CORONAVIRUS RESOURCE CENTER

To ensure our members have the resources and tools they need to navigate the COVID-19 pandemic, the Risk Management Association has created a dedicated website featuring a detailed crisis management planning checklist, recommended internal and external communications protocols, an analysis of potential pandemic scenarios and their implications, RMA Journal articles focused on keeping your financial institution and its people safe, and our latest new tool – the Pandemic Navigator – developed by our partners at Oliver Wyman.

  • Pandemic Navigator

  • Pandemic/Crisis Management Tools

  • Legislation & Regulatory Guide

INTRODUCING OLIVER WYMAN’S PANDEMIC NAVIGATOR

RMA is pleased to offer its members access to Oliver Wyman’s industry-leading COVID-19 forecasts and industry insights. As one of the top-performing models among CDC-listed models, Oliver Wyman’s Pandemic Navigator provides organizations with county-level, forward looking views into the path of the Pandemic.

Learn more about Oliver Wyman’s capabilities and explore forecasts in your area here.  

Pandemic Phases

  • Interpandemic phase: This is the period between influenza pandemics.
  • Alert phase: This is the phase when influenza caused by a new subtype has been identified in humans. Increased vigilance and careful risk assessment, at local, national and global levels, are characteristic of this phase. If the risk assessments indicate that the new virus is not developing into a pandemic strain, a de-escalation of activities towards those in the interpandemic phase may occur.
  • Pandemic phase: This is the period of global spread of human influenza caused by a new subtype based on global surveillance. Movement between the interpandemic, alert and pandemic phases may occur quickly or gradually as indicated by the global risk assessment, principally based on virological, epidemiological and clinical data.
  • Transition phase: As the assessed global risk reduces, de-escalation of global actions may occur, and reduction in response activities or movement towards recovery actions by countries may be appropriate, according to their own risk assessments.

Global Influenza Program, Pandemic Influenza Risk Management, a WHO guide to inform & harmonize national & international pandemic preparedness and response, May 2017

Crisis Management Planning Checklist

  • Incorporate Crisis Management Response Planning into your organization’s Business Continuity Management (BCM) Plan
  • Identify individuals who will be responsible to develop and maintain the organization’s Crisis Management Response Plan
  • Establish a planning committee including representation of all program areas within the organization
  • Review Crisis Management Response Planning planning assumptions and add any additional organization considerations
  • Use the BIA(s) to identify and prioritize essential functions/vital services within the organization
  • Review the list of elements to be contained in the BCM Plan that specifically address a response to a “crisis event”
  • Use the World Health Organization (WHO) Phases and the Government Response Stages as a guide to establish trigger points for specific implementation of actions within your plan
  • Obtain agreement of the roles and responsibilities in the planning process and response phases from all participating individuals within the organization
  • Allocate sufficient and accessible health/medical supplies to protect your employees and customers during a crisis event
  • Educate employees on pandemics and other crisis events
  • Collaborate with government, state and local public health agencies and/or emergency responders to participate in their planning processes, share your crisis management response plans, and understand their capabilities and responses
  • Validate your organization’s Crisis Management Response Plan 
  • Document lines of succession for the organization and divisions within the organization
  • Document procedures to institute delegation of authority
  • Identify all essential functions/vital services and identify any critical times of year when certain functions must be performed and which services can be suspended. (The BIA should be used to prioritize vital services within an organization.)
  • Include minimal staffing requirements and alternative approaches to maintain services when normal staffing requirements and approaches to maintain services have been compromised.
  • Identify primary and alternate staff leads for vital services.
  • Identify staff from low impacted services that can be cross trained to back fill priority vital services.
  • Confirm or identify a Public Information Officer (PIO) for the organization with a line of succession 4-5 staff deep that will disseminate information within and outside the organization.
  • Document a communications plan including a point of contact for collection of information relating to the operational status of a service and a method for notifying staff of changing information and communication to customers.
  • Identify and adjust any human resource policies to handle extreme circumstances related to a crisis. (Employee compensation, sick-leave absences, flexible worksite, telecommuting, outbreak prevention, travel, etc.)
  • Identify any impacts that your reduced level of service will have on other regional agencies, government or local jurisdictions. Determine alternatives to critical services you receive from others.
  • Identify goods and services you receive from others. Determine what goods should be purchased and stored for emergency use. Establish contracts and agreements with backup vendors and other jurisdictions for mutual aid as appropriate.
  • Identify proactive measures to put in place to prevent the spread of disease; including ways you can achieve social distancing in the delivery of essential functions/vital services.
  • Identify the organization’s technology needs to support large-scale telecommuting, e-commerce and telecom.

Communication Protocols by Phase of Pandemic

Interpandemic Phase
  • Notify external parties that the organization has a Pandemic Plan
  • Organize a staff awareness program
  • Prepare or adapt communications tools
  • Prepare communications plans for each pandemic phase
Alert Phase
  • Reassure employees, clients, and business partners (managing anxiety)
  • Respond to questions addressing common concerns
  • Anticipate questions that may be frequently asked
Pandemic Phase
  • Respond to employees’ need for information
  • Respond to clients’ need for information
  • Support business continuity management
  • Promote electronic communications and avoid communications channels that can spread the disease (hard copies of documents, meetings, etc.)
  • Contact regulatory authorities for information or if legal or regulatory non-compliance is expected due to a pandemic
Transition Phase
  • Manage client dissatisfaction
  • Prepare for the next wave, applying experience from previous phases
  • Notify employees of adjustments to the Pandemic Plan

Characteristics of a Pandemic

Characteristics of a Pandemic Compared with Other Disaster Types

Even organizations that are highly advanced in the area of operational risk management need to reconsider their risk management strategies in light of the distinctive characteristics associated with crisis management planning. 

Crisis Management Response Planning Framework

Possible Scenarios

The scenario analysis was based on Autorité des marchés financiers (AMF), August 9, 2006, the AMF released a guide for preparing for a possible influenza pandemic intended for financial institutions.  “The Autorité des marchés financiers (AMF) considers it essential that Québec financial sector participants be adequately prepared for a possible influenza pandemic. This means they must have business continuity management plans in place that establish measures to identify and attenuate impacts and ensure the continuity of an institution’s critical functions. The measures must be adapted to the characteristics of a possible influenza pandemic.” After SARS, the Canadian government made a commitment to be prepared for the next pandemic.  They established a number of policies and regulations to support and control the activities associated with managing pandemics. 

PART II: INTERAGENCY GUIDANCE

Joint Statement from the prudential regulators and CFPB Encouraging Responsible Small-Dollar Lending in Response to COVID-19 (March 26)

RMA Briefing: Agencies Issue Further Encouragement for Banks to Work with Borrowers (March 22)

Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (March 22)

Prudential Regulators Joint Statement on CRA Consideration for Activities in Response to COVID-19 (March 19)

Pandemic Planning: Joint Questions and Answers Regarding Statement About the Use of Capital and Liquidity Buffers (March 19)

RMA Briefing: Prudential Regulators’ advisories addressing banking activities and customer relationships (March 16)

Prudential Regulators Joint Statement on the Use of Capital and Liquidity Buffers

RMA Briefing: Agencies Urge Institutions to Meet Financial Needs of Customers Affected by Coronovirus (March 9)

Interagency Supervisory Examiner Guidance for Institutions Affected by a Major Disaster (December 2017)

PART IV: OCC GUIDANCE

OCC Frequently Asked Questions Regarding COVID-19

OCC Bulletin 2020-20: Use of Electronic Methods for Submission of Licensing Filings

OCC Bulletin 2012-28: Responding to a Declaration of a Legal Holiday or a Natural Disaster: Supervisory Guidance on Natural Disasters and Other Emergency Conditions

PART VI: FFIEC & OTHER GUIDANCE

FFIEC “Interagency Statement on Pandemic Planning”

FFIEC IT Examination Handbook – Business Continuity Management Booklet

FFIEC: Interagency Statement on Pandemic Planning (Update of March 2006 Statement) (March 13)

Regulatory Notice 09-59: FINRA Guidance on Pandemic Planning (2009)

FBIIC/FSSCC Pandemic Flu Exercise of 2007 After Action Report

RMA brings you these timely webinars – additional offerings to our Risk Readiness Webinar Series – to address the recent coronavirus outbreak and the necessity for financial institutions to include pandemic planning in their risk frameworks.
Slides will be provided for each webinar.

Coronavirus Briefing: A Risk Management Perspective

MARCH

6

2:30–3:30 P.M. E.T.

Speaker: Stephany J. Head, President, OpRisk Associates LLC; Michael Ankrom, Head of Enterprise Credit Risk, Bank of America; Nancy Foster, President & CEO, The Risk Management Association

Session Description

With the world bracing for the potential impact of the COVID-19 coronavirus, financial institutions must take action now to protect customers and colleagues, ensure business continuity, and manage a wide range of associated risks. In an RMA Risk Readiness Webinar EXTRA, Mick Ankrom, RMA Chair and Bank of America’s Head of Enterprise Credit Risk, will discuss the coronavirus response in a Q&A with RMA CEO Nancy Foster. The webinar will also include an update on the coronavirus outbreak and segment on internal pandemic communication hosted by Stephany Head, Ph.D., of Op Risk Associates. Head was the presenter for RMA’s recent Pandemic Planning webinar, which is available for download. 

Register TodayPurchase the webinar recording

The Effect of Pandemics on Credit Risk

MARCH

10

1:00–2:00 P.M. E.T.

Speaker: Joe Breeden, Prescient Models

Session Description

In a follow-up to RMA’s Risk Readiness Webinar that addressed the operational risks presented by pandemics, Joe Breeden of Prescient Models will address how pandemics can affect your financial institution’s portfolio. The session will discuss stress testing a pandemic, and features Breeden’s top learnings as a forecaster for a major lender in Hong Kong during the SARS crisis.

Register TodayPurchase the webinar recording

Pandemic Planning: Crisis Management in the Framework of Operational Risk

FEBRUARY

11

This webinar has ended

Speaker: Stephany Head, Ph. D.

Session Description

Pandemic planning, a component of a comprehensive crisis management strategy, is becoming increasingly important to an organization’s survival and continued success in our ever complex global economy. Our ability to effectively respond in times of crisis requires an understanding of our critical infrastructure requirements, an appreciation for the human needs of our organization, and a predefined ability to integrate and use public resources (both on a national and international level). Crisis management extends the normal processes of business continuity management. A crisis event can create multiple issues that evolve over time, requiring unique responses, flexibility in strategy, and interdependence between other organizations and public resources on a national and possibly international scale.

The webinar discusses the distinctive characteristics associated with crisis management planning, with a focus on organizational responses to a pandemic. Specific topics include:

  • Overview of crisis management
  • Potential impact
  • Communication plans
  • Infrastructure dependency plans
  • Governance

Presenter Stephany Head, Ph. D., who has worked with the federal government and private industry implementing enterprise risk management programs, and who recently co-authored an RMA Journal article on cybersecurity readiness, will provide various scenarios and a crisis management response-planning framework to help institutions get started immediately.


Who will benefit?
Individuals within an organization responsible for understanding, planning, and overseeing the implementation of the institution's pandemic response program should attend. This webinar is appropriate for all size institutions.

Register TodayPurchase the webinar recording

Pandemic Trends & Insights

March

3

This webinar has ended

Session Description

Join RMA and Oliver Wyman’s Health & Life Sciences, Financial Services, and Modeling experts to learn more about how the industry-leading Pandemic Navigator can help you. RMA has updated their Coronavirus Resource Center to include Oliver Wyman’s Pandemic Navigator, which includes forecasts that are listed by the Centers for Disease Control and Prevention and consistently perform in the top three most accurate models among leading COVID-19 models.

Every two weeks, we will review the Pandemic Navigator tool, demonstrate how financial services organizations around the world are incorporating these forecasts into their operational and strategic planning, and review trends and insights coming out of the tool.

Presenters:
Bruce Hamory, Partner and Chief Medical Officer, Health & Life Sciences, Oliver Wyman
Ugur Koyluoglu, Partner and Vice Chairman, Financial Services, Americas, Oliver Wyman
Helen Leis, Partner, Health & Life Sciences and OW Digital, Oliver Wyman

Register NowDownload the webinar recordingPurchase the webinar recordingOn-demand registrants click here to access

Pandemic Trends & Insights

March

16

This webinar has ended

Session Description

Join RMA and Oliver Wyman’s Health & Life Sciences, Financial Services, and Modeling experts to learn more about how the industry-leading Pandemic Navigator can help you. RMA has updated their Coronavirus Resource Center to include Oliver Wyman’s Pandemic Navigator, which includes forecasts that are listed by the Centers for Disease Control and Prevention and consistently perform in the top three most accurate models among leading COVID-19 models.

Every two weeks, we will review the Pandemic Navigator tool, demonstrate how financial services organizations around the world are incorporating these forecasts into their operational and strategic planning, and review trends and insights coming out of the tool.

Presenters:
Bruce Hamory, Partner and Chief Medical Officer, Health & Life Sciences, Oliver Wyman
Ugur Koyluoglu, Partner and Vice Chairman, Financial Services, Americas, Oliver Wyman
Helen Leis, Partner, Health & Life Sciences and OW Digital, Oliver Wyman

Register NowDownload the webinar recordingPurchase the webinar recordingOn-demand registrants click here to access

Pandemic Trends & Insights

March

31

This webinar has ended

Session Description

Join RMA and Oliver Wyman’s Health & Life Sciences, Financial Services, and Modeling experts to learn more about how the industry-leading Pandemic Navigator can help you. RMA has updated their Coronavirus Resource Center to include Oliver Wyman’s Pandemic Navigator, which includes forecasts that are listed by the Centers for Disease Control and Prevention and consistently perform in the top three most accurate models among leading COVID-19 models.

Every two weeks, we will review the Pandemic Navigator tool, demonstrate how financial services organizations around the world are incorporating these forecasts into their operational and strategic planning, and review trends and insights coming out of the tool.

Presenters:
Bruce Hamory, Partner and Chief Medical Officer, Health & Life Sciences, Oliver Wyman
Ugur Koyluoglu, Partner and Vice Chairman, Financial Services, Americas, Oliver Wyman
Helen Leis, Partner, Health & Life Sciences and OW Digital, Oliver Wyman

Register NowDownload the webinar recordingPurchase the webinar recordingOn-demand registrants click here to access

Pandemic Trends & Insights

April

14

This webinar has ended

Session Description

Join RMA and Oliver Wyman’s Health & Life Sciences, Financial Services, and Modeling experts to learn more about how the industry-leading Pandemic Navigator can help you. RMA has updated their Coronavirus Resource Center to include Oliver Wyman’s Pandemic Navigator, which includes forecasts that are listed by the Centers for Disease Control and Prevention and consistently perform in the top three most accurate models among leading COVID-19 models.

Every two weeks, we will review the Pandemic Navigator tool, demonstrate how financial services organizations around the world are incorporating these forecasts into their operational and strategic planning, and review trends and insights coming out of the tool.

Presenters:
Bruce Hamory, Partner and Chief Medical Officer, Health & Life Sciences, Oliver Wyman
Ugur Koyluoglu, Partner and Vice Chairman, Financial Services, Americas, Oliver Wyman
Helen Leis, Partner, Health & Life Sciences and OW Digital, Oliver Wyman

Register NowDownload the webinar recordingPurchase the webinar recordingOn-demand registrants click here to access

Pandemic Trends & Insights

April

27

This webinar has ended

Session Description

Join RMA and Oliver Wyman’s Health & Life Sciences, Financial Services, and Modeling experts to learn more about how the industry-leading Pandemic Navigator can help you. RMA has updated their Coronavirus Resource Center to include Oliver Wyman’s Pandemic Navigator, which includes forecasts that are listed by the Centers for Disease Control and Prevention and consistently perform in the top three most accurate models among leading COVID-19 models.

Every two weeks, we will review the Pandemic Navigator tool, demonstrate how financial services organizations around the world are incorporating these forecasts into their operational and strategic planning, and review trends and insights coming out of the tool.

Presenters:
Bruce Hamory, Partner and Chief Medical Officer, Health & Life Sciences, Oliver Wyman
Ugur Koyluoglu, Partner and Vice Chairman, Financial Services, Americas, Oliver Wyman
Helen Leis, Partner, Health & Life Sciences and OW Digital, Oliver Wyman

Register NowDownload the webinar recordingPurchase the webinar recordingOn-demand registrants click here to access

Pandemic Trends & Insights

May

12

This webinar has ended

Session Description

Join RMA and Oliver Wyman’s Health & Life Sciences, Financial Services, and Modeling experts to learn more about how the industry-leading Pandemic Navigator can help you. RMA has updated their Coronavirus Resource Center to include Oliver Wyman’s Pandemic Navigator, which includes forecasts that are listed by the Centers for Disease Control and Prevention and consistently perform in the top three most accurate models among leading COVID-19 models.

Every two weeks, we will review the Pandemic Navigator tool, demonstrate how financial services organizations around the world are incorporating these forecasts into their operational and strategic planning, and review trends and insights coming out of the tool.

Presenters:
Bruce Hamory, Partner and Chief Medical Officer, Health & Life Sciences, Oliver Wyman
Ugur Koyluoglu, Partner and Vice Chairman, Financial Services, Americas, Oliver Wyman
Helen Leis, Partner, Health & Life Sciences and OW Digital, Oliver Wyman

Register NowDownload the webinar recordingPurchase the webinar recordingOn-demand registrants click here to access

Pandemic Trends & Insights

May

25

This webinar has ended

Session Description

Join RMA and Oliver Wyman’s Health & Life Sciences, Financial Services, and Modeling experts to learn more about how the industry-leading Pandemic Navigator can help you. RMA has updated their Coronavirus Resource Center to include Oliver Wyman’s Pandemic Navigator, which includes forecasts that are listed by the Centers for Disease Control and Prevention and consistently perform in the top three most accurate models among leading COVID-19 models.

Every two weeks, we will review the Pandemic Navigator tool, demonstrate how financial services organizations around the world are incorporating these forecasts into their operational and strategic planning, and review trends and insights coming out of the tool.

Presenters:
Bruce Hamory, Partner and Chief Medical Officer, Health & Life Sciences, Oliver Wyman
Ugur Koyluoglu, Partner and Vice Chairman, Financial Services, Americas, Oliver Wyman
Helen Leis, Partner, Health & Life Sciences and OW Digital, Oliver Wyman

Register NowDownload the webinar recordingPurchase the webinar recordingOn-demand registrants click here to access

Pandemic Trends & Insights

March

16

1:00pm - 1:30pm

Session Description

Join RMA and Oliver Wyman’s Health & Life Sciences, Financial Services, and Modeling experts to learn more about how the industry-leading Pandemic Navigator can help you. RMA has updated their Coronavirus Resource Center to include Oliver Wyman’s Pandemic Navigator, which includes forecasts that are listed by the Centers for Disease Control and Prevention and consistently perform in the top three most accurate models among leading COVID-19 models.

Every two weeks, we will review the Pandemic Navigator tool, demonstrate how financial services organizations around the world are incorporating these forecasts into their operational and strategic planning, and review trends and insights coming out of the tool.

Presenters:
Bruce Hamory, Partner and Chief Medical Officer, Health & Life Sciences, Oliver Wyman
Ugur Koyluoglu, Partner and Vice Chairman, Financial Services, Americas, Oliver Wyman
Helen Leis, Partner, Health & Life Sciences and OW Digital, Oliver Wyman

Register NowDownload the webinar recording