iPhone | iPad
Android
Huawei
The event will be held on September 21
KT APPDOWNLOAD
Bank Muscat in deal with risk management firm
MUSCAT Oman's largest bank has entered into an agreement with a British risk managment firm to protect itself against "unforeseen events" in the wake of September 11.
By signing the 'Business Continuity Plan' (BCP) deal with Insight Consulting, Bank Muscat aims to ensure that its operations are not interrupted by unexpected developments and that its systems and procedures are resilient. This is the first time that an Omani bank is adopting such a preventive measure.
Since 9/11, most major organisations around the world, particularly financial institutions, have adopted BCP in a concerted way. Regulatory authorities in Oman have also been encouraging and advising banks to do so, underlining the need for 'emergency preparedness' and business continuity. By embarking on business continuity planning, an organisation seeks to plan, build and maintain its capabilities to prevent and recover from disasters and security failures.
"We, at Bank Muscat, started addressing potential effects of unforeseen disruptions from various sources even before the events of September 11 unfolded," Abdul Razak Ali Isa, the bank's chief executive, said after signing the agreement with Stewart Hayes, technical director of Insight Consulting. "We realised that it is extremely important that Bank Muscat ensures that our systems and procedures are resilient enough to ensure business continuity in the event of unforeseen business interruptions," he added.
Bank Muscat is Oman's largest bank with nearly branches, including one each in India, Bahrain and the UAE, and assets in excess of $4 billion. It employs 1,800 people and boasts nearly 150 ATMs.
The bank offers a wide portfolio of financial products and advisory services at both corporate and retail levels. "Our bank has played a key role in the economic development of the Sultanate's infrastructure mainly in the areas of gas, power and ports," said Mr Ali.
Hayes stressed that BCP had now become a vital necessity, adding that Bank Muscat was joining leading business establishments in other parts of the world that had shown considerable forethought in laying down an effective and foolproof contingency plan.
Richard Taylor, senior consultant at Insight Consulting, making a presentation on BCP, described it as a "process of anticipating incidents which will affect critical functioning and activities of the organisation."
More news from
In most Islamic countries, the Prophet's birthday is observed on 12 Rabi’ Al-Awwal 1444, which is the third month of the Islamic calendar
A repeated violation will be considered as an aggravated offence and will result in a higher fine
BAYZ102 and Oasiz are positioned to redefine standards in luxury living and affordability, respectively
Uniting visionaries: HONOR Magic V3 unveiled amidst thought-provoking conversations with industry innovators
Eng. Anas Assi has co-founded and led multiple successful enterprises, setting new standards in healthcare delivery across the country
The upgrade of UAB’s deposit ratings to investment grade (Baa3) reflects the bank’s improved asset quality and profitability metrics; Outlook remains positive
Some sellers are also offering discounts for bulk purchases, encouraging customers to buy two or more phones at once