MUSCAT -- BankDhofar released its updated version of Business Continuity Plan (BCP) and Disaster Recovery Plan (DRP) at a recent senior management meeting held at the BankDhofar headquarters. Business continuity planning and disaster recovery are processes that help organisations prepare for unforeseen and disruptive events.
The bank had put to test its previous BCP in the month of August 2008. While testing, requirement of updating the document was felt and the bank engaged M/S Valiant Technologies
Ltd, India to assist in reviewing and updating the BCP. After reviewing all the processes and procedures in the bank, a threat driven and risk-centric BCP and DRP were developed with the help of M/S Valiant Technologies
Ltd. The bank will now be well equipped to respond to disaster scenarios that will affect the business.
In the reviewed BCP, various forms of threats to the banking operations have been addressed and recovery strategies have been established to meet each of the identified threats. Speaking on the occasion, Dr Rama Subramaniam of Valiant Technologies said, "We adopted a hybrid approach -- using both quantitative and qualitative methods -- to determine the impact of various disastrous scenarios on different parts of the business. What impressed us most was the involvement of personnel at all levels in the organisation during the development of Business Continuity and Disaster Recovery Plans for the bank."
Releasing the updated version of BCP Kris Babicci, Chief Executive Officer said, "Organisations in Oman are becoming increasingly aware of the critical necessity to plan ahead to address all types of natural and man-made business disruptions and upon research, we learned that there is a need to keep updating the BCP and DRP with the changes in the working environment to adequately prepare for a disaster such as system failure or natural disaster like fire or flood or a major catastrophe.
The bank has prepared comprehensive Business Continuity and Disaster Recovery Plans (BCP & DRP) with the objective of minimising the operational and information related risks that can arise from a variety of disastrous events. We thank M/S Valiant Technologies and Dr Subramaniam for all the help afforded to us in this critical task".
By Staff Reporter
© Oman Daily Observer 2009
