Business Standard

Sunday, December 22, 2024 | 05:39 PM ISTEN Hindi

Notification Icon
userprofile IconSearch

Lockdown and rewiring banks

Key areas which have been impacted are third-party vendors and their talent working on banks' premises. A changeover to move data to the vendor is a risk that needs to be evaluated by all banks

Image
Premium

Himanish Chaudhuri
With the spread of Covid-19, governments have mandated lockdowns and social distancing, thereby creating a paradigm shift in the working of banks, from a traditional office space towards an agile, responsive and dynamic mode of operating. 

While banks and financial institutions have invoked their existing business continuity plans (BCP), the current situation calls for a more adaptive and reactive BCP. Banks have invoked their BCPs for critical functions and that has helped them in keeping their branches and critical operations active. However, for areas such as support functions, IT vendors, auditors and on-going projects, the efforts to achieve seamless integration
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in