A bank must have a CFP that clearly sets out its strategies for addressing liquidity and funding shortfalls to the extent beyond the level estimated from the stress tests performed by the bank under institution-specific, market-wide and combined stress scenarios and beyond the level covered by the bank's liquidity cushion. The CFP must contain a set of policies, procedures and action plans that prepare a bank to deal with relevant liquidity stress events in a timely and cost-effective manner, with clearly established lines of responsibility and invocation and escalation procedures. The CFP must be approved by the Board and regularly tested and updated to ensure that it is operationally robust.