Abstract
Covid-19 has presented severe and increasingly complicated challenges which confront the very survival of banks in Zimbabwe. The urgency and relevance of business continuity management (BCM) to alleviate potential risks and quicken recovery remain important. While there is proliferation of literature on the impact of Covid-19 on businesses across the globe, there is little known about BCM strategies among Zimbabwean banks under Covid-19 conditions. This paper focuses on emerging trends in BCM approaches in the commercial banking sector in Zimbabwe and seeks to establish if existing BCM models provide an adequate response to the risks posed by the Covid-19 pandemic, establish strategies adopted by commercial banks in Zimbabwe to ensure an adequate response to the impact of the Covid-19 pandemic and to establish the likely implications of these strategies on the future of BCM in Zimbabwean commercial banks. Using a qualitative research approach, this paper concluded that existing BCM models among banks in Zimbabwe are not sufficient and are changing towards building permanent models with capacity to anticipate “surprises”.
Highlights
This paper focuses on emerging trends in business continuity management (BCM) approaches in the commercial banking sector in Zimbabwe and seeks to establish if existing BCM models provide an adequate response to the risks posed by the Covid-19 pandemic, establish strategies adopted by commercial banks in Zimbabwe to ensure an adequate response to the impact of the Covid-19 pandemic and to establish the likely implications of these strategies on the future of BCM in Zimbabwean commercial banks
Do you think that the Covid-19 pandemic exposed obvious gaps in your existing BCM plan and if so how? 5) What changes, if any, were made to your BCM model in order to cope with the impact of the Covid-19 pandemic? 6) Would you say these changes are temporary or will remain in place after the Covid-19 pandemic? A table of these questions was created on Microsoft excel and all responses to the questions were recorded against each question
This study is a response to the need to examine BCM approaches adopted by banks at the onset of and during the Covid-19 pandemic period
Summary
Business continuity management (BCM) has been extensively covered in litera-. Business disruptions induced by Covid-19 have detrimental effects on organizations and there are numerous responses to Covid-19 induced challenges among banks in Zimbabwe. Little is known about strategies and decision making for disaster-caused business continuity management among banks in Zimbabwe. Building on the strategic importance of BCM, this paper addresses that gap by analyzing BCM strategies adopted by banks in Zimbabwe in the context of the Covid-19 crisis
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