Disaster Recovery and Business Continuity Plan
Customer Disclosure Statement
H.M. Payson & Co.
Our clients place a great deal of trust in our Firm when they commit their assets to our custody and investment management. H.M. Payson understands the critical fiduciary duty we have to ensure that client assets are protected and that we maintain the capability to execute transactions as directed by clients or in the management of client portfolios. We have developed a Disaster Recovery and Business Continuity Plan (the Plan) that is reviewed and tested periodically. Our Plan is designed to prepare us so that we may resume operations as quickly as possible given the scope and severity of any business disruption. In the event of a disaster, our Plan will guide us in the safeguarding of our employees and property, in making a financial and operational assessment, in protecting our client’s assets and records, and in allowing our clients to transact business.
The H.M. Payson Plan thoroughly addresses such items as data backup and recovery of all mission critical systems; financial and operational assessments; establishment of alternative communications with clients, employees, and regulators, as well as alternate physical location of staff. These measures are taken to assure our clients prompt access to their funds and securities if we are unable to continue our business.
Our primary custodian, Reliance Trust Company, backs up our important records in geographically distinct areas of the country. Reliance Trust Company maintains and tests their comprehensive Disaster Recovery and Business Continuity Plan. H.M. Payson and our independent auditing firm conduct periodic reviews on the efficacy of Reliance’s Plan and testing results. While each emergency situation may pose unique problems or challenges based on external factors, such as time of day and the severity of the disruption, Reliance’s objective is to restore its own operations and be able to complete existing transactions and accept new transactions and payments in as prompt a manner as possible.
In the event of a significant business disruption and you are unable to reach the company at our main number (207-772-3761), please try to reach our office in Damariscotta, Maine at 207-563-1854. Please also refer to our web site (www.hmpayson.com) for updated information. We also intend to redirect our main phone number and our direct employee lines, so you should continue to try to reach us at our main phone number or at any employee’s direct phone number.
Any questions regarding the H.M. Payson Disaster Recovery and Business Continuity Plan should be addressed to: Kevin Manning, H.M. Payson & Co., P.O. Box 31, Portland, ME 04112.