[BCM] [BML] [E3] [BIA] [T3] [CBF] [1] Retail & Corporate Banking Services

CBF-1 Retail & Corporate Banking Services

Understanding inter-dependencies is a critical requirement under ISO 22301, as the continuity and recoverability of any critical business function is directly influenced by its reliance on other internal functions, external service providers, vendors, and stakeholders.

For CBF-1 Retail & Corporate Banking Services, these inter-dependencies span across technology platforms, payment infrastructures, regulatory bodies, outsourced service providers, and customer-facing delivery channels.

This section identifies and documents the internal and external dependencies associated with each Sub-CBF, including whether the dependency is upstream, downstream, or mutual.

This analysis enables Bank of Maldives to assess potential cascading failures, prioritise recovery strategies, and design robust continuity and resilience measures in line with ISO 22301 requirements.

Table P5: Inter‑dependencies for CBF-1

Sub-CBF Code	Sub-CBF	Name of Business Unit or Vendor / Supplier / Outsource Partner	Type of Dependency – Internal	Type of Dependency – External	Dependency Direction (Upstream / Downstream / Mutual)	Description of Nature of Dependency
1.1	Customer Onboarding & Account Opening	Compliance & KYC Unit	✔		Upstream	Customer due diligence, AML screening, and identity verification must be completed before account activation.
1.1	Customer Onboarding & Account Opening	National ID Authority / Credit Bureau		✔	Upstream	External verification of customer identity and credit history is required to meet regulatory obligations.
1.2	Deposit & Withdrawal Services	Branch Operations	✔		Mutual	Branch staff and cash operations support deposit and withdrawal transactions while relying on system availability.
1.2	Deposit & Withdrawal Services	Core Banking System Vendor		✔	Upstream	Real-time transaction processing depends on the availability of the core banking platform.
1.3	Payment Processing & Fund Transfers	Payments & Clearing Department	✔		Mutual	Internal processing, reconciliation, and exception handling are required for successful fund transfers.
1.3	Payment Processing & Fund Transfers	Maldives Monetary Authority (RTGS / Clearing)		✔	Upstream	Interbank payments rely on central bank settlement and clearing infrastructure.
1.4	Lending & Credit Management	Credit Risk Management Unit	✔		Upstream	Credit approval, risk assessment, and policy validation are prerequisites for loan disbursement.
1.4	Lending & Credit Management	Credit Bureau / Valuation Firms		✔	Upstream	External credit reports and asset valuations support lending decisions and risk mitigation.
1.5	Card Services & Merchant Solutions	Card Operations Unit	✔		Mutual	Card issuance, dispute handling, and merchant support require operational coordination.
1.5	Card Services & Merchant Solutions	Visa / Mastercard / Payment Networks		✔	Upstream	Transaction authorisation and settlement depend on international card network availability.
1.6	Digital & Online Banking	IT & Digital Banking Department	✔		Mutual	Application support, cybersecurity monitoring, and system maintenance are critical for service availability.
1.6	Digital & Online Banking	Telecom & Internet Service Providers		✔	Upstream	Network connectivity is required for customer access to digital banking platforms.
1.7	Trade & Corporate Financial Solutions	Trade Finance Operations	✔		Mutual	Processing of letters of credit, guarantees, and trade documentation relies on operational expertise.
1.7	Trade & Corporate Financial Solutions	Correspondent Banks		✔	Mutual	Cross-border trade settlements and confirmations depend on correspondent banking relationships.
1.8	Account Maintenance & Reporting	Finance & Reconciliation Unit	✔		Downstream	Accurate reporting and reconciliation rely on transaction data generated by retail and corporate services.
1.8	Account Maintenance & Reporting	Regulatory Authorities (MMA)		✔	Downstream	Regulatory reporting obligations depend on timely and accurate account and transaction data.

The inter-dependency analysis for CBF-1 Retail & Corporate Banking Services highlights the complex web of internal and external relationships that underpin the Bank of Maldives’ ability to deliver uninterrupted banking services.

Failures in upstream dependencies—such as core banking systems, payment networks, or regulatory infrastructure—can have immediate and widespread downstream impacts on customer services and financial stability.

In accordance with ISO 22301, documenting and understanding these inter-dependencies enables the Bank of Maldives to:

Identify single points of failure and concentration risks
Establish appropriate recovery priorities and time objectives
Strengthen supplier, vendor, and outsourcing resilience
Enhance overall operational resilience and continuity capability

This structured dependency mapping forms a critical input into Business Impact Analysis (BIA), continuity strategies, and crisis response planning, ensuring that Retail and Corporate Banking Services remain resilient in the face of disruptions.

CBF-1 Retail & Corporate Banking Services

Vital records are records that are essential for the Bank of Maldives to continue its critical operations during and after a disruptive incident, as well as to meet legal, regulatory, financial, and contractual obligations.

In accordance with ISO 22301 and leading BCM practices, the identification, protection, accessibility, and recovery of vital records are a foundational component of effective Business Continuity Management.

For CBF-1 Retail & Corporate Banking Services, vital records support customer trust, transaction integrity, regulatory compliance, and financial stability. These records must remain available within defined recovery time objectives (RTOs), be protected against loss or corruption, and be clearly assigned to accountable custodians.

This section identifies the vital records associated with each Sub-CBF, considering media type, storage location, and ownership, in line with ISO 22301 requirements and the principles outlined in BCM Part 6: Vital Records.

Table P6: Vital Records for CBF-1

Sub-CBF Code	Sub-CBF	Description of Vital Records	Media Type	Location	In Whose Care
1.1	Customer Onboarding & Account Opening	Customer identification documents (KYC), account opening forms, AML screening results, customer agreements, risk profiles	Electronic (Core Banking System, Document Management System), Limited Physical	Primary Data Centre, DR Site; Physical files at Branches	Retail Banking Operations, Compliance Department
1.2	Deposit & Withdrawal Services	Transaction journals, teller logs, cash balance records, account balances, and audit trails	Electronic; Limited Physical (cash vouchers)	Core Banking System at Data Centre and DR Site; Branch vaults	Branch Operations, Operations & Finance
1.3	Payment Processing & Fund Transfers	Payment instructions, transaction confirmations, settlement records, reconciliation reports, SWIFT/MaNET logs	Electronic	Payment Systems, Core Banking System, DR Site	Payments & Clearing Operations
1.4	Lending & Credit Management	Loan agreements, credit approvals, collateral records, repayment schedules, and credit risk assessments	Electronic; Physical (legal documents)	Loan Management System, DMS, Secure Physical Storage	Credit Department, Risk Management
1.5	Card Services & Merchant Solutions	Cardholder data (masked), merchant agreements, transaction logs, chargeback records, settlement files	Electronic	Card Management System, Payment Switch, DR Site	Card Services Unit
1.6	Digital & Online Banking	User authentication logs, transaction records, system audit logs, and customer service requests	Electronic	Digital Banking Platforms, SIEM, DR Site	Digital Banking & IT Operations
1.7	Trade & Corporate Financial Solutions	Letters of credit, guarantees, trade finance contracts, corporate agreements, settlement records	Electronic; Physical (trade instruments)	Trade Finance System, DMS, Secure Records Room	Corporate Banking & Trade Finance
1.8	Account Maintenance & Reporting	Account change requests, customer instructions, regulatory reports, statements, audit, and compliance reports	Electronic	Core Banking System, Reporting Systems, DR Site	Operations, Compliance, Finance

The effective management of vital records for CBF-1 Retail & Corporate Banking Services is critical to ensuring the Bank of Maldives’ operational resilience, regulatory compliance, and customer confidence during disruptions.

By clearly identifying vital records, their formats, storage locations, and accountable custodians, BML strengthens its ability to respond to incidents, meet recovery objectives, and support timely decision-making under adverse conditions.

In alignment with ISO 22301, these vital records must be subject to ongoing protection measures, regular backups, access controls, and periodic reviews to ensure accuracy and availability.

Integrating vital records management into business continuity and disaster recovery planning enables Bank of Maldives to sustain essential banking services, safeguard stakeholder interests, and reinforce its commitment to resilience and service continuity across the Maldives.

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Ensuring Service Continuity and Compliance: ISO 22301 BCMS at Bank of Maldives

[BCM] [BML] [E3] [BIA] [T3] [CBF] [1] Retail & Corporate Banking Services

Business Continuity Management Certified Planner-Specialist-Expert

CBF-1 Retail & Corporate Banking Services

Table P5: Inter‑dependencies for CBF-1

CBF-1 Retail & Corporate Banking Services

Table P6: Vital Records for CBF-1

Ensuring Service Continuity and Compliance: ISO 22301 BCMS at Bank of Maldives

More Information About Business Continuity Management Courses

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Ensuring Service Continuity and Compliance: ISO 22301 BCMS at Bank of Maldives

[BCM] [BML] [E3] [BIA] [T3] [CBF] [1] Retail & Corporate Banking Services

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Business Continuity Management Certified Planner-Specialist-Expert

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CBF-1 Retail & Corporate Banking Services

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Table P5: Inter‑dependencies for CBF-1

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CBF-1 Retail & Corporate Banking Services

Table P6: Vital Records for CBF-1

Ensuring Service Continuity and Compliance: ISO 22301 BCMS at Bank of Maldives

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