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From Kirsten Bischoff, Opalesque New York:
I write this story from the flooded out community of Short Hills, NJ (where you cannot throw a stone without hitting a hedge fund manager), 3 days after a Category 1 hurricane hit and a week after a 5.8 magnitude earthquake shook this little section of Earth. Both of these events are historic, and the odds for each occurring are slim, let alone each occurring within a week of each other. While much of the push for business continuity plans has been driven by man made disasters and cyber terrorism, every now and then Mother Nature reminds us who has the real power.
Just ask David Tepper, who’s Short Hills based Appaloosa-based offices were reportedly closed this week due to a loss of electricity. Many other hedge funds located outside of Manhattan (in Greenwich, Jersey City, Hoboken, and other suburbs) have also been affected by flooding and the loss of electricity, and while the US markets have opened this week, some funds have not.
It is safe to say that the past week’s events on the East Coast serve to drive home many of the reasons why it is important to make sure that you have a business continuity plan (which is different from a disaster plan), up and working and well read by your firm’s employees.
According to Eze Castle Integration, a firm specializing in IT services, technology and consulting for hedge funds and alternative investment firms, "Studies show that 70 percent of firms that experience a ...................... To view our full article Click here
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