How Banks Can Prepare for Emergencies While Meeting Compliance

How Banks Can Prepare for Emergencies While Meeting Compliance

How Banks Can Prepare for Emergencies While Meeting ComplianceBanking institutions must ensure that all of their people, facilities and assets are secure and fully equipped to handle emergency situations, but often, they do not have a comprehensive emergency preparedness program to coordinate fire evacuation and life safety efforts in occupied administrative facilities. These gaps expose banks to legal and regulatory risks while exposing employees and third party tenants to unsafe working conditions.

How does a large financial institution with several locations across an expansive geographical area manage emergency situations while staying in compliance? Banks can accomplish this by actively engaging employees and implementing the proper tools to address emergency preparedness in a cost effective and efficient manner.

Emergency Preparedness Challenges

A good emergency preparedness program provides a complete solution for all planning, preparation and compliance. Banks face many challenges when implementing an emergency preparedness program:

  • Expertise. Banks don’t have a security expert on every site to survey the facility and create an emergency preparedness program.
  • Manpower. Banking offices are often short staffed to fulfill the labor needed to implement roles.
  • Technology. Banks struggle with updating the large quantity of action plans implemented across their many locations and maintaining an accurate response team database.
  • Meeting compliance. Banks have insufficient reporting, tracking and monitoring capabilities, as well as no way to audit and track compliance.

While many large financial institutions have emergency preparedness programs, they may be on paper or on one person’s PC, and each location may be managing their programs differently. To combat the challenges mentioned, financial institutions can implement a hosted security platform that can dynamically manage emergency action plans and audit all tasks related to emergency preparedness, training, drilling and plan maintenance.  

How it Works

Each location must complete a site survey to collect building-specific fire and life safety data, train emergency response teams annually, perform semi-annual drills and maintain plans to ensure on-going compliance.

The actual emergency action plan (EAP) can be implemented from a master template, but altered by region or site purpose. A central database collects, defines and manages all emergency response teams, and provides reporting capabilities for audit purposes.

A banking facility may implement several emergency response teams depending on size.  Typically, one team is assigned per floor or per a designated amount of square footage, using existing employees who are assigned specific roles within the team. Roles can include first aiders, fire marshals, stair wardens or customized roles defined by the facility, noting that some roles require training and/or certification. Software tracks all emergency response team roles, and can determine the exact location of emergency response team members during an emergency.

This software updates, maintains and publishes emergency response team plans, allowing all bank employees and vendors across a large geographical footprint seamless access to critical information such as floor plans, evacuation routes, critical documents and emergency response teams. This allows large financial facilities to manage emergency response teams by exception.  The software identifies any holes in the team by interfacing with the HR database and automatically notifies team members of overdue drills, training and certification expirations.

Web-hosted software also helps financial institutions maintain U.S. OSHA code compliance along with many international, state and local fire and emergency preparedness codes.

Communicating critical messages is crucial during an emergency; therefore, banks must have the ability to push out mass notifications to emergency response team members, all employees and designated groups to communicate important messages.  Attachments, including instructions or relocation maps, can be sent to communicate emergency instructions more clearly.

Large financial institutions cannot afford business disruptions. Imagine the money lost after evacuating a 30 floor high rise for four hours? By not being prepared to react to an emergency, a company can potentially lose millions of dollars for even the smallest disruption. Implementing an emergency preparedness program with a trained and compliant emergency response team reduces business disruptions, saving potentially millions of dollars.

About the Author

Kim Rahfaldt is Director of Media Relations at AMAG Technology, Inc., based in Torrance, Calif.

Featured

  • An Inside Look From Napco at ISC West

    Get a look into the excitement at ISC West 2025 from Napco. Hear from some of their top-tech executives live from the show floor. Read Now

    • Industry Events
    • ISC West
  • Upping the Ante

    I am not a betting man in terms of cards, dice, blackjack or that wheel with the black marble racing around the circumference of a spinning wheel, but I would bet on the success of ISC West this year. Read Now

    • Industry Events
    • ISC West
  • It's Show Time

    I am one of those people that likes to see things get bigger and better. As advertised, ISC West is going to be bigger (more exhibitors) and better (more attendees). It’s show time in Las Vegas. Read Now

    • Industry Events
    • ISC West
  • SIA Releases New Report on Operational Security Technology

    The Security Industry Association (SIA) has released an impactful new resource – Operational Security Technology: Principles, Challenges and Achieving Mission-Critical Outcomes Leveraging OST. Read Now

New Products

  • EasyGate SPT and SPD

    EasyGate SPT SPD

    Security solutions do not have to be ordinary, let alone unattractive. Having renewed their best-selling speed gates, Cominfo has once again demonstrated their Art of Security philosophy in practice — and confirmed their position as an industry-leading manufacturers of premium speed gates and turnstiles.

  • Camden CM-221 Series Switches

    Camden CM-221 Series Switches

    Camden Door Controls is pleased to announce that, in response to soaring customer demand, it has expanded its range of ValueWave™ no-touch switches to include a narrow (slimline) version with manual override. This override button is designed to provide additional assurance that the request to exit switch will open a door, even if the no-touch sensor fails to operate. This new slimline switch also features a heavy gauge stainless steel faceplate, a red/green illuminated light ring, and is IP65 rated, making it ideal for indoor or outdoor use as part of an automatic door or access control system. ValueWave™ no-touch switches are designed for easy installation and trouble-free service in high traffic applications. In addition to this narrow version, the CM-221 & CM-222 Series switches are available in a range of other models with single and double gang heavy-gauge stainless steel faceplates and include illuminated light rings.

  • HD2055 Modular Barricade

    Delta Scientific’s electric HD2055 modular shallow foundation barricade is tested to ASTM M50/P1 with negative penetration from the vehicle upon impact. With a shallow foundation of only 24 inches, the HD2055 can be installed without worrying about buried power lines and other below grade obstructions. The modular make-up of the barrier also allows you to cover wider roadways by adding additional modules to the system. The HD2055 boasts an Emergency Fast Operation of 1.5 seconds giving the guard ample time to deploy under a high threat situation.