ISO 22301 – BUSINESS CONTINUITY MANAGEMENT SYSTEM (BCMS) POLICY STATEMENT
Baobab Microfinance Bank Nigeria has established an effective business continuity management program to ensure the continuity of critical business processes during a broad range of business interruption incidents.
BCMS Policy Statement
The Board and Management of Baobab with its Head Office located at 16E Ahmadu Bello Way, CB Finance House, Kaduna & 360, Murtala Muhammed Way, Yaba, Lagos Nigeria, which operates in the financial services sector, are committed to preserving a defined level of Business Continuity and continual improvement of Baobab’s Business Continuity Management System (BCMS).
This Business Continuity Management policy is based on the standards defined in ISO 22301. Each part of the system will be prepared to meet both this standard and recognized standards in corporate governance. The scope of the Business Continuity Management System (BCMS) concerning ISO 22301 certification will eventually encompass the entire organization, which will happen in phases, over a period.
Baobab shall implement the necessary capabilities to ensure the continuity of its critical business functions amid serious disruptive incidents or disasters and to ensure the recovery of such critical functions to an operational state within acceptable timeframes.
Baobab’s Executive Leadership is committed to developing business continuity capability as a strategic asset comprising adequate resources and capabilities, including approvals of appropriate budget where required to achieve the required Recovery Time Objectives (RTO) and Recovery Point Objectives (RPO).
Business continuity capabilities are Incident Response, Crisis Management, and Business Continuity Management (BCM), which includes IT Disaster Recovery.
Every critical activity within Baobab’s Head Office will be owned by a designated process owner (Unit Head, Team Lead, or Head of Department). The department head will ensure that plans for maintaining a minimum and defined acceptable standard of service are in place for each critical activity, including in situations of disruptions or disasters.
The Policy shall be hosted on the intranet and is accessible to all employees within Baobab.
Baobab shall ensure that all applicable legal, regulatory, and contractual requirements relating to Business Continuity Management are identified and tracked for compliance.
The scope, boundaries, and exclusions of the Business Continuity Management System (BCMS) are defined in the Business Scope and Context document.
The criteria for the type and scale of the incident to be addressed are covered in the Incident/Crisis Management Plan.
Baobab shall establish, maintain, test, and validate the capability and readiness to cope effectively with any incident and disaster that may occur.
Baobab shall conduct internal and external audits in relation to business continuity.
The Policy ensures commitment to continual improvement in business continuity management.
The Chief Risk Officer (CRO) or anyone acting in this capacity (i.e., the Business Continuity Manager) is the owner of this document and is responsible for ensuring that this policy document is reviewed, approved, and reapproved in the event of significant changes and/or incidents.