Pandemic/ Endemic – Where We Are Going and Lessons We Learnt
This session provides an overview of BCM professionals on the challenges faced while implementing and sustaining your business continuity during COVID-19.
Ruzita Rashid, Director, Operational Risk Management of MUFG Bank (Malaysia). [Click photo to find out more about Ruzita]. Ms Ruzita will share the evolving part of business continuity to business resilience. The financial institution (FI) sector is taking the initiative for FIs to cover the "cultural phenomena" aspect of continuing your business during a disaster.
Re-shaping the Fundamentals
There is a need to re-look and understand the difference between business resilience, business continuity and operational resilience and how they’re interconnected.
- Simply put, Business Resilience is a cultural phenomenon; while Business Continuity is primarily operational.
- What is happening to the FI world? Complying with the Basel Principles of Operational Resilience issued in March 2021
- Re-emphasized that BCM continues to be the core foundation for any resilience program.
Where Are We Now?
Pandemic, epidemic and endemic – where are we and are we prepared?
- Is there a difference between our business resilience and continuity preparedness? pandemic, epidemic and endemic.
- Where are we now? Somewhere in between pandemic and endemic
- How can we be better prepared?
Coping with the Challenges During Pandemic
Looking back during the Pandemic period, what are the challenges and how we are coping with them. These are the challenges during the pandemic and how we coped:
- Digital transformation – upgrading technology platform to prepare for alternate working environment.
- Health and safety concerns minimize infection risks at the workplace.
- Communication and directions in respect of the government’s decision/ directions.
Managing third party and service dependencies during the period of uncertainty due to government lockdown or Movement Control Order (MCO).
- Internalize SOPs for use in response to the changes in the market.
Finally, what is the "New Normal"?
A new norm has come, what are our actions moving forward?
- Health and safety of the workforce. There is a new requirement to schedule the workforce for both returns to the office and remote working.
- Be Familiar with the Crisis and Business Continuity Protocol. Review and determine how business is operating before and after the crisis
- High Dependency on Technology. Need to ensure technology readiness and availability
- Sustain BCM Program. This is an ongoing and continuous improvement
- Communicate. Enhance internal communication plan
- Mental Health Program. Provide resources and assistance to employees
2022 Confirmed MTE Live Webinars
|The content is an extract of the Meet-the-Expert webinar "Managing COVID-19 in Malaysia: Challenges and Lessons on BCM Practices for Malaysia" presented on 10 March 2022 by Ms Ruzita Rashid, Director, Operational Risk Management of MUFG Bank|
Come Join Our Online Blended Learning Training with Certification
Goh, M. H. (2016). A Manager’s Guide to Implement Your Infectious Disease Business Continuity Plan, 2nd Edition. GMH Pte Ltd.