The National Clearing Company of Pakistan Limited Successfully Conducted Live Business Continuity Drill to demonstrate Resilience and Preparedness of its business systems
NCCPL conducted a comprehensive live business continuity drill on June 23rd, 2023. The scope of drill encompassed all existing business services and newly implemented aspects such as integration of its core clearing, settlement and risk management systems with New Trading System Integrations WhatsApp Services, Margin Trading System, 24/7 Online Accounts Processing Facility and NCC BioVerify App.
The primary objective of the drill was to assess the NCCPL’s readiness in handling unexpected events or disruptions. By simulating real-life scenarios, the company aimed to evaluate its ability to provide uninterrupted services to its esteemed clients and stakeholders. This exercise allowed the company to identify potential vulnerabilities, gaps, or areas for improvement, thereby enhancing its preparedness and resilience in the face of potential challenges.
During the drill, various critical aspects of the business were thoroughly assessed. This encompassed evaluating operational procedures to determine their effectiveness and execution during disruptive scenarios. Communication channels underwent meticulous scrutiny to ensure their reliability and efficiency in maintaining connectivity between all relevant parties. System reliability played a pivotal role, examining the stability and functionality of the systems utilized by NCCPL. Additionally, the overall response and recovery strategies were carefully evaluated, ensuring swift measures are in place to restore critical services in the event of a disruption.
The successful and smooth business continuity drill demonstrated NCCPL’s unwavering commitment to provide seamless operations, even in the face of potential disruptions at the primary site. This guarantees that critical services can be rapidly restored with no or least potential impact on the capital market and its participants. It exemplifies the company's dedication to business continuity and its ability to effectively mitigate risks.
Mr. Muhammad Lukman, CEO of the National Clearing Company, emphasized the significance of business continuity as a crucial aspect of their operations. He stated, "Conducting regular drills is an integral part of our risk management and mitigation strategy. Our commitment to business continuity ensures the safety and stability of the financial ecosystem we serve, safeguarding the interests of our valued clients and stakeholders."
NCCPL’s relentless pursuit of excellence is driven by the insights gained from these exercises. NCCPL is committed to refine its processes, update protocols, and enhance its overall resilience, ultimately strengthening its ability to provide reliable and secure financial services.