How do remediation contingency planning and business resumption contingency planning processes differ?
A.1. Remediation contingency planning involves efforts by financial institutions and their service providers and software vendors to mitigate the Year 2000 risks that are associated with the failure to renovate, validate, and implement mission-critical systems to ensure that they are Year 2000 ready. Business resumption contingency planning involves efforts by financial institutions and their service providers and software vendors to mitigate operational risks should core business processes fail, regardless of whether mission-critical systems were remediated for the Year 2000. Business resumption contingency planning is critical because, notwithstanding an institution’s or its service provider’s successful efforts to thoroughly renovate, validate, and implement Year 2000-ready systems, the potential exists that systems will not operate as expected. In order to mitigate this risk, institutions should have business resumption contingency plans Remediation and business resumption continge
