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Pandemic and resilience

The pandemic changed the way banks looked at their Business Continuity Plan (BCP) and BCM(Business Continuity Management). Strategies and plans that once accounted for everything from natural disasters, human error, cyber risks, insider threats, downtime, and operational setbacks had to now factor in the unpredictable X in their risk plans.

Growth through adversity

The new normal saw the banks overhauling their operations through complete process automation and digital acceleration. There was a constant need to prioritize and coordinate solutions, to manage and restore operations and access in situations that suddenly cropped up, with a flexible business continuity plan to prevent loss of customers, revenue, and new business opportunities.

Constant change – the way forward

Better normal days saw new approaches falling into place.

Economies opened up.

But it was not business as usual because digital processes brought new threats.

If the integrated and distributed hybrid ecosystems were vulnerable to cyber threats, operational risks threatened the very integrity and existence of banks.

The need for stability

There was an urgent need for a Business Continuity Plan and its management that aligned with a comprehensive Governance, Risk, and Compliance Program to deliver resilience in an evolving landscape and a risk-aware corporate culture.

BCP + GRC = Adaptable, operationally stable, and tactically capable banks

Defining the future of business continuity, the GRC +BCP model helped banks stay agile and adapt to the changing threat landscape with robust business resilience capabilities, regular assessment and control mechanisms.

The value-additions delivered included:

Quick and informed decision- making by providing relevant information from a single source of truth matched to the situation in the prescribed format for making decisions at the right time.

Protection of business assets by implementing processes and controls to safeguard business assets and data from threats and hacking..

Up-to-date regulation compliance through continuous adoption of controls reflecting regulatory changes, is made easy with user- friendly, intuitive GRC systems

Cost savings and revenue protection by automating and streamlining business continuity processes to comply with operational, legal and regulatory requirements.

Integrated risk mapping from a single source of truth to ensure that no potential threat has been overlooked.

The road ahead

Business continuity and GRC are ongoing processes that demand consistent adaptation in the face of dynamic business environments. Together, they ensure the long-term sustainability of business operations and financial solidity in the presence of any potential risks.

Resilience plans with EnGRC

EnGRC is an automated, modular, and configurable governance, risk, and compliance (GRC) solution that seamlessly integrates with your organization’s objectives and business continuity plans.

Regular internal controls are required to be performed to ensure that the BCP is kept up to date and that all the key individuals and departments involved know what they need to do if such an event occurs. These controls can be scheduled and assigned with automated workflows in EnGRC including alerts and reminders even when not logged into the system. All the instructions and guidance for the BCP can be included in the tasks.

With end-to-end solutions to manage your enterprise risk, EnGRC helps you create a culture of risk awareness and value to build trust with customers and partners.

 

Learn More https://www.3i-infotech.com/engrc/

Connect with us now! Continuity starts with bridging the gaps.