In a recent joint advisory issued by the US Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight it was recommended, among other things, that “firms should consider keeping their business continuity plans, contact lists and other necessary documents, procedures and manuals at the alternative site, ideally in paper form in the event that electronic files cannot be accessed.”
In response to the above, Continuity Central carried out a survey asking the question:“How important are paper-based business continuity plans?” Altogether 118 responses were received.
55.6 percent of respondents believe that paper based business continuity plans are essential; 24.8 percent say that they are ‘quite important’; and 19.7 percent say that they are ‘not important’.
There was some variation of opinion depending on the size of the respondent’s organization. 57.3 percent of business continuity professionals in large organizations see paper-based BCPs as essential; this drops to 42.9 percent in medium-sized organizations and 50 percent in small organizations. However, 63.6 percent of those in micro organizations say that paper-based BCPs are essential.