Safeguarding Digital Finance: Boost Bank's Approach to Business Continuity Management
[Business Continuity Strategy] [Template 1]
Business Continuity Strategy
Part 1: BCS - Mitigation Strategies
Notes for BCM Institute's Course Participants: This is the template for completing the "Part 1: BCS - Mitigation Strategies"
Mitigation Strategies
This table captures the Recovery Time Objectives (RTOs), recommended recovery strategies, and designated recovery locations for each sub-function.
It also presents detailed justifications for the selected strategies, taking into account risk exposure, regulatory obligations, operational dependencies, and cost-effectiveness.
The information supports strategic recovery planning and ensures resilience is embedded into core transaction functions.
Based on the threats identified for Boost Bank Malaysia and referencing the BCM Institute's Part 1: Mitigation Strategies, the following Mitigation Strategy Table includes the required headers.
Mitigation Strategies and Justification Table
|
Threat |
Existing Controls |
Risk Rating |
Risk Level |
Risk Treatment (Residual Risk) |
Additional Mitigation Strategy |
Justification for Selected Mitigation Strategy |
|
Flood / Flash Flood |
Flood barriers, offsite backups, emergency SOPs |
20 |
High |
Risk Reduction |
Relocate flood-prone branches; install real-time flood sensors |
Ensures operational continuity by avoiding prolonged physical access issues |
|
Haze |
Work-from-home policy, air purifiers |
12 |
Medium |
Risk Reduction |
Enhance HVAC systems; distribute N95 masks to staff |
Minimises health impact and ensures staff productivity during haze events |
|
Fire |
Fire alarms, extinguishers, and evacuation drills |
15 |
Medium |
Risk Reduction |
Implement fire-rated server rooms; conduct quarterly audits |
Strengthens defence against facility damage and ensures compliance |
|
Earthquake Tremors |
Anchor equipment, secure server racks |
8 |
Low |
Risk Acceptance |
Conduct a building structural assessment; raise staff awareness |
Acceptable due to infrequency, but with improved resilience planning |
|
Power Outage |
Backup generators, UPS |
20 |
High |
Risk Reduction |
Implement dual power feeds and consider solar backup for critical sites |
Reduces downtime and enhances availability for customer services |
|
Bomb Threat / Terrorism |
Panic buttons, security cameras |
15 |
Medium |
Risk Reduction |
Conduct regular drills; collaborate with law enforcement for updates |
Prepares staff and reduces panic during incidents |
|
Pandemic / Infectious Disease |
WFH setup, staff health monitoring, and vaccines |
20 |
High |
Risk Reduction |
Establish a pandemic command team; implement a rotating workforce |
Protects the workforce and sustains service availability |
|
Labour Strike / Dispute |
Grievance channels, HR policies |
15 |
Medium |
Risk Reduction |
Develop employee engagement programs; cross-train essential staff |
Reduces the likelihood of disputes and mitigates manpower impact |
|
Loss of Key Personnel |
Succession planning, role documentation |
15 |
Medium |
Risk Reduction |
Create backup leaders for each critical role; enhance knowledge sharing |
Mitigates leadership vacuum and ensures continuity |
|
Loss of Vendor / Supplier |
Secondary suppliers, SLA enforcement |
12 |
Medium |
Risk Reduction |
Build a vendor risk assessment framework; increase local sourcing |
Reduces supply chain bottlenecks and delivery issues |
|
Regulatory Breach |
Compliance audits, training |
10 |
Medium |
Risk Reduction |
Implement GRC system; automate compliance tracking |
Minimises compliance gaps and regulatory penalties |
|
IT Hardware/Software Failure |
Maintenance schedule, redundancy setup |
20 |
High |
Risk Reduction |
Migrate to a hybrid cloud; establish a DR site |
Improves recoverability and system uptime |
|
Telecom/Network Failure |
Dual ISP setup, VPNs |
20 |
High |
Risk Reduction |
Implement 4G/5G fallback connectivity; monitor network health |
Ensures continuous online access for digital banking |
|
IT Sabotage / Cyber Attack |
Firewalls, employee training, and access controls |
20 |
High |
Risk Reduction |
Conduct threat hunting, penetration testing, and SOC outsourcing |
Defends digital assets and customer trust proactively |
Summing Up ...
The recovery strategies outlined in the Customer Transactions and Payment Processing table are essential for safeguarding the operational integrity of Boost Bank Malaysia during crises.
These plans are designed to minimise disruption, protect customer relationships, and maintain regulatory compliance.
By clearly documenting recovery objectives, locations, and justifications, this table forms a critical component of the bank’s business continuity framework, empowering decision-makers with actionable insights and ensuring that recovery efforts are both efficient and aligned with business priorities.
More Information About Business Continuity Management Courses
To learn more about the course and schedule, click the buttons below for the BCM-300 Business Continuity Management Implementer [BCM-3] and the BCM-5000 Business Continuity Management Expert Implementer [BCM-5].
![Register [BL-B-3]*](https://no-cache.hubspot.com/cta/default/3893111/ac6cf073-4cdd-4541-91ed-889f731d5076.png)
![FAQ [BL-B-3]](https://no-cache.hubspot.com/cta/default/3893111/b3824ba1-7aa1-4eb6-bef8-94f57121c5ae.png)
![Email to Sales Team [BCM Institute]](https://no-cache.hubspot.com/cta/default/3893111/3c53daeb-2836-4843-b0e0-645baee2ab9e.png)
