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Colina Unveils Updated Business Continuity Plan

Colina Insurance Company has unveiled its updated Business Continuity and Hurricane Preparedness plans, believing these will give it a competitive advantage in rebounding after a natural disaster.

The plans, which cover potential risks such as natural disasters, fires, telecommunication systems failure, epidemics and flooding, outline Colina’s strategies to safeguard employees and property if a significant business disruption results.

They are designed to help the insurer recover quickly, and allow customers to conduct business depending on the scope and severity of the disruption.

“An effective BCP provides the company with a competitive advantage and assures our loyal customers and employees, as well as other stakeholders, that we are committed to serving them,” said Colina’s chief risk officer, and Business Continuity committee deputy chairman, Emmanuel Komolafe.

“The BCP ensures that contingencies and redundancies are built into Colina’s operations to absorb unexpected shocks and adverse events. The company has addressed its IT infrastructure, including replication of data, back-up of information and the establishment of an alternate recovery site to ensure uninterrupted processing within the company.

“Furthermore, we have obtained contact details of all our employees to ensure that we are able to confirm their health and safety in the event of a natural disaster.”

Colina’s Business Continuity Plan will minimise potential disruptions to service, business operations and communication, and allow for a proactive and prepared approach to potential threats.

Mr Komolafe added that there are many benefits the plan offers to the company’s employees. “Colina’s employees and customers are able to clearly determine the communication channels that will be used by the company in the event of a disruption. The BCP also sensitises employees to the importance of having their own personal contingency plans” he said.

The plans were developed with the help of Brac Informatics Centre (BIC), a world-class, internationally licensed disaster and recovery centre located in the Cayman Islands. They provide a strategic course of action that will facilitate the training of key staff members.

“It has been a privilege to work with Colina executives and staff throughout the production and introduction of the Colina Business Continuity and Hurricane plans,” said Mike Barcroft, business continuity consultant at BIC.

“Work is ongoing to complete a comprehensive suite of additional contingency plans and attendant staff training. The introduction of the plans will facilitate a significant increase in Colina’s mitigation, prevention and recovery methodologies, thereby improving Colina’s overall business resilience, customer service capabilities and internal staff safety.”

Mr Komolafe added: “We live in a world of uncertainties. It is important to ensure that viable plans are in place to respond effectively to unexpected events. The BCP ensures that Colina is prepared for the unexpected, and is proactive in addressing potential risks that could impact its operations.

“With the BCP and Hurricane Plan, Colina ensures its resilience to overcoming operational disruptions, which ultimately improves Colina’s Enterprise Risk Management Framework while retaining customer loyalty.”

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