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.
|
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:
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.
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.
|
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.
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 |
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].
|
Please feel free to send us a note if you have any questions. |
||