[CM] [OCBC] [E1] [C7] Composing the CM Team

Chapter 7

What Should the Composition of OCBC Bank's Crisis Management Team Be?

Introduction

In a world where unforeseen events can disrupt business operations, having a well-structured and responsive Crisis Management Team (CMT) is essential for maintaining OCBC Bank's stability, reputation, and operational resilience.

The composition of OCBC Bank's CMT should align with international standards, such as ISO 22361: Crisis Management Systems, and comply with the regulatory requirements stipulated by the Monetary Authority of Singapore (MAS).

This article outlines the key components of the CMT structure, ensuring that it is capable of effectively addressing various crisis scenarios.

Crisis Management Team Leadership

At the heart of the Crisis Management Team is its leadership, which should comprise experienced individuals with decision-making authority and a comprehensive understanding of the bank's operations and strategic objectives.

Crisis Management Team Leader (CMT Leader)

The CMT Leader is responsible for overseeing all crisis response activities and ensuring that the team functions effectively during an event.

This individual must have a high level of authority within the organisation, typically the Chief Risk Officer (CRO) or another senior executive with broad oversight of operations, risk, and governance.

The CMT Leader must be able to make quick decisions,  coordinate with external stakeholders (such as regulators and the media), and communicate the crisis response strategy to senior management.

Crisis Communications Officer

This person is tasked with managing all internal and external communication during a crisis. The role is critical in ensuring that accurate information is relayed to employees, customers, the media, and regulatory bodies.

This individual should ideally be a senior corporate communications executive, such as the Head of Public Relations, who can manage the bank's messaging, protect its reputation, and ensure transparency.

Operational Response Teams

These teams are responsible for the operational aspects of managing a crisis.

The operational response teams should comprise individuals from key business units, possessing the necessary expertise to manage specific aspects of the crisis.

IT and Cybersecurity Response Team

Given the increasing risk of cyber incidents, a dedicated team focused on IT and cybersecurity issues is essential.

This team should be led by the Chief Information Security Officer (CISO) or another senior IT executive.

It will be responsible for addressing cyber-attacks, data breaches, or IT system failures, ensuring that IT infrastructure is restored, and mitigating any damage to customer data and services.

Business Continuity Team

This team plays a pivotal role in ensuring that the bank's critical operations continue, even in the face of a crisis.

The Business Continuity Manager should lead this group, working closely with the Crisis Management Team Leader to activate the bank's business continuity plans, assess the impact on critical business functions (CBFs), and implement recovery strategies.

Operations and Facilities Team

This team is responsible for managing the bank's physical assets and facilities, particularly during crises that affect locations, infrastructure, or essential services (e.g., physical office space or cash flow disruptions).

The Facilities Manager or Head of Operations typically leads this team, working to ensure that the bank’s operations can continue even if physical locations are disrupted.

Subject Matter Experts (SMEs) and Functional Specialists

These individuals bring specialised knowledge that supports decision-making and operational response during a crisis.

SMEs should be drawn from various departments, ensuring the bank’s responses are well-informed and appropriately tailored to meet their needs.

Legal and Regulatory Affairs Specialist

During a crisis, legal and regulatory concerns will inevitably arise.

The bank's General Counsel or another senior legal officer must be part of the CMT to provide advice on compliance, legal risks, contractual obligations, and regulatory reporting to the Monetary Authority of Singapore (MAS) and other relevant authorities.

Financial Management Team

The financial management team ensures the bank's financial stability during crises, including effective liquidity management, thorough risk assessment, and compliance with relevant financial regulations.

This team should be led by the Chief Financial Officer (CFO), who collaborates with senior treasury and finance professionals to monitor the bank's financial health and provide reports to senior management and regulatory authorities.

Human Resources Specialist

Human resources specialists must ensure that employees are supported and can continue to function effectively during a crisis.

This includes addressing employee safety, providing support services (e.g., mental health support), and ensuring that staff can work remotely or from alternative locations as needed.

The HR lead should coordinate staffing and ensure continuity of staff communication to maintain effective team operations.

Customer Services Team

A dedicated customer service team ensures that customer inquiries and concerns are addressed promptly.

This team should include senior customer service managers who can coordinate the response to customer queries, provide necessary updates, and ensure that customers are informed about how the crisis affects their banking services.

External Liaison and Stakeholder Management

Effective management of external relationships is critical during a crisis, particularly with regulatory bodies, external partners, and the media.

Regulatory Affairs Liaison

This person is responsible for liaising with the Monetary Authority of Singapore (MAS), other regulatory bodies, and government agencies.

The liaison ensures compliance with all regulatory requirements and the timely submission of necessary reports during and after the crisis.

External Affairs and Partnerships Lead

This individual is responsible for managing relationships with external partners, including vendors, third-party service providers, and key stakeholders such as shareholders, investors, and partners.

Ensuring smooth communication and managing external expectations is crucial for maintaining the bank’s reputation and ongoing operations.

Crisis Management Advisory Group

This group, composed of senior executives and external advisors, supports the CMT in developing long-term crisis management strategies.

The advisory group may include individuals from various disciplines, such as risk management, business continuity, law, and crisis management experts, who provide advice on the bank’s overall crisis strategy.

Training and Awareness Committee

A Crisis Management Team also needs a dedicated committee to manage training, testing, and preparedness.

This committee is responsible for conducting regular simulations and exercises, reviewing crisis plans, and ensuring that the CMT and employees are well-prepared to manage various types of crisis scenarios.

The committee should include representatives from human resources, operations, IT, and legal departments, as well as external consultants if necessary.

The composition of OCBC Bank's Crisis Management Team should be comprehensive, well-structured, and aligned with international standards such as ISO 22361.

By ensuring the team includes senior leadership, operational response teams, subject matter experts, and external liaison roles, OCBC Bank can effectively manage crises, safeguard its operations, and maintain its reputation.

Furthermore, adherence to the regulatory requirements of the Monetary Authority of Singapore (MAS) ensures that the bank remains compliant as it navigates crises.

This structure enables a proactive, integrated, and agile response to any crisis scenario, thereby enhancing OCBC's resilience and ability to lead through challenging times.

 

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