[BCM] [BML] [E3] [BIA] [DP] [CBF] [1] Retail & Corporate Banking Services

CBF-1 Retail & Corporate Banking Services

Bank of Maldives (BML), the leading financial institution in the Maldives, plays a pivotal role in ensuring the financial well-being of individuals and businesses nationwide.

In a country highly dependent on tourism, trade, and small-to-medium enterprises, uninterrupted banking services are essential not only for customer satisfaction but also for economic stability.

Critical Business Functions (CBFs) are those organisational activities that are vital to the delivery of services and the continuity of operations during disruptions.

Among these, CBF‑1: Retail & Corporate Banking Services forms the backbone of BML’s operations, encompassing account management, deposits, lending, payments, and digital banking services.

Ensuring the resilience of these functions is a core requirement under ISO 22301 Business Continuity Management System (BCMS) standards.

This chapter provides a detailed breakdown of CBF‑1, including key processes, examples of the Bank of Maldives’ practices, and the operational dependencies that must be protected to maintain continuity.

Critical Business Functions — Bank of Maldives (BML)

CBF Code	Critical Business Function (CBF)	Description
1	Retail & Corporate Banking Services	Core banking operations for individual customers and business clients — delivering deposits, lending, payment, and transaction services.
2	Digital & Self-Service Banking Operations	Continuous availability of digital platforms (internet/mobile banking, ATMs, POS, agent banking) supporting high-volume transactions online/offline.
3	Liquidity & Funds Management	Managing cash, foreign exchange, treasury settlements, and liquidity to ensure financial stability.
4	Risk & Compliance Management	Ensuring regulatory compliance, fraud management, AML/KYC processes, and credit risk monitoring.
5	Customer Support & Service Centres	Call centres, branch services, and customer help desks ensure uninterrupted service to clients.
6	Business & SME Banking Services	Targeted financial solutions for SMEs, including business loans, merchant services, payroll, and advisory.
7	Corporate Finance & Advisory	Providing corporations with project finance, trade finance, escrow accounts, and investment advisory.

(Note: Bank of Maldives also operates Islamic Banking products and other support functions, which are critical at a business continuity level.)

Below is a detailed business process table for CBF-1 Retail & Corporate Banking Services for Bank of Maldives, with examples illustrating how each process works in practice.

These processes are critical to operations and continuity planning in the BCM framework.

Table D1: Sub-Critical Business Functions & Processes for CBF-1

CBF Code	Business Process	Description	Examples (Bank of Maldives)
1.1	Customer Onboarding & Account Opening	Accept and verify customer information to open bank accounts for individuals and corporate clients.	Online account opening via digital onboarding; branch new account opening (Current, Savings, Expatriate) through BML digital application forms.
1.2	Deposit & Withdrawal Services	Accept deposits and provide cash/cheque withdrawals to clients.	ATM services for cash deposits/withdrawals and cheque deposits; branch services supporting business cashflow needs.
1.3	Payment Processing & Fund Transfers	Execute payments, transfers (local, cross-border), bulk payments, and payroll services securely and reliably.	Bulk payment services for salary disbursements or business payouts via Business Internet Banking.
1.4	Lending & Credit Management	Evaluate credit requests, disburse loans, and manage repayment schedules for retail and corporate clients.	Lui Loans, Lifestyle Loans, Business Financing (Working Capital, Commercial Property).
1.5	Card Services & Merchant Solutions	Issue and manage debit/credit cards; enable merchant acceptance of payments.	Visa/Mastercard debit and credit products; POS terminals and merchant payment gateway services.
1.6	Digital & Online Banking	Provide digital channels for banking services, ensuring high availability and secure transactions.	Internet & Mobile Banking platforms — 24/7 transaction capability, including online transfers, loan repayments, and foreign transfers.
1.7	Trade & Corporate Financial Solutions	Facilitate corporate payments, trade financing, guarantees, and advisory services.	Letters of Credit (LC), trade collections, structured financing, and escrow accounts for corporate clients.
1.8	Account Maintenance & Reporting	Maintain accurate customer account records and generate statements, reconciliations, and regulatory reporting.	Monthly statement issuance, online mini-statements, and compliance reporting.

Key Notes for BCM Integration

✔ Why CBF-1 is Critical

Retail & Corporate Banking Services generate the majority of transactions (with digital banking handling over 99% of transactions digitally), supporting both individual customers and businesses — making it a top priority for continuity during disruptions.

✔ Dependencies & Risks

Processes depend on core systems like digital platforms, payment rails, and branch operations. Continuity plans should include system failover, cyber-resilience strategies, and alternate manual procedures.

✔ Service Continuity Examples

During digital outages, BML can rely on agents, ATMs, or branch operations; for large payment operations like payroll, alternate batch processing or communication channels should be outlined.

Retail & Corporate Banking Services at Bank of Maldives represent a critical pillar of the organisation’s operational capability and service delivery.

The detailed processes outlined in this chapter—from customer onboarding to trade finance and digital banking—highlight the complex interdependencies and the need for robust business continuity planning.

By identifying these functions and their supporting processes, BML can proactively implement mitigation strategies, system redundancies, and alternative workflows to ensure minimal disruption to essential services.

Ultimately, understanding and safeguarding CBF‑1 not only protects the bank’s operations but also sustains the financial stability of the communities and businesses it serves.

Through adherence to ISO 22301 BCMS standards, Bank of Maldives demonstrates its commitment to operational resilience and continuous service delivery, even in the face of unforeseen disruptions.

Note that the icon marked with [x] is under construction

Ensuring Service Continuity and Compliance: ISO 22301 BCMS at Bank of Maldives
eBook 3: Starting Your BCM Implementation
MBCO	P&S [x]	RAR T1 [x]	RAR T2 [x]	RAR T3 [x]	BCS T1 [x]	CBF List

CBF-1 Retail & Corporate Banking Services
DP	BIAQ T1	BIAQ T2	BIAQ T3	BCS T2	BCS T3	PD

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].