Colonial Fire and Importance of Contingency Plans
There was a fire at Colonial Fiji's IT and backoffice sections early Tuesday morning, 25 February 2008. Customers have said that the bank's ATMs were not working when they tried to make withdrawals.
Colonial had said that the Group had moved all staff to other locations and was working on assessing the damages caused.
Fires and other catastrophes emphasise the need for businesses to have Contingency Plans in place and if they are in place, to ensure that those plans work in the event of a real contingency.
Regulators will need to ensure that financial institutions have Contingency Plans in place.
It was fortunate that the fire was only confined to one part of a financial institution. Imagine the consequences to the financial sector if the fire had covered the entire central business district where most of our banks operate from?
I had mentioned in my earlier post that our business was working on a Contingency Planning Model which is to be used to develop Contingency and Business Continuity/Resumption Plans for clients. If you are interested, pls send an e-mail to firstname.lastname@example.org or email@example.com.