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SEC Issues Risk Alert on Business Continuity and Disaster Recovery Plans

The SEC’s Office of Compliance Inspections and Examinations has released an risk alert on business continuity and disaster recovery plans (BCPs) for investment advisers. Following market closures last October from Hurricane Sandy, the SEC began to review standard operating procedures of 40 advisers in the impacted areas and assess their compliance with laws and regulations related to their BCPs.

This Risk Alert mainly recommends that advisers should review their continuity plans and ensure they are in line with the examination staff’s observations in the following areas:

• Preparation for widespread disruption
• Planning for alternative locations
• Preparedness of key vendors
• Telecommunications services and technology
• Communication plans
• Reviewing and testing

The full copy of the Risk Alert is available here.


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