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Business Continuity

Securing the well-being of employees, sustaining seamless operations, and fulfilling customer expectations are the cornerstones of a resilient business. To guarantee these aspects, a resilient business must prioritize employee safety, maintain operational flow, and honor existing customer commitments, even in the face of unforeseen events that could impact an unprepared organization.

Verifone achieves this resilience through a strategic focus on the key areas of supply chain, customer operations and Verifone Cloud Services (VCS) using an approach based on ISO22301 Business Continuity standard.

Proactively, Verifone evaluates operational risks, devises contingency plans, and conducts comprehensive incident response training to maintain its preparedness. Through a global program, Verifone identifies and mitigates potential business disruptions.

A risk-based approach is used with critical functions, partners and services undergoing regular audits and exercises.

Holistic Overview

Verifone's business resiliency program is dedicated to ensuring the company's readiness, safeguarding key priorities such as employees, business operations, customers, partners, the community, and shareholders. The program mandates regular reviews, updates, and testing of Business Continuity Plans. Our strategy involves prioritizing crucial processes and functions using Business Impact Analyses.  Resiliency plans are in place for each created based in the identified critical process and applications with the goal to restore their functionality within an acceptable time frame.

We adopt a best practices approach, including specific scenario planning. The focus lies on reviewing and prioritizing the recovery of critical processes, systems, and vendors potentially affected by any disruptive event, employing a comprehensive all-hazards approach.

We operate a global risk management approach led by a core function and create a Business Impact Assessment with dedicated people from each business unit and our core operations team involved. 

Based on the above, a summary of resources (people, equipment, locations) required is then reported to our executive team for approval. Click here to read our BCM program policy.

Resiliency and Recovery 

Maintaining a set of business continuity plans, we prepare for and respond effectively to external events that could disrupt our operations. These plans are part of a multi-tiered incident management program guiding decision-making processes and execution of recovery plans for processes and functions.

Our business continuity plans encompass critical business processes and functions identified in Business Impact Analyses. This includes Verifone Cloud Services with plans extending to internal IT resources and external cloud services and partners.

The business continuity plans undergo review and approval by the sponsors of each core business function. A risk-based approach, led by core functions, also assess the plans to ensure their effectiveness. 

Due to the confidential nature of the content, we do not share our business continuity plans with external interested parties. However, summary information or discussions about specific aspects can be arranged under non-disclosure agreements.

Business Continuity Exercises

Business continuity plans are tested and maintained through regular evaluations by business owners. Scenario based simulations are performed regionally and led by our core functions with any improvement opportunities identified.

Verifone, Customer and Interested Party Incident Management

We maintain a global incident management plan and teams at various levels, including executive, core operations and business units. These teams make strategic decisions based on input from functional team representatives. Incident management teams address internal and external communications as integral parts of their plans, with specific teams dedicated to communication needs.

Our sales account teams act as the primary point of contact for customer notification and are responsible for communicating any potential impact on customers. External communication plans to interested parties form part of the planned incident response.

Business Incident plans are confidential to Verifone.  If required, an overview can be arranged for a specific customer requirement.
 

Verifone Cloud Services (VCS)

We have developed disaster recovery plans for critical applications and services supporting business processes and customer services. Alternative and redundancy approaches form part of the VCS launch and sustaining process.

Supply Chain

Our hardware is manufactured at multiple locations and in a geographical diverse footprint.  In the event of a local event causing one site to close, hardware can be sourced from an alternative manufacturing location.  We operate an approved vendor approach for all components and can therefore switch to alternative sources rapidly as required.

Continuous Improvement

The above approach is reviewed continuously by our dedicated business continuity and technical disaster recovery leads.  Exercise results, actual events and customer feedback are reviewed, and the overall program improved.