There is no question that banks are crucial to the nation’s economic life. If this critical infrastructure is threatened in any way, several stakeholders can be affected, which includes the government, businesses and individuals. One very common hazard that banks face is water damage, which produces risk of damage to property and assets of both the bank and its customers.
harm to currency and client valuables, low cash reserves, incapability to process electronic dealings or slow data processing, data loss or destruction and communication delays are the feasible consequences of water damage to a bank.
In the end, the incident can lead to inconvenience and frustration to clients who might have to wait in long queues or go to a different branch for their banking requirements. Even the bank’s employees could experience some inconvenience if they are assigned to some other branch while the affected bank deals with the rebuild.
In addition, the impacted bank has to prove its capability to bounce back from the event. Failure to do so in a well timed and organized manner will develop a negative picture for the bank, particularly since the public expects financial establishments to be ready for such events.
Preparedness and Education
Earlier disaster preparedness ideas were truly geared in direction of financial institutions so the concept of preparedness and emergency response is by no means new to the banking business. Nevertheless, it is critical to guarantee that the bank’s emergency response plan identifies measures to be taken particularly during a water damage incident. Such plans generally deal with large disasters such as flash floods but even a tiny leak can result to significant damage, too.
For that reason, banks should prepare for unique water damage situations. One of the greatest ways to do so is to make a pre-incident company contract with a reliable water damage restoration company. This way, no matter what the cause is or when the incident takes place, instant professional help is readily available to manage the situation.
Preventive measures could also make a lot of difference, including performing normal inspection of the building, plumbing system and kitchen appliances such as the HVAC system. Mitigating measures such as working with water-resistant vaults and placing cash in water-resistant bags will aid reduce the impression of water damage.
Training the staff is important to the success of the emergency strategy. At the most basic stage, the staff should know where the principal water valve is situated and how to shut it off in the occasion of a leak. Emergency response drills should be carried out and the staff have to know specifically what to do in terms of personal safety and protecting bank data, records and documents.
Water Damage Recovery
following water damage, the following steps are suggested for swifter recovery:
- evaluate the damage.
- talk with customers. Be reassuring but honest about the circumstance. present them with info pertinent to their data and where to go for banking desires.
- Secure staff. remove them from the impacted location if there is any danger of staying there and allow them back only if authorities have deemed it secure.
- Implement the business continuity plan to proceed service to customers.
- In the event of a catastrophic occasion, be informed and stay up to date.
When it comes to the cleanup of the physical buildings, it is critical to react to the water damage promptly. get in touch with the partner water damage restoration company right away so they can be onsite the soonest time possible to begin the cleanup. well timed action is the key to preventing secondary water damage such as mold growth.