Foreside has developed a BCP on how we will respond to events that significantly disrupt our business. Since the timing and impact of disasters and disruptions are unpredictable, we will have to be flexible in responding to actual events. With that in mind, we are providing you with this information on our BCP.
Our BCP is designed to enable Foreside to quickly recover and resume business operations after a significant business disruption (“SBD”) by safeguarding our employees and property, making a financial and operational assessment, protecting the firm’s books and records, and allowing our customers to transact business.
Our BCP addresses the following areas: data backup and recovery; all mission critical systems; financial and operational assessments; alternative communications with business constituents, employees, and regulators; alternate physical location of employees; critical supplier(s), contractor(s), bank and counterparty impact; and regulatory reporting.
We maintain backup records electronically in addition to maintaining certain documentation off-site. While every emergency situation poses unique problems based on external factors, such as time of day and the severity of the disruption, we have been advised by our technology service providers that their objective is to restore our services within the same business day.
Varying Disruptions, SBDs, can vary in their scope, such as only our firm, a single building housing our firm, the business district where our firm is located, the city 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. In a disruption to only our firm or a building housing our firm, we will transfer our operations to a local site when needed and expect to recover and resume business within the same day. In a disruption affecting our business district, city, or region, we will transfer our operations to a site outside of the affected area, and recover and resume business within 24 hours. In either situation, we plan to continue business and notify you through our website www.foreside.com on how to contact us.
The BCP is subject to changes and modifications. Foreside will review the plan, at least annually, and will update the plan as business conditions and technology change.
For more information or questions about our business continuity planning, please feel free to contact either David M. Whitaker, Chief Operating Officer, at (207) 553-7142 or Mark Fairbanks, President, Broker-Dealers, at (207) 553-7112 or through our website at www.foreside.com. © Foreside.
