[OR] [BDCB] [E2] [C16] Developing a Communication Strategy

Chapter 16

Develop Communication Strategy

Introduction

Effective communication is the backbone of sustaining operational resilience. For the Brunei Darussalam Central Bank (BDCB), the ability to communicate clearly, promptly, and consistently with internal and external stakeholders ensures that critical business services remain trusted, disruptions are managed effectively, and confidence in Brunei Darussalam’s financial system is maintained.

A well-developed communication strategy not only supports continuity during crises but also fosters transparency, accountability, and trust in normal operations.'

This chapter outlines how BDCB can develop and implement a structured communication strategy as part of the Sustain Phase of its Operational Resilience Planning Methodology. It focuses on embedding communication as a continuous, living component of resilience, ensuring that messages reach the right people, at the right time, through the right channels.

Purpose of the Stage

The purpose of developing a communication strategy is to:

• Ensure clear, coordinated, and consistent messaging across all levels of BDCB and with its key stakeholders.
• Support the bank’s operational resilience objectives by enabling swift information flow during disruptions.
• Strengthen stakeholder trust and confidence in BDCB’s ability to maintain financial stability.
• Integrate communication practices into long-term resilience culture rather than ad-hoc responses.

Implementation Steps

1. Identify Key Stakeholders

BDCB must first map its stakeholders who require communication during normal operations and in times of disruption. These groups typically include:

• Internal stakeholders: Board of Directors, senior management, employees.
• External stakeholders: Commercial banks, financial institutions, payment system operators, government ministries, regulators, and the general public.
• Regional/international stakeholders: ASEAN central banks, international financial institutions, and rating agencies.

Example: In the case of a disruption in CBS-1 Payment & Settlement Systems, BDCB must immediately inform commercial banks and payment operators to manage settlement risk, while simultaneously reassuring the Ministry of Finance and Economy that systemic risk is under control.

2. Define Communication Objectives

Each message should align with resilience objectives such as maintaining financial stability, reducing uncertainty, and ensuring confidence. Objectives may include:

• Awareness: Educating staff and stakeholders about operational resilience policies and expectations.
• Preparedness: Ensuring stakeholders know their roles and responsibilities during disruptions.
• Reassurance: Providing timely updates that build confidence in the Bank’s recovery actions.

Example: In the event of a cyber incident, BDCB may release an internal memo outlining precautionary measures for staff and a parallel external statement assuring the public that core payment systems remain secure.

3. Develop Key Messages

BDCB should standardise its core messages, tailored to each audience. These messages must be:

• Clear, accurate, and jargon-free.
• Consistent across all channels.
• Adaptable depending on the situation (routine update vs. major disruption).

Example:

• Internal Message: “Please activate the alternative communication channel via secure Teams chat. Do not use external emails until further notice.”
• Public Message: “BDCB assures the public that all domestic payment transactions remain secure. Contingency measures are being applied, and services are operating as normal.”

4. Select Communication Channels

BDCB should diversify its communication channels based on the stakeholder group:

• Internal: Email, intranet, internal chat systems, phone trees, town hall meetings.
• External: Website announcements, press releases, circulars to financial institutions, social media updates, media briefings.
• International: Official correspondence with central banks and global financial institutions.

Example: During a payment system outage, banks may be updated via direct encrypted emails and WhatsApp groups, while the public is informed through BDCB’s official website and controlled media statements.

5. Establish Governance and Roles

A communication strategy must define who communicates what and when. Governance ensures accountability and prevents conflicting information.

• The Governor and Deputy Governors are the official spokespersons for external communications.
• The Communications Department drafts and disseminates messages.
• Department heads cascade information to staff.
• The Crisis Management Team validates key messages during disruptions.

Example: A scenario where a liquidity stress event occurs—only the Governor issues public statements to prevent market speculation, while the communications team manages media queries.

6. Integrate with Resilience Exercises

Communication should be embedded into all operational resilience drills and simulations. This ensures that both message development and delivery channels are tested under realistic conditions.

• Test the speed of information flow.
• Assess clarity and consistency of messages.
• Capture lessons learned and refine templates.

Example: In a simulation of a cyberattack on the Real-Time Gross Settlement (RTGS) system, BDCB tests sending immediate instructions to banks while simultaneously issuing a reassurance statement to the public and monitoring social media for misinformation.

7. Monitor, Evaluate, and Improve

Post-event reviews and regular monitoring are critical to sustaining communication effectiveness. BDCB should:

• Conduct after-action reviews after crises and exercises.
• Monitor public sentiment and media coverage.
• Adjust communication protocols based on evolving risks (e.g., rise of misinformation on social media).

Example: If public confusion arises after a payment disruption despite official announcements, BDCB may expand its strategy to include proactive social media engagement.

Summing Up ...

For the Brunei Darussalam Central Bank, communication is not simply about information-sharing but about safeguarding trust in the nation’s financial system.

By embedding a robust communication strategy into the Sustain Phase of its Operational Resilience Planning Methodology, BDCB ensures that all stakeholders remain informed, engaged, and confident, both during routine operations and in the face of disruption.

A clear, coordinated, and tested communication strategy transforms resilience planning from a technical function into an organisation-wide capability that reinforces BDCB’s credibility as Brunei Darussalam’s guardian of financial stability.

Gain Competency: For organisations looking to accelerate their journey, BCM Institute’s training and certification programs, including the OR-5000 Operational Resilience Expert Implementer course, provide in-depth insights and practical toolkits for effectively embedding this model.