BankMuscat Holds Business Continuity Plan Training Programme; Completes Testing Of Its ‘Fully Equipped’ Disaster Recovery Centre
 

Muscat. 18 December 2004. BankMuscat, the nation’s premier financial institution, recently organized a training program on Business Continuity Planning (BCP) for its senior officers. The training program was conducted by Insight Consulting Limited, UK the internationally renowned Business Continuity Planning consultants (BCP) appointed by BankMuscat to help design its BCP programme.

The programme also coincided with the ‘testing of the facilities’ of BankMuscat’s new ‘fully equipped’ Disaster Recovery Centre (DRC), which was recently set up within the capital region to help the bank confront a wide spectrum of unforeseen emergencies. With this programme, Insight Consulting Limited has formally completed the mandate that it was awarded last year by the Bank.

Speaking on the importance of the Business Continuity Planning initiative, AbdulRazak Ali Issa, Chief Executive, BankMuscat (SAOG) said:

“Business Continuity Planning is of paramount significance in today’s business scenario and is crucial to managing institutional and systemic risks. The completion of the current project is by no means an end in itself. The BCP process requires continuous review and upgrading to keep pace with the dynamic and ever changing business environment that the Bank operates in.”

BankMuscat, it may be recalled, had last year announced its plan to adopt and implement a robust BCP framework. The Bank has since undertaken a comprehensive Business Impact Analysis, framed and adopted appropriate policies to ensure business continuity, and established a Business Recovery Organization (BRO) at the Bank, comprising Business Continuity Planning and Crisis Management Teams.

When asked to comment on the importance of establishing and implementing an effective Business Continuity Planning programme, Ahmed Al Abri, General Manager-Banking, BankMuscat and the chairman of the Bank’s BCP Committee said:

“As the nation’s largest bank, we cannot ignore the fact that a huge number of people, organizations and public institutions have today placed their faith, trust and often, life’s savings, in the hands of the Bank. This more than provided us with a reason and the moral responsibility to ensure the timely implementation of a robust BCP framework.

“The real test of resilience, however, not only lies in the ability of an organization to eventually recover from a disaster, but also in its capacity to continue operations and serve its customers without major service disruption during an unforeseen crisis. With the establishment and successful testing of the Disaster Recovery Center, the Bank has achieved a key milestone in the BCP implementation process.”

The practice of Business Continuity Planning, it may be recalled, shot into prominence following the tragic incidents at the Twin Towers, World Trade Centre in the United States of America on September 11, several years ago, when leading global organizations realized how ill-prepared they were to take on a crises of serious proportions.

Business Continuity Planning looks at ways and means to equip an organization deal with a variety of crises that may come its way, both from economic and natural reasons. BCP looks not only at providing organization’s with the right set of tools and response mechanisms but also at identifying key procedures that will help protect an organization during a crises, reduce downtime and provide a minimal disruptions in the normal delivery of products and services.

Explaining the role of the regulatory bodies behind the successful implementation of such global initiatives such as BCP, Mr AbdulRazak went on to say:

“I would like to thank our colleagues at the Central Bank of Oman for their foresight with regard to the growing importance of Business Continuity Planning in the Omani Banking & Finance Industry. Their constant encouragement has provided us with the necessary impetus to quickly, and yet surely, set up a robust BCP platform.

“With our now also having achieved the rare distinction of becoming the first bank in the Middle East to earn the prestigious ISO:9001 certification, (for the organization as a whole), customers can look forward to a whole new world of benefits from BankMuscat: superior banking services, thanks to our overall quality orientation and virtually uninterrupted services, thanks to our BCP platform.”

Insight Consulting Limited, UK is a Siemens Group company and is one of UK’s largest management consultancies specializing in business continuity and risk management systems. Insight has extensive expertise in operational response to crises and the development of crises management plans. It offers a complete end-to-end portfolio of services comprising Research, Consultancy, Testing, Implementation, Training, Recruitment and Managed Services. Insight Consulting is BS 7799 certified and is an S-CAT Category 7 supplier and subscribes to the CESG Listed Advisor Scheme (CLAS) and CHECK services.

About BankMuscat:

BankMuscat (SAOG) is the largest banking entity in Oman with a strong presence in Corporate Banking, Retail Banking, Investment Banking, Treasury, Private Banking and Asset Management. BankMuscat has a market share of 36.73% in terms of total assets, 37.64% of total credit, 35.52% of total deposits and 34.6%of savings deposits in the Sultanate as on 30 September 2004. The Bank has a network of 90 branches in Oman, a branch in Bahrain and a representative office in Dubai (UAE). The Bank has also recently acquired a 33% stake in Centurion Bank, a new private sector bank in India.

The international financial and banking community has lauded BankMuscat’s performance and pioneering efforts at setting new standards of excellence in the Banking industry in Oman and in the countries in which it operates across the region for several years now. The Bank was awarded the ‘Best Corporate Bank’ and ‘Best Retail Bank’ in Oman by The Banker Middle East magazine in February this year. BankMuscat also holds the rare distinction of being voted the ‘Best Bank’ in Oman by The Banker and Global Finance Inc., for the fourth time in a row and three times by EUROMONEY magazine. The Bank was also awarded the People Development Award 2003, at the Oman Awards for Excellence.