Business Continuity Plan
CIT Group Inc. has developed a Business Continuity Plan in order to respond to events that may significantly disrupt our business. This plan encompasses all CIT businesses including CIT Capital Securities LLC, a subsidiary of CIT Group Inc. Since the timing and impact of disasters and disruptions is unpredictable, CIT will have to be flexible in responding to actual events as they occur. With that in mind, CIT is providing the following information regarding our Business Continuity Plan.
Our Business Continuity Plan
CIT plans to recover and resume business operations after a significant business disruption based on the recovery time objectives established in the plan for each division of the company as well as safeguarding our employees and property, making financial and operational assessments, protecting the company's books and records, and allowing our customers to transact business.
Through the use of established teams in the various parts of its business, CIT's plans address: data backup and recovery, all mission critical systems, financial and operational assessments, alternative communications with customers and employees, critical counter-party and bank impact and regulatory reporting.
Significant business disruptions can vary in scope and can impact a portion of a single building housing a division of our company, the business district where our company is located, and the city where we are located. In each of these cases, CIT will transfer our operations to other CIT site(s) and/or back up facilities when needed and expect to recover and resume business within the agreed to recovery objectives per the documented plan. Clients may experience some delays in reaching the company due to increased client calls, technology delays, or other difficulties arising from the transfer of operations.
CIT Group Inc.'s Business Continuity Plan is designed to prepare the company for significant business disruptions and to enable it to resume its business operations based on agreed to recovery time objectives for each division as stated in each documented plan. The information contained herein is a summary of the overall Business Continuity Plan. Because of the confidential nature of much of the plans, it is not possible to distribute the plans to clients, customers or other external entities.
Recovery-time objectives provide concrete goals for business resumption. However various external factors surrounding a disruption, such as time of day and scope of disruption can affect actual recovery times.
The company's Business Continuity Plan is subject to change due to ongoing assessment, technology and business changes, and enhancement of the company's Business Continuity Plan. In addition, all plans are reviewed and updated at a minimum annually and plan testing occurs periodically that may result in further plan updates. A current copy of the Business Continuity Plan summary may be obtained by mail upon request.