The coronavirus pandemic has forced most fund managers to implement at least some elements of their business continuity plans (BCPs), which has provided real-world testing of their capacity to continue operating under adverse conditions. Unfortunately, a number of unforeseen flaws in those BCPs were unearthed in recent months, each of which needs to be addressed in critical updates of fund managers’ BCPs going forward. Managers must not be short-sighted during this exercise, however, as plenty of non-pandemic related information needs to be included as well. To assist with that exercise, the Private Equity Law Report obtained insights from various industry practitioners about how fund managers can factor the current conditions into their BCP updates to ensure better preparedness for future disaster scenarios. This first article in a two-part series identifies regulatory guidance to consider when updating a BCP; tips for preparing, implementing and testing the revised BCP; and disaster recovery plans for return to work preparedness. The second article will explore topics warranting extra attention when revising a BCP, as well as how third parties such as investors, portfolio companies and vendors factor into the BCP process. See “Withstanding the Coronavirus Pandemic: Business Continuity and Other Operational Risks (Part Three of Three)” (Apr. 7, 2020).