As part of our commitment to our shareholders, partners, customers and employees alike, the implementation of a comprehensive Crisis Management Plan (CMP) is crucial across the Cim Group.
A simulation exercise was conducted on 16 September 2014. The simulation scenarios were tailored to the Cim Group business context with the assistance of an external consultant who facilitated the exercise. The management teams from Cim Finance and Cim Global Business were given two different scenarios, including a string of events, involving the intervention and proper decision making of the Crisis Management Teams as well.
Ahead of the simulation exercise, several CMP Awareness sessions were run across the Cim Group. These sessions informed all employees on the realities and the changing nature of crisis on a financial organisation and championed the value-add of CMP to its long-term success. “Fail to plan, plan to fail” and it is never truer than in today’s business world.
To keep CMP as part of the employees’ agenda, bi-annual simulation scenarios are planned together with annual CMP awareness sessions and annual walkthrough sessions which will be done at the operational level.
Cim Group’s good corporate governance regime has a clear objective: to protect the public, customers, employees, assets, and Cim Group’s reputation. As such, the CMP is a mandate of the Audit & Risk Assurance Department from the Group CEO/Risk Management Audit Committee (RMAC). The CMP complements the existing Business Continuity Plan (BCP) and the Emergency response procedures that are part of the overall Risk Management Framework.