Identifying and prioritizing essential functions, employees and resources within the institution and across other business sectors for operational continuity purposes;
• Testing roles and responsibilities of management, employees, key suppliers and customers; key pandemic planning assumptions; increased reliance on online banking, telephone banking and call center services; and remote access and telecommuting capabilities.

The guidance also urges financial institutions to consider measures like “social distancing to minimize staff contact, telecommuting, redirecting customers from branch to electronic banking services or conducting operations from alternative sites,” as well as rethinking visitor policies and attempting to anticipate changes in customer demand for services.

The Cooperative Credit Union Association, a Massachusetts-based trade group for credit unions, has set up a resource page with updates about the coronavirus and recommended preparations. The CCUA has also scheduled a webinar on March 11 with a panel discussion touching on medical, human resources, information technology and other perspectives on the coronavirus outbreak.