FedCash^® Services

Working together to enhance business continuity planning for cash

August 2011

When it comes to responding to a business disruption, a solid business continuity plan is key. Additionally, communication, collaboration and information sharing are critical components. As part of the Federal Reserve Banks’ role to ensure that depository institutions have sufficient supplies of currency and coin to meet public demand, we continuously collaborate with our customers, armored carriers and business partners to make sure we are prepared to rapidly and effectively respond to a cash service disruption.

In light of this, on June 14, 2011, the Federal Reserve’s Cash Product Office hosted its fourth Cash Business Continuity Conference themed “Tools of the Trade,” which took place at the Denver Branch of the Federal Reserve Bank of Kansas City.  More than 90 participants from depository institutions, armored carriers and Reserve Banks, as well as other industry participants, met to discuss business continuity issues affecting the cash industry and opportunities to enhance collaboration.

The full-day agenda featured three panel discussions, two expert speakers from the emergency management field and a joint business continuity exercise.

Serving as keynote speaker, Mike Chard, director of the Boulder County Office of Emergency Management, presented a discussion on Situational Awareness in the Emergency Operations Center.  He emphasized the importance of a thorough understanding of the changing conditions and impact of an emergency, in order to respond in the most effective and efficient way. 

Brandon Williams, the Public Information Officer for the State of Colorado’s Department of Emergency Management, discussed how to understand, manage and use social media in emergency management communications and information sharing.

Reflecting on nature’s unpredictable impact on delivering cash services, one industry panel discussion shared experiences on how they worked together during recent storms and tornados.  A second panel shared best practices, new response tools and a wish list of tools they would like to implement.  One wish list item well received by panel participants was a potential industry business continuity website to enhance information sharing during crisis events.  

The conference concluded with a joint business continuity exercise, in which participants discussed responses to a fictional scenario where a business continuity event turned into a long term disruption. In one part of the exercise, the participants switched roles and responded to the scenario from their partners’ perspectives in a segment called “Walk a Mile in My Shoes.”  The exercise helped participants consider new ideas and develop new strategies for working together.

For copies of conference presentations, or to receive information on future conferences, please submit your request to sf.cpo.bc@sf.frb.org.

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