An Examination of Business Continuity Management Strategies during the COVID-19 Outbreak at Stanbic Bank Uganda Limited.
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Date
2023
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Abstract
This study aimed at examining business continuity management strategies during the Covid19 Outbreak at Stanbic Bank Uganda Limited The study was mainly based on three objectives: to Identify the business continuity management strategies at SBU during the Covid-19, to establish the challenges affecting the effectiveness of business continuity strategies at Stanbic Bank Uganda during the Covid-19 and to recommend strategies for improving business continuity management at SBU. The study adopted a cross-sectional design and quantitative approach. Data was collected using the primary means by presenting questionnaires to 238 respondents and 207 were returned giving a response rate of 89%. Data was analyzed using the Statistical Package for Social Sciences Version 23. The study findings revealed that SBU endeavored to continue their business operation during and after covid -19 through strategies like establishment of a risk management and analysis team, assigning independent members specifically to deal with the COVID-19 pandemic, changing the bank’s organization plan and developing backup and data recovery strategies among others. However, SBU face several challenges that hinders the effectiveness of business continuity at SBU like lack of enough technology resources, lack of experience sharing by BCM professionals, poor culture change, complex BCP processes, lack of staff involvement, safety and security, failure to allocate funds for the BCM and lack of enough capacity and resources among others. Several strategies like: designing effective crisis communication and information systems, defining detection and prevention and procedures, restoration of services to customers, establishing means of communication during times of crisis, offering free services to clients help in resolving poor service quality, investment in technology, and investing in alternative working spaces (work from home) were recommended and strongly adopted by the respondents. This study recommends that SBU should establish a risk management and analysis team to minimize the potential risk of incidents and recover more speedily as compared to its rivals. SBU should also put in place effective crisis communication and information systems. Further studies may also be conducted on business continuity management in other context like public entities and manufacturing firms.
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A Dissertation Submitted to Makerere University Business School (Faculty of Graduate Studies and Research) in Partial Fulfilment of the Requirements for the Award of Degree of Master of Business Administration of Makerere University. (PLAN B).
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Stella, N (2023) An Examination of Business Continuity Management Strategies during the COVID-19 Outbreak at Stanbic Bank Uganda Limited. Unpublished Masters Dissertation Makerere University Business School. Kampala, Uganda.