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Financial Services

The financial services industry is responsible for handling transactions involving money worth multiple billions every day. It also employs a huge number of people worldwide and is crucial to the Global economy.

Across the industry there are a number of different areas that have to face possible incidents, issues, threats and crises on a daily basis. All can have a major impact on the business of an organisation and potentially create much more serious implications for the industry via a knock-on effect as well as for both local economies and further afield.

CLIO can be used to provide critical incident or crisis management in core areas of financial services such as:

  • Investment Banking
  • Retail Banking
  • Brokerage
  • Insurance
  • Advisory Services

CLIO can help an organisation develop response plans to deal with any type of event or incident. Moreover, CLIO will ensure that should anything happen to trigger a response, it will be dynamic and automatically executed to bring together the best team and resources for each incident. CLIO allows full real-time collaboration and communication across the team and permit actions to be assigned and monitored.

It also ensures that senior management can remain briefed throughout and able to control media access and information flow as well being able to interact with the media and press on an informed basis with full access to history of the incident and all facts.

Equally importantly, CLIO records every action and communication through the life cycle of the incident or crisis which can be audited and used evidentially later in the face of litigation or investigation by authorities such as the FSA, etc.

Areas where CLIO can be deployed include:

Employee duty of care

Every company is legally obliged to provide duty of care to their employees.

Many companies need to be aware of Global issues and threats to their employees when it comes to travel arrangements and protecting them while they are away on business. In some cases there may be real threats of kidnap and hostage taking.

Most companies need to have plans in place to deal with the many issues and incidents that may arise which could cause a risk of injury, or worse, to employees from severe weather events, natural disasters, fires, civil disorder and so on.

All companies need to respond to any event that affects their employees however minor as it can escalate in seriousness or have later implications for your company if you have been shown to have responded poorly or ineffectively.

In addition, companies and senior executives can be held ultimately responsible for an employee undergoing serious injury or loss of life. Corporate Manslaughter is now a real risk with recent cases of MDs being found guilty and given prison sentences

Cyber and security attacks

The world of business is well aware of the increasing threat from cyber attacks. The number of incidents has grown year on year and has seen an explosion on growth in the last two years. The attacks take many forms but all can seriously damage an organisations ability to continue doing business, can effect revenue and have a lasting, if not fatal, impact on reputation. Financial Services is one of the highest risk sectors for cyber attack.

While all organisations will have multiple layers of physical and virtual security to detect, deter and prevent attack, there is still a high probability that some sort of attack will be successful. For example, a Denial of Service attack may not cause any actual intrusion, access to sensitive data or any long lasting effect on business but it will be noticed and will be an embarrassment to the targeted organisation.

CLIO can be used to manage the aftermath of a cyber attack. The response you make will be judged by both the public and the media and will have a critical effect on how you are seen to have managed the security breach. Being considered as having badly managed the incident can have a major if not fatal impact on revenue and business.

IT outages

Financial services companies face IT issues the same as any industry. However, any IT issue that causes significant downtime has a major impact on revenue and profits. At the high end of Financial Services, organisations involved in trading and broking estimate that each hour of downtime and inability to trade can lose them over $1m per hour. Retail banks may not face such potential losses but face disrupting customers and risk losing them in today's very competitive marketplace.

In addition to normal IT outages, critical financial districts such as the City of London face major issues over supply of power. The rapid growth and expansion of financial services has driven massive growth in IT and that means a huge hunger for more electrical power which is simply not available. This puts more pressure on supply and stability which can threaten availability.

CLIO allows you to develop and implement policies for responding to outages whatever the cause and enables an over-arching management of any outage beyond just core IT failures. It can also encompass the actions required to deal with supplies, customers and the media, and can ensure that everyone from IT Operations, through Public Relations to executive management are involved and fully briefed. This will help to not only restore IT service but also business as usual and protect your reputation.

Compliancy and Regulatory Control

Financial Services is seeing continuous introduction of new Regulation and Compliance. These extend from Data Protection through to Ethical Behaviour.

Whatever the rules, being found to have contravened them is serious and can lead to huge fines.

These fines not only affect company profit but also have a major impact on the reputation of a company and its' ability to attract clients, customers and business partners.

Financial Services companies will have policies in place to enforce adherence to Regulatory controls and laws but cannot guarantee accidental or deliberate abuse.

CLIO can be used as part of the overall management layer of adherence to test and measure how adherence is being met, but also for when a contravention is discovered. It is then that how you respond becomes critical to the outcome.

Having a policy driven automated response that brings together operational, Legal, PR and management, etc. to respond and take the necessary actions to minimise the fallout and damage that may arise from the contravention could mean avoiding or limiting fines. It can also help manage information release to the Press and allow you to guide the "story" rather than have to chase it.

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