[BCM] [FP] [E1] [C10] Critical Business Functions

Chapter 10

For Frasers Property

Frasers Property is a prominent multinational property group with a diverse portfolio that includes residential, commercial, retail, and hospitality properties.

The organisation faces unique challenges in ensuring business continuity across its operations. Identifying and protecting critical business functions is a cornerstone of an effective Business Continuity Management (BCM) program.

This chapter explores Frasers Property's critical business functions and their relevance to BCM.

CBF-1: Property Management and Operations

Property management and operations form the backbone of Frasers Property's business. These functions ensure that the facilities, utilities, and infrastructure supporting tenants and customers remain operational. Key components include:

• Building Maintenance: Regular maintenance of HVAC systems, elevators, and essential infrastructure.
• Security Services: Ensuring the safety of tenants and visitors through robust security measures.
• Facility Operations: Managing utilities such as electricity, water, and waste disposal to ensure uninterrupted services.

Property management and operations disruptions can lead to tenant dissatisfaction, revenue loss, and reputational damage. Therefore, BCM Plans must prioritise these areas to mitigate risks effectively.

CBF-2: Customer Relationship Management

Frasers Property’s ability to maintain strong relationships with tenants, investors, and other stakeholders is critical for its long-term success. Functions related to customer relationship management include:

• Tenant Communications: Prompt and transparent updates during disruptions.
• Service Level Agreements (SLAs): Ensuring tenant commitments are met even during crises.
• Customer Support Services: Assisting dedicated support teams and digital platforms.

BCM strategies should emphasise continuity in customer communication and support to sustain trust and confidence.

CBF-3: Real Estate Development and Construction

Developing and constructing new properties are integral to Frasers Property's growth strategy. Critical activities in this area include:

• Project Planning and Management: Adhering to project timelines and budgets.
• Supply Chain Coordination: Securing materials and equipment from reliable vendors.
• Compliance with Regulations: Ensuring projects meet local building codes and environmental standards.

BCM efforts should focus on mitigating delays caused by disruptions in supply chains, workforce availability, or regulatory compliance.

CBF-4: Sales and Leasing

Revenue generation through property sales and leasing is a key function of Frasers Property. Key activities include:

• Marketing and Promotions: Attracting buyers and tenants through effective campaigns.
• Contract Management: Ensuring leases and sales agreements are executed smoothly.
• Financial Transactions: Processing payments and managing financial records securely.

BCM plans should address potential disruptions in these activities to ensure steady revenue streams.

CBF-5: Information Technology (IT) and Digital Services

Frasers Property relies heavily on IT systems to manage operations and engage with customers as a modern property group. Critical IT functions include:

• Data Management: Storing and securing tenant information and operational data.
• System Availability: Ensuring uptime for property management and customer-facing platforms.
• Cybersecurity: Protecting against data breaches and cyberattacks.

BCM strategies must include robust IT disaster recovery plans and cybersecurity measures to maintain operational resilience.

CBF-6: Financial Management

Financial stability is essential for the continuity of Frasers Property's operations. Critical functions in financial management include:

• Budgeting and Forecasting: Managing cash flow to sustain operations during disruptions.
• Accounts Payable and Receivable: Ensuring timely payments to vendors and collection from tenants.
• Insurance Management: Maintaining adequate coverage for assets and liabilities.

A BCM plan should prioritise the continuity of financial operations to minimise economic impact during crises.

CBF-7: Human Resources and Workforce Management

The workforce is a vital asset for Frasers Property. Key HR functions include:

• Employee Safety and Well-being: Implementing measures to protect staff during emergencies.
• Talent Retention: Ensuring key personnel remain engaged and productive.
• Payroll and Benefits: Maintaining timely payment of salaries and benefits.

BCM efforts should include clear communication channels and support systems for employees during disruptions.

CBF-8: Regulatory Compliance and Risk Management

Compliance with local and international regulations is critical to Frasers Property Limited’s operations. This includes:

• Adherence to Building Codes: Ensuring properties meet safety and environmental standards.
• Risk Assessments: Identifying and mitigating potential threats to operations.
• Reporting Requirements: Maintaining transparency with regulatory authorities.

A robust BCM framework must incorporate compliance and risk management to ensure legal and operational continuity.

Summing Up …

The critical business functions outlined above are central to Frasers Property’s ability to deliver value to its stakeholders.

An effective BCM program must identify potential threats to these functions and implement strategies to mitigate their impact.

By safeguarding its operations, Frasers Property can ensure resilience, protect its reputation, and maintain stakeholder confidence in the face of adversity.