Kuala Lumpur: CIMB Group today, was presented with a BS 25999 certification, an international standard for Business Continuity Management (BCM) from the British Standards Institution (BSI). This certification is the first being conferred upon a banking group in Southeast Asia. It acknowledges the robust and systematic processes that the Group has put in place to keep its treasury operations on going in times of emergencies or unexpected circumstances, while protecting its stakeholders’ interests, and staff from any untoward incident.
At a presentation ceremony held earlier, Dato’ Lee Kok Kwan, Deputy Chief Executive Officer, Group Treasury and Investments, CIMB Group received the BS 25999 certificate from Alwi Hafiz, Managing Director of BSI Group, ASEAN. Iswaraan Suppiah, Head of Group Information and Operations, CIMB Group was also present.
Commenting on the certification, Lee said, "The Group Treasury Division is one of the most critical functions in any financial institutions, hence it is paramount to ensure that our operations structure is resilient when faced with disruption. This is also to ensure that our customers and stakeholders are assured of our capability to manage business continuity and achieve key targets under those circumstances.”
“We are proud to be the first banking group in the region to receive this certification, which recognises that our standard-based BCM systems are at par with international good practice. This will also strengthen the Group’s positioning as Southeast Asia’s most valued universal bank," Lee added.
The Group realises that this certification supports its objective to achieve an integration of a larger enterprise risk management programme, as well as a continued profitability and sustainable growth in shareholders’ value in today’s globalised, yet inter-linked financial and economic environment.
"CIMB is committed in the planning for an orderly disaster response and the continuity of critical functions. We decided to seek this certification to gain an independent reassurance on our business continuity readiness. For that reason, we plan to obtain the similar certification for all our critical business functions within the Group by 2015," said Iswaraan.
Meanwhile, Alwi commended the Group’s effort in achieving the certification by saying, “We are pleased to note that CIMB has taken the additional steps to help ensure that its treasury’s BCM system is not only in place, but also formulated according to international best practices, which is understood, tested, practiced and maintained. I believe that this should increase the level of confidence as the Group is now prepared for unplanned disruptions. In that respect, I would like to congratulate CIMB for achieving this certification.”
BSI is one of the largest and most widely respected certification bodies in the world, with more than 70,000 certified client locations in over 150 countries. It also has a proven track record of delivering value to its clients through accredited certification. Other financial institutions which have received BS 25999 accreditation are Citigroup in the United States of America, Industrial Bank of Korea and The National Bank of Ras Al in the United Arab Emirates, among others.