Business as usual for organizations the world over has been marred by these extraordinary times. An unprecedented crisis, the COVID-19 pandemic has divided our timeline into pre and post COVID eras. Some of the business practices that have been prevalent until now may cease to exist or get an upgrade in the post COVID times. Business Continuity Planning: A Change in Approach Ever since 9/11, business continuity planning (BCP) has been an integral part of businesses across industries, especially in the banking and financial services sector. Split or multi-site processing, hot-warm-cold sites, work transfer, and staff transfer were some of the recovery strategies put in place to handle exigencies on ‘off’ days. Although tested periodically for operational effectiveness, these strategies could not replicate the surprise – in fact, shock – element of real-world contingencies. After having delivered effective results for more than a decade, some events of significant propo...
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