Bank failures can have significant repercussions for companies, even if a company is not an account holder of the failed bank. As such, it is critical that companies maintain clear lines of communication with all impacted stakeholders, including employees, shareholders, vendors, and other service providers following a failure. This will help to maintain company morale and reduce interruptions in business operations as a result of the failure.
Wolters Kluwer Legal & Regulatory U.S. has prepared a Bank Failure Communications Checklist identifying the types of communications that a company should proactively make to impacted stakeholders following a bank failure:
- Communicate with Employees and Shareholders
- Review Impact and Communications with Vendors and Service Providers
- Create and Maintain Procedures for Ensuring Safe Communication
The Bank Failure Communications Checklist: Proactive and Safe Communication with Stakeholders is the next installment in the Wolters Kluwer Legal & Regulatory U.S. Toolkit.