Water Damage In Banks

By Author: Leo Nov
Total Articles: 883
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There is no question that banks are important to the nation's economic life. If this critical infrastructure is threatened in any way, several stakeholders can be affected, including the government, businesses and individuals. One very common hazard that banks face is water damage, which creates risk of damage to property and assets of both the bank and its customers.

Damage to currency and customer valuables, low cash reserves, inability to process electronic transactions or slow data processing, data loss or destruction and communication delays are the possible consequences of water damage to a bank.

Ultimately, the incident can lead to inconvenience and frustration to customers who may have to wait in long queues or go to another branch for their banking needs. Even the bank's employees could experience some inconvenience if they are assigned to some other branch while the affected bank undergoes restoration.

In addition, the affected bank has to prove its capability to bounce back from the incident. Failure to do so in a timely and organized manner will create a negative image for the bank, especially ...
... since the public expects financial institutions to be prepared for such events.

Preparedness and Education

Earlier disaster preparedness plans were actually geared towards financial institutions so the concept of preparedness and emergency response is by no means new to the banking business. Nevertheless, it is important to ensure that the bank's emergency response plan identifies actions to be taken specifically during a water damage incident. Such plans usually deal with big disasters such as flash floods but even a small leak can result to significant damage, too.

Therefore, banks should prepare for different water damage scenarios. One of the best ways to do so is to make a pre-incident service contract with a reliable water damage restoration company. This way, no matter what the cause is or when the incident happens, immediate professional help is available to handle the situation.

Preventive measures could also make a lot of difference, including performing regular inspection of the building, plumbing system and appliances such as the HVAC system. Mitigating steps such as using water-resistant vaults and placing cash in water-resistant bags will help reduce the impact of water damage.

Educating the staff is crucial to the success of the emergency plan. At the most basic level, the staff should know where the main water valve is located and how to shut it off in the event of a leak. Emergency response drills should be performed and the staff must know exactly 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 advised for faster recovery:

1. Assess the damage.
2. Communicate with customers. Be reassuring but honest about the situation. Provide them with information relevant to their accounts and where to go for banking needs.
3. Secure staff. Remove them from the affected area if there is any danger of staying there and allow them back only if authorities have deemed it safe.
4. Implement the business continuity plan to continue service to customers.
5. In the event of a catastrophic event, be informed and stay up to date
.
When it comes to the cleanup of the physical structures, it is important to respond to the water damage immediately. Contact the partner water damage restoration company right away so they can be onsite the soonest time possible to start the cleanup. Timely action is the key to preventing secondary water damage such as mold growth.
Leo Nov is an editorial staff member of RestorationSOS.com, a leading service provider for fire and water damage cleanups. To learn more about water damage restoration and wet carpets, visit RestorationSOS.com