Fidelity Bank receives BCMS certification to mitigate risk – FIDELITY Bank Plc on Wednesday achieved another feat with Business Continuity Management System (BCMS) and ISMS certifications to improve resilience capabilities and risk management.
Mr Nnamdi Okonkwo, the bank’s Managing Director, speaking at the award ceremony in Lagos, said that BCMS demonstrated its commitment to mitigating risk caused by human or natural disasters.
The News Agency of Nigeria (NAN) reports that 22301 BCMS was developed to protect companies from the risks associated with downtime, which could occur due to unexpected disruptions or disasters.NAN also reports that the Central Bank of Nigeria (CBN) has given all commercial banks operating in Nigeria Sept. 2018 deadline for BCMS certification.
Okonkwo said that the bank achieved the feat after months of rigorous Business Impact Analysis (BIA) and Risk Assessment across all departments.
He said that the bank was awarded the prestigious International Organisation for Standardisation (ISO) 22301 certificate by the British Standard Institute (BSI) in August 2017.
Okonkwo said the certification was valid for three years, noting that the certification body would return yearly to conduct surveillance audits.
Okonkwo said that implementing the ISO 22301 (Business Continuity Management System) was a critical step toward achieving its corporate strategy and enhancing stakeholders’ confidence in the Fidelity brand.
Okonkwo said that BCMS demonstrated the bank’s commitment to protect its staff and ensure the continuity of critical business functions, mitigate risk, and sustain customer confidence in the event of a disruption.
“For us as a bank, the customer is the sole reason we are in business.
Therefore, it is essential that we continually deliver exceptional service to our teeming customers. Certification to such standards will assist us in achieving this,’’ he said.
Okonkwo said that most disruptions to smooth business operations were caused by infrastructure outages or human error, random power outages, natural disasters or international events.
He said that these disruptions could be costly and undermine an organisation’s ability to deliver best-in-breed customer service, thereby affecting efficient service delivery.
“More importantly, unplanned outages can also create far-reaching consequences that impact long-term revenue stream, brand and ultimately, an organisation’s survival.
It is against this backdrop that Fidelity Bank decided to take concrete steps to improve its resilience capabilities,’’ Okonkwo said.
Today, we have built resilience in process functions and services that are critically sensitive to time and disruptions. We have also tested our continuity plans and simulated the recovery of staff to alternate work locations.
“BCMS was implemented as a management system and like all management systems, procedures have been developed to maintain the system through planned activities and designated teams,’’ Okonkwo added.
Mr Ben Ainsley, the Head, Trade & Investment, Nigerian Department for International Trade, British High Commission, commended the bank for the achievement that would set it apart from its competitors.
Ainsley said that the certification would enable the bank to militate against unnecessary risks in its business environment.
He assured that the United Kingdom would continue to support Nigeria in achieving the desired growth and development.
“We are helping Nigeria’s agriculture exporters to meet the United Kingdom standard, as well as in capacity building and skills,’’ Ainsley said.
Mr Dipo Fatokun, CBN Director of Banking Supervision, lauded the bank for achieving the feat ahead of Sept. 2018 deadline.
Fatokun said that Fidelity Bank was known for rendering quality services to its esteemed customers.
He said that hazards were on the increase on daily basis, noting that, BCMS certification would enable companies to mitigate risks.
Fatokun, however, called on the other players in the industry to emulate Fidelity Bank by getting BCMS certification.