Business Continuity You Can Bank On
Community bank strengthens enterprise-wide business continuity program and vendor risk management capabilities
With 53 branches, multiple ATMs, and banking seven days a week at two locations, TBK Bank strives to do the right thing to make customers' lives better and easier.
Now, the bank has done the right thing for its customers by doing the right thing for its business continuity program, moving in just six months from a legacy planning tool to a data-centric business continuity management program built on the Fusion Framework(r) System(tm).
The power of the solution creates synergies that allow the business continuity program to continue to grow and mature, taking on high priorities that were previously out of scope such as vendor risk management. This has significantly improved TBK Bank's risk profile, with the end result being a greater ability to deliver great customer service at all times under any circumstances.
TBK Bank's ongoing success has been accelerated with a regular infusion of Fusion's creative Fuel offering and by connecting with the Fusion Community where best practices and new ideas are openly shared.
Making Business Continuity Holistic and Actionable
TBK Bank recognizes the criticality of being always available for its customers. When the time came to move away from the lightweight legacy product the bank used for its business continuity program, Deb Wagamon, Business Continuity Manager at TBK Bank, examined the options in the marketplace. One of the vendors she contacted was Fusion Risk Management.
Wagamon explained why Fusion piqued her interest: "The first thing that impressed me was the fact that they were extremely interested in what I was doing and what my hindrances were and how they could help us. They didn't start out like a normal vendor with 'I can sell you this. This is what we can do for you.' That told me I had a partner, rather than just a vendor trying to get money out of my company."
Fusion rose to the top of the potential vendors because of the opportunity Wagamon had to try out the system. "They gave me a month trial period where I could enter my program's data into the system and test it," stated Wagamon. "Other vendors were offering much shorter trial periods - only a few days to a week. Plus, not only did Fusion allow me the sandbox to test in, but I was able to bounce questions off of Fusion personnel while I was doing it. Even before I was a customer, it was like I had a whole team helping bring my vision to life using the Fusion Framework System.
Recognizing that Fusion would make TBK Bank's future business continuity goals possible in ways other vendors could not match, Wagamon committed to the Fusion Framework System.
The system brought together all of TBK Bank's business continuity plans into one accessible and actionable location. Vulnerabilities and gaps were identified and remediated. Such a transformation would typically take years via a traditional approach, however, the Fusion Framework and its flexible, information-based approach and robust plan management infrastructure enabled the TBK Bank business continuity team to instill best practices in the program without starting from scratch. Wagamon affirmed, "It took me just six months to take my plan from 'basic' to 'robust.'"
Managing Vendor Risk
TBK Bank worked with Fusion not only to leverage the Fusion Framework System for business continuity, but also to improve vendor risk management. Previously, Wagamon had vendor information in multiple places, so it was hard to manage, keep up to date, and pull together in the event of an audit. With over 350 vendors in play, she knew it was only a matter of time before something crucial was missed, with significant ramifications. "Trying to manage all the due diligence, contracts, and everything was becoming a nightmare. I had to get the vendor data into some kind of an automated tool," explained Wagamon.
TBK Bank leveraged the flexibility and configurability of the Fusion Framework System to create a vendor management solution aligned with its specific needs. "I truly feel confident, because the Fusion Framework System handles everything. Processes are automated to eliminate human error. The system sends me an e-mail whenever I have to update insurance. If I've got a contract that's coming up in 90 days, the business owner gets an e-mail saying, 'Do you want to renew this or do you want to terminate?' All I do now is manage."
Plus, because the information foundation created by the Fusion Framework now contains comprehensive vendor data, the vendor risk management program is fully integrated with the business continuity program. This results in greater engagement of users and stronger end-to-end business continuity plans.
Fueling Further Success
To further the success of its business continuity program, TBK Bank took advantage of Fusion's unique offering known as Fuel which pairs Wagamon's group with an industry expert and a team of Fusion product experts. The team keeps TBK Bank's program focused on the right priorities and provides expertise impossible to get from an internal resource. Wagamon noted, "This has been wonderful for me. I meet with an expert on a monthly basis and talk about my objectives for the next budget year, get help to resolve any issues I might have, and learn how to use the system to its fullest advantage."
Additionally, Wagamon has benefited greatly from the knowledge sharing opportunities that are regularly available as a member of the Fusion community. Wagamon attends Fusion industry user groups, where she learns from her peers. She affirmed, "There's always more to Fusion - it doesn't matter how much you're learning or how far you've come in the last two or three years, there's just so much depth. The user groups are wonderful for allowing you to connect with the Fusion community, learn from fellow peers, and understand all the areas where Fusion can assist you.
Wagamon has been thrilled to share her experience with others. "I've been able to sit down with someone who is as frustrated as I used to be and tell them my story," she stated. "Normally, I don't make a stand and speak out in public about vendors, but with Fusion, I do."