As the date for the G20 Summit in Toronto rapidly approaches, the financial services industry is preparing for possible business disruptions that could result from the event, and firms without a plan are being urged to begin developing one.

At a presentation on Wednesday, representatives of the Investment Funds Institute of Canada’s Emergency Preparedness Task Force outlined some of the preparation efforts taken so far, and police constables gave an overview of what industry firms could expect during the June 26-27 summit.

Most financial services firms are taking a proactive approach in preparing for the G20 Summit, according to Dennis Gregoris, vice president of compliance and chief privacy officer at International Financial Data Services Ltd., and a member of IFIC’s Emergency Preparedness Task Force. Possible business disruptions could include violent protests that make the downtown core unsafe for employees, and traffic restrictions that could prevent employees from getting to work.

“Firms are definitely taking this seriously,” Gregoris said. “We want to make sure that if something does happen, that we can continue working as best as possible.”

Barbara Amsden, IFIC’s director of strategy and research, said this type of planning is critical. “The best thing you can do is prepare,” she said.

Firms should be prepared for such disruptions as restricted access to the downtown core, widespread traffic congestion, parking restrictions, and a “substantial” number of protesters, according to police constables Helen Dixon, of Toronto Police Services, and Bev Salemink, of the RCMP. They emphasized that protests are legal, and will not be prevented by police.

“We’re here to facilitate protests, as long as they’re within the confines of the law,” said Salemink.

Gregoris said IFIC’s task force has been meeting regularly to share planning strategies. For most firms, the preparations fall within their broader business continuity planning efforts.

IFDS has detailed business continuity plans in place for the entire week in which the summit takes place, including the activation of a business continuity site that key operational staff will work from, and a work-from-home policy for other employees.

“Our firm has taken a very conservative approach,” Gregoris said.

Firms that have not engaged in any preparations for the summit should begin immediately, he added.

“If firms haven’t considered it up until now, and they have locations around the downtown area, I would strongly suggest that they start immediately,” he said.

He advises firms to establish their own internal task forces, made up of key representatives from each department, to begin planning for the summit.

Factors that firms should consider include:

– utilizing alternative work sites or encouraging employees to work from home rather than coming into the office;

– allowing employees to dress down during the week of the summit, keeping in mind that they may need to walk longer distances to get to the office due to fencing and restricted access;

– diverting meetings and deliveries during the week of the summit;

– stocking up on water, first aid kits and other emergency preparedness supplies;

– having a thorough strategy for communicating to both employees and clients.

Dixon and Salemink agreed that communication should be a top priority for firms — particularly in the weeks leading up to the summit — in order to instill a sense of confidence that the firm is prepared for any potential scenario.

IE