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COPING WITH UNCERTAIN TIMES

Date post: 19-Feb-2016
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COPING WITH UNCERTAIN TIMES. Lisa Sciarrino UniCredit Group Jim Certoma CPE Ed Tracy The Tracy Group, Inc. Paul Katzer Pfizer. Intro. 1.Here as reps of different industries 2.CPE is our extended community of practice. About CPE. - PowerPoint PPT Presentation
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1 COPING WITH UNCERTAIN TIMES COPING WITH UNCERTAIN TIMES Lisa Sciarrino UniCredit Group Jim Certoma CPE Ed Tracy The Tracy Group, Inc. Paul Katzer Pfizer
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COPING WITH UNCERTAIN TIMESCOPING WITH UNCERTAIN TIMES

Lisa Sciarrino UniCredit GroupJim Certoma CPEEd Tracy The Tracy Group, Inc.Paul Katzer Pfizer

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• To provide our members with innovative strategies, tools and forums to advance the practice of business continuity and crisis management.

To achieve its mission, the CPE:• Hosts industry-leading seminars and special events on current issues and future challenges; • Educates its members through interactions with industry experts and pre-eminent service and

product providers; • Facilitates information-sharing across diverse industries and between the public and private sectors; • Promotes the recognition of operational resiliency as a priority concern among business and

government leaders. • Three Chapters: New York, Long Island, and Washington D.C.

About CPE

1. Here as reps of different industries2. CPE is our extended community of practice

Intro

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1. All industries facing budget constraints2. Impacts BCM funding, even if there are regulatory requirements for

BCM3. Business units also resource constrained – challenging to get them

to engage4. BCM practitioners need to do more with less....

II. Common Problem Statement

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FINANCIAL SERVICES PERSPECTIVE

Business Continuity is a Requirement• BCP is a requirement in financial services and is followed up continually by

auditors at all levels (internal, external, regulatory)

• Even in challenging economic times, commitment to BCP is a must and a good business practice

• Our challenge is to deliver the needed service in the most efficient manner– Work with vendors to re-negotiate contracts– Senior Management/Board must understand the need for a real,

workable plan, not just a big “handbook”– Move BCP responsibilities to departmental level– Consider lower-cost alternatives to accomplish testing objectives

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PROFESSIONAL OVERVIEW

Business Continuity is Cyclical

• Business continuity is a regulatory requirement in financial services and a best practice in many other sectors. It is not going away.

• Events routinely occur and new threats are continually identified.

• We have always worked to promote and sell the need and value of an effective program – Missionary Role.

• Business continuity will continue to grow in importance and transform itself.

• Today’s challenges are significant but not unique – Keep it in perspective.

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PROFESSIONAL OVERVIEW

Reduction and re-allocation of staffing and budgets. • Must continue to maintain an effective program with decreased business

continuity staff• Difficulty getting approval for expenditures on hardware, software and

tools to do your job• Business areas have competing priorities for their resources• Operational Risk has high priority within organizations

Business Continuity Programs demands are increasing• Greater involvement in Incident Response and Crisis Management• Business changes at a rapid pace• Greater emphasis on the reliance of third party vendors and the availability

of technology• New threats require plan adjustments to insure resiliency• Greater need for detailed testing and follow-up

Today’s Challenges

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PROFESSIONAL OVERVIEW

• Rethink your program approach

• Focus on an all hazards planning approach

• Combine plans within organizational units

• Leverage work (process maps) completed by other areas

• Reduce redundant demands on business units

• Streamline the planning process

• Make changes to your testing frequencies, dates and participation

Addressing the Situation

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PRIVATE COMPANY PERSPECTIVE

Don’t Let A Financial Crisis Turn Into A Business Continuity Crisis!

Results of a Financial Crisis:• Budget Constraints.• Downsizing/Layoffs of Critical Personnel.• Reduced Business Continuity Management Emphasis.• Additional Risk to the Enterprise.

The Tracy Group, Inc.

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PRIVATE COMPANY PERSPECTIVE

Publicly Held Companies

Must Continue to Meet the Requirements of the

Sarbanes-Oxley Act of 2002.

The Tracy Group, Inc.

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PRIVATE COMPANY PERSPECTIVE

Sarbanes – Oxley Act of 2002:

• Mandates that organizations understand the risks that may impact the financial reporting process.

• A company’s processes, systems, and controls must make available all material information needed for fair presentation and disclosure in SEC reports.

• Report on the effectiveness of internal controls over financial reporting.

• Quarterly certifications.

The Tracy Group, Inc.

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PRIVATE COMPANY PERSPECTIVE

Reduction in Business Continuity Personnel

• Utilize Internal Audit Staff to Update, Maintain, and Test Business Continuity Programs.

• Utilize Corporate Accounting/Finance Personnel to meet the requirements of the Sarbanes-Oxley Act of 2002.

• Utilize Consultants.

The Tracy Group, Inc.

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GLOBAL PHARMACEUTICAL

Global Footprint• Sites• Supply Chains• Markets

Interdependencies• Complex processes• Diverse risk profiles and business impacts

Vendors• Many are small businesses• Need to test their resilience

Focus on Cost• Reduce operating costs• Impact to global and site BCM funding• If it’s not required …

OPERATING ENVIRONMENT

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“There cannot be a crisis next week. My schedule is already full.”

- Henry Kissinger

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GLOBAL PHARMACEUTICAL

Deploying a global BCM programSupporting site and global planning, enterprise reporting and providing a

common alerting platform . . .

. . . requires partnering with sites and business lines, providing efficiencies and setting realistic goals.

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1. Risks aren't going away – what's hot changes, but there's always something new

2. Need for creativity; solutions need to meet our specific industry/company needs

3. CPE – local forum for discussing evolving challenges and how different businesses approach those challenges

IV. Closing Theme

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