TITLE:
Business Continuity Management in a Time of Crisis: Emerging Trends for Commercial Banks in Zimbabwe during and Post the Covid-19 Global Crisis
AUTHORS:
Taurai Muparadzi, Letwin Rodze
KEYWORDS:
Business Continuity Management, Business Recovery, Covid-19, Business Customer Loyalty, Pricing Strategies, Channel Integration
JOURNAL NAME:
Open Journal of Business and Management,
Vol.9 No.3,
May
21,
2021
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”.