Are you prepared for the next disaster?

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Hurricanes be damned, the IRS still expects to be paid. So, recently the IRS released this handy little tip sheet outlining steps that individuals and businesses can take to make sure that their vital tax information is protected if and when a storm or other disaster strikes.With so many businesses outsourcing their payroll processing now, one tip that caught my eye was the suggestion that businesses check to see that their payroll provider has a fiduciary bond in place.  And, of course, the IRS reminds us that emergency plans should be updated.One of the really big challenges facing credit unions, and all businesses for that matter, is that there are so many regulations being thrown at them that it is easy to forget the ongoing obligations that were imposed just a few years ago.  I’m sure many of you know that Appendix B to Part 749 of NCUA’s regulation requires credit unions to prepare for a catastrophic act.I’m also sure many of you can pull out a policy or program adopted by your credit union in response to this requirement.  But how many of you have done annual testing or updated the plan?  I know you are all busy, but if you can find the time, you might save some much needed money and prevent operational headaches the next time the storm of the century hits. continue reading »last_img

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