Contingency Planning in Action
Date of presentation:
Contingency planning is an integral part of any organization that intends to survive in the current competitive business environment. The main aim of contingency planning is make sure that a business ...view middle of the document...
This company is known as Seinfeld Microfinance specializes in supporting the set up and growth of small businesses and innovators. The headquarters has Fifty employees broken down in the following way; five in top management, ten in finance department; five in Human Resource management. The headquarters has five IT specialists that deal with the daily Information Technology routine of this small bank. Additionally, there is a branch manager, an operations manager, five sales agents, five customer care consultants and five tellers, a regional manager that coordinates the two branches and seven subordinate staff. The spare branch in Queens New York has a branch manager, an operations manager, five customer care consultants, five tellers and five subordinate staff. This brings the total number of employees of Seinfeld Microfinance to sixty seven. The primary business functions include holding accounts for customers; saving accounts, fixed deposits, salary accounts, provision of credit facilities startups, networking between innovators and investors. This microfinance focuses on delivering to customers on Information Technology effectiveness and has employed strategies whether technological or operational to make this a reality. This includes use high security volts to store cash in-house and employing trusted security companies to transport cash.
This firm employs the use of ultra modern automated machines to serve customers. Use of the latest cash counting machinery to ensure accuracy and make tellers work easier. In addition to this the bank has employed the use of CCTV cameras to keep sight of all activities taking place within the premises of the bank. This microfinance company faces a number of risks that can impair its operation and general performance. Some of these risks include; theft , the threat of hackers interfering with mobile money transfer, burglary of ATMs, fire to the premises, bad debts and robbery. This are threats that can paralyze the operations of this firm and incase they materialize can even lead to the ultimate collapse of the microfinance organization. This organization is lacking in its contingency planning efforts and requires assistance in ensuring these efforts are appropriately addressed to increase its overall security and preparedness posture. The next section of this essay outlines efficient contingency plans that can assist Seinfeld Microfinance to thrive in a potential crisis and still be operational in the face of possible catastrophe.
There are several processes that are involved in coming contingency plan for the Seinfeld Microfinance limited. First and foremost is the IRP also known as Incident Response Plan. This is a systematic and detailed procedure and processes that detect, anticipate and mitigate how an event that is unexpected will negatively affect and compromise firm assets and information resources. When coming up with the IRP team it will consist of all the five IT experts and the...