[BCM] [BML] [E2] [C1] Business Continuity Management Planning Methodology

 Business Continuity Management Planning Methodology for the Bank of Maldives

 

Introduction

Bank of Maldives (BML), as the nation’s leading financial institution, plays a critical role in maintaining economic stability, financial inclusion, and public confidence across the Maldives’ geographically dispersed atoll structure. 

The bank’s ability to deliver uninterrupted critical banking services—despite disruptions arising from natural disasters, technology failures, cyber threats, or operational incidents—is fundamental to national resilience.

In accordance with ISO 22301:2019 – Security and Resilience – Business Continuity Management Systems (BCMS), Bank of Maldives must adopt a structured, risk-based, and lifecycle-driven Business Continuity Management (BCM) planning methodology. 

This chapter presents a seven-phase BCM Planning Methodology, aligned with ISO 22301 clauses and tailored to the operational, regulatory, and environmental realities faced by the Bank of Maldives.

The objective of this chapter is to provide a clear, auditable, and practical BCM planning framework that ensures:

• Protection of critical banking services

• Compliance with ISO 22301 requirements

• Alignment with the Maldives Monetary Authority (MMA) regulatory expectations

Operational resilience across the head office, branches, digital banking, and inter-island operations

Overview of the BCM Planning Methodology

The Business Continuity Management Planning Methodology for Bank of Maldives comprises seven integrated phases that form a continuous improvement lifecycle aligned with the Plan-Do-Check-Act (PDCA) model embedded in ISO 22301.

Detailed explanation of each phase relating to the Bank of Maldive will be discussed in the following chapters for eBook 2: 

 

 

Phase 1: Project Management (PM)

Purpose

• To establish a structured governance framework for the BCM programme, ensuring accountability, consistency, and alignment with organisational objectives.

ISO 22301 Alignment

•  Clause 5: Leadership

•  Clause 6: Planning

• Clause 7: Support

Bank of Maldives–Specific Requirement

• Bank of Maldives shall establish a BCMS Steering Committee, chaired by senior management, with representation from:

  • Retail and Corporate Banking

  • Digital Banking & IT

  • Operations and Branch Network

  • Risk Management & Compliance

  • Human Resources

  • Facilities and Security

• The committee shall approve the BCM scope covering the head office, all domestic branches, digital banking platforms, data centres, and third-party service providers supporting inter-island operations.

Phase 2: Risk Analysis and Review (RAR)

Purpose

• To identify and evaluate internal and external risks that could disrupt BML’s ability to deliver critical services.

ISO 22301 Alignment

• Clause 6.1: Actions to address risks and opportunities

Bank of Maldives–Specific Requirement

• The risk analysis shall explicitly assess Maldives-specific threat scenarios, including:

  • Severe weather events (monsoons, flooding, storm surges)

  • Inter-island transportation disruptions

  • Power and telecommunications outages

  • Cyber-attacks targeting digital and mobile banking platforms

  • Concentration risk at centralised data centres

• Risk assessments shall be reviewed at least annually or following major incidents.

Phase 3: Business Impact Analysis (BIA)

Purpose

• To identify critical business services, assess disruption impacts, and define recovery priorities and tolerances.

ISO 22301 Alignment

• Clause 8.2.2: Business impact analysis

Bank of Maldives–Specific Requirement

BML shall identify Critical Business Services, including but not limited to:

• Retail and corporate payments
• ATM and cash distribution services
• Mobile and internet banking
• Inter-bank settlement and clearing
• Treasury and liquidity management

For each critical service, BML shall define:

• Maximum Tolerable Period of Disruption (MTPD)
• Recovery Time Objective (RTO)
• Recovery Point Objective (RPO)
• Minimum Service Levels required during disruption

Phase 4: Business Continuity Strategy (BCS)

Purpose

• To define cost-effective strategies that enable the timely recovery of critical services within approved tolerances.

ISO 22301 Alignment

• Clause 8.3: Business continuity strategy

Bank of Maldives–Specific Requirement

BML shall implement geographically resilient strategies suitable for an island nation, including:

• Alternate processing arrangements for branch and digital banking
• Redundant communication channels between islands
• Secondary data centre or cloud-based recovery solutions
• Pre-positioned resources for critical island branches

Strategies shall be approved by senior management and aligned with BIA outputs.

Phase 5: Plan Development (PD)

Purpose

• To document actionable procedures that enable effective response, continuity, and recovery during disruptions.

ISO 22301 Alignment

• Clause 8.4: Business continuity plans and procedures

Bank of Maldives–Specific Requirement

BML shall develop and maintain:

• Enterprise-level Business Continuity Plan
• Crisis Management and Communication Plan
• IT Disaster Recovery Plan
• Branch-level Continuity Procedures
• Third-party and outsourcing continuity arrangements

Plans shall clearly define roles, escalation paths, decision authority, and inter-island coordination mechanisms.

Phase 6: Testing and Exercising (TE)

Purpose

• To validate the effectiveness, readiness, and practicality of BCM strategies and plans.

ISO 22301 Alignment

• Clause 8.5: Exercising and testing

Bank of Maldives–Specific Requirement

BML shall conduct at least one BCM exercise annually, including:

• Tabletop crisis simulations involving senior management
• IT disaster recovery tests
• Scenario-based exercises simulating island-wide service disruptions

Exercise outcomes shall be documented, with corrective actions tracked to closure.

Phase 7: Program Management (PgM)

Purpose

• To ensure BCM remains effective, current, and aligned with organisational and regulatory changes.

ISO 22301 Alignment

• Clause 9: Performance evaluation
• Clause 10: Improvement

Bank of Maldives–Specific Requirement

BML shall establish a BCMS review and improvement cycle, including:

• Annual management review of BCMS performance
• Integration with enterprise risk management
• Continuous improvement based on incidents, exercises, audits, and regulatory feedback

Key BCM metrics shall be reported to senior management and the Board.

Table: Summary of BCM Planning Methodology for Bank of Maldives (ISO 22301 Aligned)

 

The Business Continuity Management Planning Methodology outlined in this chapter provides Bank of Maldives with a structured, ISO 22301-compliant framework to safeguard critical banking services and maintain public confidence during disruptions.

By adopting a seven-phase lifecycle approach, BML can systematically identify risks, prioritise recovery, implement resilient strategies, and continuously improve its operational readiness.

Given the Maldives’ unique geographic, climatic, and infrastructural challenges, effective BCM is not merely a compliance requirement but a strategic imperative.

When fully embedded into governance, operations, and culture, this methodology enables Bank of Maldives to strengthen its resilience, meet regulatory expectations, and fulfil its national responsibility as the country’s leading financial institution.

 

Ensuring Service Continuity and Compliance: ISO 22301 BCMS at Bank of Maldives
eBook 2: Implementing Business Continuity Management for Bank of Maldives
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