Posted: August 23rd, 2022

The Preparedness of Banking Sector in facing COVID-19

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Project Title
Investigating The role of strategic crisis planning during and post pandemic, a case study Oman’s banking sector.
Evaluate the Preparedness of Banking Sector in facing COVID-19
3 Purpose of the Project and your Reasons for Choosing it.
The purpose of the research is to evaluate the effectiveness of strategic crisis management and business continuity planning in building business resilience in Oman’s banking sector (leading Omani banks). Business continuity and resilience are critical for all organizations in an increasingly uncertain economy. Progressively, financial services firms across the globe have had to put resources into strengthening their business resilience against potential disruptions or crises. At the same time, they need to plan strategically to compete with other firms in an increasingly dynamic and global environment (Mukherjee et al., 2020). This top was chosen to help the banking sector apply effective measures in the future to limit the negative effects of such pandemics on businesses and to provide suggestions on how businesses’ strategic crisis planning and business continuity planning practices can be updated to improve future disaster recovery. In order to determine whether current BCM and crisis management models adequately address the risks associated with the Covid-19 pandemic, the project will focus on emerging trends in BCM and Crisis management approaches in the banking sector in Oman. It also identifies the approaches employed by the banks to ensure a sufficient response to the effect of the Covid-19 pandemic and determines the likely implications of these approaches on the future of BCM and crisis management in the Omani banking sector.
Planning for the future is one of the most important roles as mangers, and it is essential for all organizations. As majority of the team members come from a banking background , this project will provide a deep understanding of how to face future crisis in our organization by not repeating past mistakes, evaluating the past and strategically planning for future unexpected crisis in efficient and effective manner.
4 Project Question(s)
a) To what extent are banks in Oman prepared and ready for the pandemic and future crises?
b) How effective are strategic planning and crisis management in identifying and addressing the crises?
c) What factors affect business crisis preparedness?
d) To what extent do strategic planning and crisis management contribute to business resilience?

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