Sohar International has established a Business Continuity Management (BCM) Program designed to minimize service disruption and the potential impact on the Bank, our customers and our staff. This includes a BCM Policy that is approved by our Board together with written Business Continuity and Disaster Recovery plans (DRPs) and procedures that are subject to period independent review. Although the specific details of our BCM arrangements are confidential for security reasons, Sohar International maintains Business Continuity Plans (BCPs) that address risk scenarios and events of varying scope including, but not exclusively, loss of services or infrastructure, denial of access, cyber-attack, pandemics and regional crises.
Sohar International BCPs are focused on maintaining critical processes, including treasury, capital & liquidity and payment services, providing customers with uninterrupted access to their funds and maintaining effective communications with our customers, staff and other stakeholders.”
BCM testing of Sohar International for 2020 was successfully completed within defined scope, nevertheless the bank will ensure a continual improvement to whole bank operations. Our BCPs and DRPs are reviewed and tested at least annually. Any areas for improvement that are identified are tracked to ensure appropriate resolution and our plans and infrastructure updated as appropriate
Sohar International and in line with Sohar International principles for the containment of COVID-19 pandemic, gives prime importance to the health and safety of all its staff & customers. That was achieved by ensuring a safe banking experience is provided to the customers whereby all the banks digital capabilities were highlighted in campaigns to motivate the customers to extra ordinary use of alternate channels for their banking requirements.
Throughout 2020 and during the pandemic, it was witnessed that Sohar International Business Continuity moved into its full gear. The regular testing of the program proved to be very effective. Similar to all other activities in the bank, the Business Continuity Program continues to be improved in line with the international best practices which include the review of Business Continuity and Disaster Recovery plans at least annually. Such regular reviews enables the bank to address areas on improvements by putting into motion the appropriate plans, necessary infrastructure and resources requirements to ensure a high level of maturity while remediating the consequences of COVID-19 pandemic in line with BCM guidelines.
It is worth to mention also that the emergency response plan to tackle the pandemic was followed at all touch points of the organization. The bank has been full prepared to function remotely increasing its capabilities to provide seamless banking for its valuable customers with high level of quality and safety measures.