The speed of Silicon Valley Bank’s collapse was scary. It was clear that business continuity thinking did not happen as recently as Q3 2022. Some blamed the collapse on the chief risk officer vacancy. Others blamed it on the ill-considered transparency offered by the CEO on March 9. Regardless, the bank, its board, and its leadership team had not prepared for an effective response and crisis communications strategy.
Business continuity works to prevent and respond to disruption as part of a broader operational risk and enterprise risk management effort. Monitoring key controls that prevent disruption is essential to enable a timely response and deliver effective communications to all involved. A key point is that controls include business impact analysis, plans, and exercises, as well as controls owned by the business and other risk disciplines.
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