Wallace Finance Co. (“Wallace”) has developed a Business Continuity Plan that outlines how we will respond to events that significantly disrupt our business. Since the timing and impact of disasters and disruptions is unpredictable, we will have to be flexible in responding to actual events as they occur. With that in mind, we are providing you with this information.
If after a significant business disruption, you cannot contact us as you usually do, you should go to the Wallace website at www.wallacefinance.io to receive further instructions. If you cannot access us through any of those means, you should contact Alpaca Securities LLC, the custodian that holds your account, for instructions on how you may access your account, if necessary. Additional contact information is included in the Clearing Firm’s Business Continuity Plan located on its website.
We plan to quickly recover and resume business operations after a significant business disruption and respond by safeguarding our employees and property, making a financial and operational assessment, protecting our books and records, and allowing our clients to transact business. In short, our Plan is designed to permit us to resume operations as quickly as possible, given the scope and severity of the significant business disruption.
Our Plan addresses data backup and recovery; all mission critical systems; financial and operational assessments; alternative communications with clients, employees, and regulators; alternate physical location of employees; and assuring our clients prompt access to their funds and securities if we are unable to continue our business.
Our Clearing Firm maintains your account information in a geographically separate area. While every emergency situation poses unique problems based on external factors, such as time of day and the severity of the disruption, we have been advised by our Clearing Firm that its objective is to restore its own operations and be able to complete existing transactions and accept new transactions and payments as soon as possible. Your requests for funds could be delayed during this period.
Significant business disruptions can vary in their scope, such as affecting only our firm, a single building housing our firm, the business district where we are located, the city where we are located, or the whole region. Within each of these areas, the severity of the disruption can also vary from minimal to severe. In a disruption to only our firm or a building housing our firm, we will transfer our operations to a local site when needed and expect to recover and resume business as quickly as possible. In a disruption affecting our business district, city, or region, we will transfer our operations to a site outside of the affected area, and recover and resume business as quickly as possible. In either situation, we plan to continue in business, transfer operations to our Clearing Firm if necessary, and provide you with further instructions through the website listed above. If the significant business disruption is so severe that it prevents us from remaining in business, we will assure our client’s prompt access to their funds and securities.
If you have questions or want more information about our Plan, contact us at support@wallacefinance.io.
