BUSINESS CONTINUITY PLANNING
Business Continuity Program
Cowen Group, Inc. has taken appropriate steps to enable the resumption of critical business functions in the event of a crisis that impacts the firm's ability to function at its primary work sites. These critical functions are securities transactions processing, access to markets, order receipt, execution, clearance, settlement, maintenance of customer accounts, access to customer accounts and the delivery of funds. We have prepared and tested a thorough recovery plan supported by redundant technology infrastructure and an alternate work site located outside of Manhattan. The key components of this recovery plan consist of the following:
Alternate Work Centers
The primary alternate work center for Cowen's activities supports critical staff providing full service to our customers. The supporting infrastructure includes PCs, telephones, printers, fax units, copiers, as well as email and internet access. Communication interfaces with key providers of clearing, settlement and custodial services are also available.
Specific personnel, supporting equipment and communication interfaces at the primary alternate work center are reviewed by the business units on an ongoing basis and validated by senior management. In addition, several individuals are able to log into applications from laptop computers, which enables them to continue to perform critical functions from other locations, including their homes.
Program Structure
Cowen's Firmwide Crisis Management Team consists of the Chief Executive Officer, Chief Administrative Officer and the business heads from our investment bank/broker-dealer and our investment adviser. In the event of a business disruption, this group assesses the particular circumstances of the incident and issues instructions on strategic matters to the Incident Management Team, headed by the Chief Administrative Officer. After receiving instructions from the Firmwide Crisis Management Team, the Incident Management Team directs all activities and coordinates with service providers with the objective of restoring the functionality necessary to resume critical processes, both in the front office and the back office. At least once a year, all business units and support areas participate in a coordinated exercise to ensure that the recovery center can support all required activities. Walkthrough or tabletop exercises are completed by most departments to ensure that all critical staff are fully aware of the disaster procedures. Recovery plans are revised and updated, and then validated by Internal Audit.
Annually, computer systems and servers are switched to the back-up data center within designated time frames and operated there for a specific period of time to ensure prompt recovery, connectivity and functionality.
Contacting Us
If Cowen experiences a significant business disruption and staff is re-deployed to the disaster recovery site at Purchase, NY, the phone system will also be re-routed to the Purchase office. We can be reached at 914-922-2900, 212-845-7900, 646-562-1000, or toll free at 800-221-5616. Also please refer to our web site at http://www.cowen.com
For More Information
If you have questions about our business continuity planning, contact the Business Continuity Team at Cowen: John Holmes, Chief Administrative Officer, 212-201-4851 or Theresa Hanson, Vice President, 212-845-7984.