Business Continuity for Financial Institutions: A Case Study of SG-SSB Limited
Increasing competition in the financial sector, demands by customers for 24hr continuous service, increasing regulatory or policy requirements, and increasing threats have exerted pressure on financial institutions to develop comprehensive contingency plans that ensure the continuity of their business processes. A properly-designed, implemented and tested Business Continuity Plan (BCP) is the best insurance against financial peril for any financial institution or organisation in general. The main aim of this project is to affirm the relevance of business continuity plan to financial institutions. It involved an investigation into the existence of such a plan, the major operational areas and scenarios the plan covers, stakeholders involved in the development of the plan, the training and understanding that stakeholders have on the plan and whether the plan is tested periodically. Societé Generalé Social Security Bank (SG-SSB) Limited was used as a case study. Data was collected via mailed questionnaire and oral interview with the BCP manager. 100 questionnaires were sent out and with a 69% response rate. Percentages, mean, variance and standard deviation were calculated from responses and inferences were drawn from them. The research findings revealed that SG-SSB has a business continuity plan in place which covers its major operations based on specific scenarios or incidents. It was also revealed that the company’s board of directors; senior Management; BCP manager; and staff were the main stakeholders involved in the development of the plan even though not every staff was involved. The company has programs and communication channels in place to train and inform staff so that they know their obligations and there is also a program to test the plan periodically in order to review and update it. All respondents affirmed the relevance of the BCP to financial institutions and the BCP manager stressed on the priority the bank places on the plan not only in meeting its parent company’s policies but for various reasons, pressures and demands in the financial industry.
A Thesis submitted to the Institute of Distance Learning, Kwame Nkrumah University of Science and Technology in partial fulfillment of the requirements for the degree of Commonwealth Executive Masters in Business Administration, June, 2011