Business Continuity Plan ("BCP")
Boenning & Scattergood, Inc. has developed a Business Continuity Plan ("BCP") for how we will respond to events that significantly disrupt our business. Since the timing and impact of disasters and disruptions is unpredictable, we will have to be flexible in responding to actual events as they occur.
We plan to quickly recover and resume business operations after a significant business disruption and respond by making a financial and operational assessment, safeguarding our employees, allowing our customers to continue to transact business and protecting the firms’ books and records. In short, our BCP is designed to permit our firm to resume operations as quickly as possible, given the scope and severity of the significant business disruption.
Our BCP addresses all financial and operational functions including alternative communications with customers, employees and regulators; alternate physical locations for employees; data backup and recovery; all mission critical systems; critical business constituents and counter-party impact; regulatory reporting and to assure our customers have prompt access to their funds and securities if we are unable to continue our business.
Our clearing firm, First Clearing, LLC, regularly backs up its important information in a geographically separate area. While every emergency situation poses unique problems based on external factors, such as time of day and the severity of the disruption, First Clearing, LLC has a thorough Business Continuation Plan in place. First Clearing has advised us that its objective is to restore its own operations in order to complete existing transactions and accept new transactions and payments in a timely manner.
Significant business disruptions can vary in their scope, such as only affecting our firm, a single building housing part of our firm, a business district, city or town where we are located, or the whole region. Within each of these areas, the severity of the disruption can also vary from minimal to severe. Boenning & Scattergood has established a recovery site approximately 20 miles from its headquarters that can be used to restore time sensitive functions as soon as key employees are relocated to the facility. In the event that any such disruption occurs, our BCP identifies systems, locations and various other contingencies that would be performed to ensure service is quickly restored. If the significant business disruption is so severe that it prevents us from remaining in business, we will assure our customer’s prompt access to their funds and securities.
If you have questions about our BCP, you can contact us at 610.832.1212.