Such research is required to develop systematic knowledge on how importance it is for businesses to persist with BCP to recover from disasters. This research presents a conceptual design for measuring the factors of BCP on business disaster preparedness through the use of statistical indicators. Business preparedness, through implementing Business Continuity Planning (BCP), decreases or eliminates the disruption to employees and profitability and allows businesses to perform balanced tasks in community. At present, the expansion in using data management technologies, globalization, and rapid communication offer organizations an unprecedented set of possibilities for evolution.
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This paper is an update of an earlier paper written in 1996 incorporating the author’s subsequent chicken game online experiences and implementation while he is working in the financial regulatory environment. Business continuity is both a management and an asset protection issue. This model has been successfully applied across various branches of Standard Chartered Bank in Asia.
Chapter 21: Implementing Business Continuity Planning in an International Bank Using Action Research
That is just good business sense by the management. An organization such as Standard Chartered Bank that plans ahead for disaster is investing in its continuity and it is now in a better position to recover and resume operation. Project journals, termed ‘Action Research Logs,’ recorded observations, reflections, and evolving business continuity practices throughout the study. The action research design allowed reflection and critique after each cycle, refining the implementation process continuously. Turkish amateurs supply plentiful content as they film homemade sex tapes and upload them and pornstars from the country go on to bright careers in the fuck business. This same information should help you identify preparedness controls, so you’re not only recovering from interruptions, but ensuring resilience of operations.
Under the business continuity framework the bank has contingency plans for handling city-wide or nationwide pandemic situations including our call centres. Development of plans for business continuity is key to managing and mitigating the risks facing your organization. The information gained from your BIA and risk assessment processes should enable you to develop appropriate recovery plans. The bank’s contingency plans are formulated & tested to enable the Bank to continue critical operations in any crisis, affecting an entire business, branch, a single building. Several possible outbreak situations and several more possible variations in responses to them make the planning process one of the most complicated challenges facing business continuity professionals. The key challenge in the preparatory process is the synchronization of the business continuity plan and procedures with the World Health Organization’s and the local health ministry’s pandemic alert phases.
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- The BCP framework is audited every year for ensuring the robustness and efficiency of the system.
- The research started off with the development of an implementation model using meta-analysis and this implementation was tested using action research as the key research methodology.
- With this information, you can better identify interdependencies, develop appropriate recovery plans, and make informed decisions.
- This BCM methodology is aligned with the BCM standard ISO 22301.
In its simplest form, business continuity planning (sometimes referred to as business continuity management) is how you prepare for resilience of systems, business processes, and overall operations during adverse circumstances. Risk management is driven by the BIA and risk assessment and is the part of the management process where the business continuity plans are developed and documented. Using the Tandem framework, you can ensure your business continuity planning process is thorough with our features and templates for BIA, preparedness controls, exercises and testing, emergency checklists, and presentation-ready reports. As changes in risks, technology, and processes are identified through ongoing monitoring, the business continuity plan should be reviewed and updated to reflect the current environment. An early stage in business continuity planning is the development of a business impact analysis (BIA).
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As the financial institution industry is highly regulated and considered relatively mature when it comes to business continuity planning, this article uses bank and credit union regulatory references to back-up these recommended best practices. This paper explains the concept of business continuity management (BCM) with the specific focus on the BCM planning process and methodology. The study contributed significantly to the literature by establishing a proven business continuity planning model applicable to financial institutions. The research contributed to the establishment of a proven method in developing business continuity plans for financial institutions such as banks? Reports should include the BIA, risk assessment, business continuity risk management plans, exercise and test results, and identified issues. A business continuity plan will only be an effective risk management tool if (1) personnel are trained to use it correctly and (2) assumptions made in the plan are validated through testing.
The ability to maintain business continuity, or to regain it in a timely manner is the asset the plan protects. The research culminated in an implementation model organized into distinct phases based on a meta-analysis of existing literature, emphasizing qualitative research integration. In this context, a realistic business goal is to guarantee the continuity of the processes in the case of disasters or crises. Reports should be delivered to senior management and the board of directors over the status of the plan regularly (e.g., monthly, quarterly, as major events occur, etc.). As part of ongoing training, a comprehensive exercise and testing program should be implemented to validate business continuity assumptions. The next important element to help your organization reach its business continuity goals is to conduct a BCP Risk Assessment.
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“The process of identifying risks to operations, organizational assets, individuals, and other organizations.” (Page 12) The plans are reviewed and tested regularly as per the regulatory (RBI) framework of India. The robustness of these plans is done regularly to ensure the bank’s preparedness to handle crisis at any time. Every unit undergoes a process of Business Impact Analysis (BIA) and evaluates for itself for critical processes which would impact the customer, regulator and business in general. The BCP framework ensures that every new business within the bank, is mandatorily taken under its governance. Originality/value – The development of a maturity model which could be used as a BCM self analysis tool is a significant addition to the BCM knowledge base.
Once you define and develop your business continuity plan, visit our article to learn about 3 Ways to Ensure Your Business Continuity Plan is Ready. The bank’s contingency plans are reviewed and tested regularly to ensure appropriate enhancements are implemented as technology improves, business plans evolve, or regulatory requirements change. Through the examination of the banking sector of the United Arab Emirates, the purpose of this paper is to address the need for a BCM maturity model. The key outcome is the understanding of the scope of implementation of contingency, BC or crisis management plans and the application of the BC execution stages to implement the necessary actions to prepare an organization of the impending pandemic flu outbreak. This paper discusses the pertinent aspects of pandemic flu business continuity (BC) planning.
These organisations require a tool that can be used to assess the maturity of their existing BCM processes. The intent in the following dialog is to explain the BCM planning process in greater details. Before entering into the maintenance phase of any BCM program, the Organization BCM Coordinator needs to ensure that the project phases of the BCM planning methodology are succinctly implemented to meet the organization’s BCM objectives.
- – The bank is committed to provide uninterrupted services to all our customers at all times and will make all efforts to maintain the confidence levels of the clients.
- The information gained from your BIA and risk assessment processes should enable you to develop appropriate recovery plans.
- As changes in risks, technology, and processes are identified through ongoing monitoring, the business continuity plan should be reviewed and updated to reflect the current environment.
- The research culminated in an implementation model organized into distinct phases based on a meta-analysis of existing literature, emphasizing qualitative research integration.
The research started off with the development of an implementation model using meta-analysis and this implementation was tested using action research as the key research methodology. With Tandem’s easy-to-use online framework, you can ensure your BCP will allow you to effectively manage operations in the event of a business disruption. “The BCP documents the practices and procedures for continuing business operations during a disruption and includes specific elements, such as incident response, disaster recovery, and crisis management.” (Page 26)
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– The bank is committed to provide uninterrupted services to all our customers at all times and will make all efforts to maintain the confidence levels of the clients. Research limitations/implications – The developed model is limited to validation within a specific sector and geographically, with generic model validation being outside the scope of this research. This BCM methodology is aligned with the BCM standard ISO 22301.
With this information, you can better identify interdependencies, develop appropriate recovery plans, and make informed decisions. Should you require any help during a significant crisis or contingency, you can reach us through various channels such as our website or through our 24×7 Phone banking. The bank follows effective and efficient methodology in maintaining the Business Continuity Plans on a regular basis. All business units including branches in India have tested and approved Business Continuity Plans to ensure that the bank can run smoothly and deliver services to its customers even in the event of unforeseen and disruptive circumstances. Practical implications – The framework provides different areas to which maturity can be assigned, various levels across quality and scope and how an overall BCM maturity of an organisation can be determined.
The BCP framework is audited every year for ensuring the robustness and efficiency of the system. Post the conduct the BIA the Businesses and Branches prepare a Business Continuity Plan (BCP) ensuring that business is not disrupted during any crisis. Standard Chartered Bank – India has implemented a robust Business Continuity Management model in line with global best practices.
