The Art of Preparation
This week an earthquake rattled windows on Wall Street, Steve Jobs stepped down as the CEO of Apple, and the Eastern seaboard is bracing for Hurricane Irene. So naturally, I've been inundated with business continuity planning, disaster recovery and/or succession planning pitches.
Don't get me wrong, those are valuable stories to be told, for sure; but as a journalist I feel it to be an unwritten law that you can only write one BCP, DR or succession planning story every five years. I'm already on record both at Waters and at my previous job writing for US Banker, so I'll take a pass.
I will take a minute, though, to note that it's these types of events that remind us just how important being prepared is to a business. BCP was all the talk after the massive earthquake and tsunami that hit Japan, but almost just as quickly those talks were moved to the back-burner.
As that great '80s band Cinderella once lamented, you don't know what you got till it's gone. (I'm not sure that that fits here, but I really wanted to mention Cinderella in at least one column this year.) So let's all take this time to do the tedious task of reviewing our business continuity planning, disaster recovery and succession planning procedures.
We take these things for granted, but every single New Yorker that ran outside during the earthquake failed the Federal Emergency Management Agency's protocol for responding to an earthquake.
For what it's worth, I passed because I was in a plane. I planned it that way.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
As US options market continued its inexorable climb, ‘plumbing’ issues persisted
Capacity concerns have lingered in the options market, but progress was made in 2024.
Doubts raised over new FX platform disclosures
New disclosure sheet template will require platforms to outline how they charge for data
Expanded oversight for tech or a rollback? 2025 set to be big for regulators
From GenAI oversight to DORA and the CAT to off-channel communication, the last 12 months set the stage for larger regulatory conversations in 2025.
DORA flood pitches banks against vendors
Firms ask vendors for late addendums sometimes unrelated to resiliency, requiring renegotiation
IPC’s C-suite shuffle signals bigger changes for trader voice tech
Waters Wrap: After a series of personnel changes at the legacy provider, WatersTechnology examines what these moves might mean for the future of turrets and trader voice.
WatersTechnology latest edition
Check out our latest edition, plus more than 12 years of our best content.
From no chance to no brainer: Inside outsourced trading’s buy-side charm offensive
Previously regarded with hesitancy and suspicion by the buy side, four asset managers explain their reasons for embracing outsourced trading.
Band-aids vs build-outs: Best practices for exchange software migrations
Heetesh Rawal writes that legacy exchange systems are under pressure to scale to support new asset classes and greater volumes, leaving exchange operators with a stark choice: patch up outdated systems and hope for the best or embark on risky but rewarding replacement projects.