Safeguarding Financial Institutions: Everbridge's Critical Event Management Platform for Operational Resilience

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Safeguarding Financial Institutions: Everbridge's Critical Event Management Platform for Operational Resilience

The Challenge in Financial Services Industry

The financial services industry is under constant pressure from regulatory bodies and stakeholders to maintain operational resilience. The intricacies of processes, technology infrastructure, and organizational silos present significant challenges. Financial institutions must combat systemic risks, ensure regulatory compliance, and bolster preparedness, risk management, and resilience. By standardizing and automating threat detection, crisis management, incident response, emergency communications, and reporting, financial institutions can enhance their operational resilience.

Meeting Regulatory Requirements

Operational resilience in financial services is no longer a choice but a regulatory mandate in many jurisdictions globally. Regulators like the SEC, the Federal Reserve, FDIC, OCC, FFIEC, EU, UK's BoE, FCA, PRA, APRA, HKMA, and MAS have all introduced various regulatory frameworks emphasizing operational resilience. These frameworks demand that financial institutions absorb shocks and continue critical operations during disruptions. Compliance involves response benchmarks, audit logs, and evidence of executive oversight.

Addressing Common Challenges

Financial institutions face numerous challenges, including climate-related risks, cybersecurity threats, branch and data center vulnerabilities, technology outages, third-party service disruptions, and employee safety concerns. Regulations and principles are in place to guide institutions in mitigating these risks and enhancing their resilience. Institutions must adapt to the evolving threat landscape and ensure they are prepared to handle various scenarios that could impact their operations.

Benefits of Everbridge's Critical Event Management Platform

Everbridge offers a comprehensive critical event management platform that empowers financial institutions to respond effectively to business-impacting events. By utilizing Everbridge, institutions can enhance their operational resilience by focusing on preparedness, automating communication and response, and improving reporting capabilities. Recognized as a leader in critical event management, Everbridge's platform has demonstrated significant ROI and substantial benefits for organizations using it, according to a Forrester Consulting study.

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