New CBSC Service Provides Business Continuity Planning Solution

Online, September 29, 2009 (Newswire.com) - Recovery Solutions, a leading provider of business resumption services, was selected as a preferred provider for their proven ability to help community banks develop and test a comprehensive business continuity plan (BCP) that complies with the new federal guidance.

On March 19, 2008, the FFIEC issued an update to its IT Examination Handbook, Business Continuity Planning Booklet. The most significant change requires bankers to test their business continuity plan, known as a "live test".

Furthermore, it requires board and senior management review of the BCP testing program and test results.

"Community bankers have let us know that examiners expect them to develop and execute a complete test of the bank's business resumption plan," said Robin Loftus, CBSC Chairman and COO at Security Bank, Springfield. "Bankers that failed to do so were cited for non-compliance during subsequent exams. You don't want to face the consequences of failing a third time," she concluded.

The CBSC board of directors spent nearly a year evaluating service providers and monitoring regulatory requirements before it selected Recovery Solutions. "We analyzed its financial statements, verified references, reviewed third-party provider agreements and spoke to officials at the state banking department before we agreed to recommend Recovery Solutions to member bankers," said Pam Lowrance, CBSC Services Vice President. She added, "we successfully negotiated a special CBAI member discount, which makes the service very affordable for even the smallest member bank."

"Being chosen as a CBSC preferred provider for business continuity planning services is an important milestone for Recovery Solutions," said Rich Lavin, President and CEO of Recovery Solutions. The selection is a testament to our outstanding track record and recognition that we are well positioned to add significant value to CBAI members."