What is a Business Continuity Plan for Wealth Management Firms?
A Business Continuity Plan (BCP) for wealth management firms is a plan that outlines how the organization will maintain operations during times of crisis or unforeseen events. It is critical for financial advisors, investment companies and other wealth management firms to have a plan in place as it ensures the continuity of client services, portfolio management, and financial operations. A BCP should include a comprehensive risk assessment of the organization’s critical functions, a clear plan for the continuity of those functions, and a strategy for recovery of those functions when the event is over.
What's included in this Business Continuity Plan for Wealth Management Firms template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Business Continuity Plan for Wealth Management Firms template for?
This template is designed to help wealth management firms, financial advisors, and investment companies create a comprehensive Business Continuity Plan that outlines how they will maintain operations during times of crisis or unforeseen events. It includes clear objectives and measurable targets (KPIs) that can be used to track progress and ensure that the plan is effective. Additionally, it includes actionable projects that can be implemented to achieve the desired outcomes.
1. Define clear examples of your focus areas
When creating a Business Continuity Plan, it is important to begin by defining clear focus areas. Focus areas are the overarching goal of the plan and should be specific and measurable. Examples of focus areas for a wealth management firm could include increasing operational resilience, data security, or available resources.
2. Think about the objectives that could fall under that focus area
Once you have identified the focus areas of your Business Continuity Plan, you should then identify specific objectives that will help you achieve those focus areas. Objectives should be specific, measurable, and achievable. Examples of some objectives for the focus area of Increase Operational Resilience could be: Establish Business Continuity Plan, and Establish Communication Protocols.
3. Set measurable targets (KPIs) to tackle the objective
Once you have identified objectives that will help you achieve your focus areas, you should then set measurable targets (KPIs) to track progress towards each objective. KPIs should be specific and measurable. An example of a KPI for the focus area of Increase Operational Resilience could be: Ensure 100% coverage of operational contingencies.
4. Implement related projects to achieve the KPIs
Once you have identified the KPIs that will help you track progress towards your objectives, you should then identify related projects that can be implemented to achieve the desired outcomes. Projects should be actionable and achievable. For example, under the KPI of ensuring 100% coverage of operational contingencies, an actionable project could be to create a plan for operational continuity.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade Strategy Execution Platform is the perfect tool to help companies achieve their Business Continuity Plan objectives. Cascade provides tools and resources to help develop effective objectives and KPIs, identify actionable projects, track progress and performance, and collaborate with team members. With Cascade, wealth management firms will be able to see faster results from their strategy.