Explainer: R9F Business Continuity Management Policy: Crisis Communication

Disclaimer

This article is provided for general informational and educational purposes only. It summarises publicly available regulatory guidance issued by Bank Negara Malaysia.

BCM Institute is not affiliated with, endorsed by, or acting on behalf of Bank Negara Malaysia. The name “Bank Negara Malaysia” is used strictly for descriptive and reference purposes.

Explainer: R9f Business Continuity Management Policy

Part B Policy Requirements 9: BCM Framework and Methodology

Crisis Communication

Click the button to access the official BCM policy document (December 2022 release).

Introduction

The Business Continuity Management (BCM) policy framework released in December 2022 outlines expectations for financial institutions in Malaysia to strengthen operational resilience.

This report focuses on Part B - Policy Requirement 9, which outlines the BCM framework and methodology banks should consider when developing their business continuity management plans.

Specifically, it highlights the requirements related to crisis communication.

Policy Requirement 9 emphasises the importance of robust crisis communication strategies and processes within the BCM framework. Effective crisis communication is critical to ensure the timely and accurate dissemination of information to relevant stakeholders during a crisis or disruptive event.

The policy outlines expectations that banks should consider to establish a comprehensive crisis communication plan that includes the following key elements:

a. Communication Protocols

The plan should define clear protocols and procedures for communication during a crisis.

This includes establishing lines of communication, designated spokespersons, and escalation channels. The plan should also outline the roles and responsibilities of individuals and teams involved in crisis communication.

b. Stakeholder Identification

Banks should identify their key stakeholders, including employees, customers, regulators, media, and other relevant parties.

The plan should outline communication strategies with each stakeholder group, considering their specific needs and expectations during a crisis.

c. Message Development

The policy encourages banks to develop pre-approved message templates and guidelines to ensure consistency and accuracy in communication.

These templates should be adaptable to different scenarios and provide clear, concise information on the crisis, its impact, and the bank's response measures.

d. Communication Channels

The plan should identify various communication channels to reach different stakeholders effectively.

This may include traditional media channels, social media platforms, email notifications, dedicated hotlines, and internal communication tools. Banks should ensure that these channels are regularly tested, maintained, and updated as necessary.

e. Timely and Transparent Communication

The policy emphasises the importance of timely and transparent communication during a crisis.

Banks should promptly provide stakeholders with updates and relevant information, keeping them informed of the situation, mitigation measures, and the progress of recovery efforts.

f. Training and Preparedness

The policy outlines expectations that banks should consider regular training and preparedness exercises for crisis communication.

This includes simulating crisis scenarios, conducting media training for spokespersons, and ensuring that relevant personnel are well-versed in the crisis communication protocols.

Collaboration and Coordination

Policy Requirement 9 also highlights the need for collaboration and coordination in crisis communication.

Banks are encouraged to establish partnerships and communication networks with relevant authorities, industry stakeholders, and other organisations to facilitate information sharing and coordinated responses during crises.

Collaboration can help ensure consistency in messaging, minimise confusion, and enhance the overall effectiveness of crisis communication efforts.

Conclusion

Policy Requirement 9 of the Business Continuity Management Policy emphasises the importance of effective crisis communication within the BCM framework.

It highlights the need for banks to develop robust crisis communication plans that define protocols for communication, stakeholder identification, message development, communication channels, and timely, transparent communication strategies.

By adhering to these requirements, banks can ensure that stakeholders receive accurate and timely information during a crisis, fostering trust and confidence.

Regular training, preparedness exercises, and collaboration with relevant stakeholders contribute to the overall effectiveness of crisis communication efforts.

Effective crisis communication is essential for maintaining stakeholder relationships, managing reputation, and enabling a coordinated response to mitigate the impact of disruptive events.

This article is an independent informational summary for educational purposes. It is not affiliated with, endorsed by, or officially representing any regulatory authority.

BCM Policy Framework Issued by Malaysia Central Bank: Part B Requirement 9
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