Disaster recovery management plan (DRMP) and business continuity plan (BCP) are two important areas to mitigate the information technology risks in the banks. Explain.

Disaster Recovery Management Plan (DRMP): In a fully computerized bank branch, DRMP has acquired high importance. DRMP deals with the emergency action which the branch will take to deal with a situation of disaster. It covers three steps of action when a disaster strikes, viz. Confronting the disaster by a Emergency Plan. Procurement of required materials through a Back Up Plan; and To restore the office normalcy for speeding up commencement of normal business transactions. When a disaster strikes, the three teams goes into action. All information is made available in the Plan, i.e., persons who would be involved in confronting the disaster, their duties and areas of responsibilities. Information like Telephone / Cell Number, Address of Hardware/Software Personnel, Electrician etc., are also kept handy to facilitate contact in an emergency. Rigorous Training is provided to the team, including mock drills or simulated attacks to test DRMP drawn up by Bank Branches. Business Continuity Plan (BCP): Business Continuity Plan relates to resuming, maintaining and recovering business activity in the event of disruptions, disasters and calamities. The plan should accomplish the following objectives: Provide for the safety and well-being of people on the premises at the time of disaster Continue critical business operations Minimize the duration of a serious disruption to operations and resources (both information processing and other resources) Minimize immediate damage and losses Establish management succession and emergency powers Facilitate effective co-ordination of recovery tasks Reduce the complexity of the recovery efforts Identify critical lines of business and supporting functions Information Technology, which drives the markets, should be given importance in managing the risks, especially the operational risks. The quality of software, hardware and the up gradation of IT support systems are very crucial for ensuring quick and correct transfer of financial transactions and funds across the international markets. Disaster Recovery Management Plan and Business Continuity Plan are two significant areas to handle risk and to ensure that better controls are exercised.