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  • Julien Haye

Business Continuity and Contingency Planning

Case Study: Business Continuity and Contingency Planning by Aevitium LTD

Strengthening IT Infrastructure Resilience in a FinTech with business continuity and contingency planning


In a rapidly evolving financial landscape, the reliance on centralised Cloud-based infrastructure is a strategic necessity for fintech firms. This case study explores our work with a fintech to strengthen their IT infrastructure resilience through proactive business continuity and contingency planning.

 

Background


This firm heavily relied on a centralised Cloud-based infrastructure for its critical IT operations and client service delivery. Recognising the potential risks associated with a single point of failure, the institution sought to enhance the resilience of their IT infrastructure against unforeseen events.

 

Challenges Faced


In the course of routine operations, the firm could face, and did experience, unexpected challenges when faced with disruptions. The unanticipated downtime could jeopardise data integrity, client servicing, and overall operational continuity.

 

  1. Downtime During Cloud Service Outage: A sudden cloud service outage could result in significant downtime, disrupting client servicing. The organisation needed to recover swiftly, to avoid loss in revenue and client trust.

  2. Data Security: A cybersecurity incident could compromise sensitive client data. The development of well-defined response plan was critical to contain any breach, notifying affected parties, and implementing corrective measures promptly.

  3. Communication Protocols: The internal cross regional teams needed to coordinate their efforts during disruptions. A structured communication plan would enable the organisation to inform stakeholders, leading to increased trust among employees, customers, and partners.

 

Solutions Implemented


Design and implement a comprehensive business continuity and contingency plan tailored to the firm’s specific needs. The key solutions included:

 

  • Business Impact Assessment (BIA)

  • BCP Development

    • Redundant IT Infrastructure to ensure backup servers and data storage to mitigate the impact of potential failures, all aligned to newly defined recovery time objectives (RTOs) and recovery point objective (RPO).

    • Enhancement of relevant contractual agreements with IT service providers, incorporating clauses related to service level agreements (SLAs) and response times during emergencies.

    • Establishing a crisis and communication plan outlining the procedures for transparently communicating with clients, employees, and regulatory bodies in the event of major disruptions.

  • Training and Testing

 

Outcomes Achieved


The implementation of a robust BCP brought about positive outcomes for the firm:

 

  • Operational Continuity: The redundant infrastructure and cloud-based disaster recovery solution ensured minimal disruption to critical financial operations.

  • Data Integrity: Client data remained secure, and transactional integrity was maintained throughout the incident.

  • Regulatory Compliance: Transparent communication and adherence to SLAs during the contingency enhanced the firm’s compliance with regulatory requirements.

 

By enhancing IT infrastructure resilience through tailored business continuity and contingency planning, this fintech not only is better ready to deal with an unforeseen event successfully but also it strengthened its position as a reliable and resilient financial institution.


 

Ready to embark on your own transformative journey in Business Continuity Planning? Our team of experts at Aevitium LTD is dedicated to guiding organisations through the intricate process of enhancing risk management practices and achieving operational excellence.

 

Connect with us today to explore how our tailored solutions can fortify your risk management strategies and drive your business towards resilience and growth.

 

Schedule a Free Consultation: Book a one-on-one session with our experts to discuss your unique challenges and objectives.

 

➤ Explore More Case Studies: Learn from the experiences of others. Read more about how companies like yours have successfully navigated their risk transformation journeys in our detailed case studies below

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