LONDON SCHOOL OF COMMERCE

COLOMBO CAMPUS SRI LANKA

MBA FOR EXECUTIVES

MODULE ASSIGNMENT: MANAGING STRATEGIC CHANGE

Student Name : R G SUJEEWAPRIYANKARA

Student Registration No : S0004DPEDPE0721

Module Lecturer : DR.LESTER MASSINGHAM

Module Tutor : MR.PRIYANKA NISHANTHA

Date Submitted : 20-01-2022

Total Word Count : 2533

Executive Summary

The report is based on the case study of ‘The Corona virus (COVID-19) Pandemic and the
Global Economy’ and consists of four tasks which is aligned to Commercial Bank of Ceylon
PLC. The first task was focused on identifying the company background, the environment it
operates and its position with reference to the key competitors. Accordingly, Commercial Bank
is the third largest bank and the largest private bank in Sri Lanka with a strong position in the
banking sector. However, it is operating in a highly volatile, unprecedent, less ambiguity,
uncertain environment which creates a huge pressure on the performance and survival. Major
reasons identified include political instability, economic crisis, hesitation of consumers to
adopt digitalization, changing consumer behaviours, evolving technologies and stringent
governance on the banking sector by Central Bank of Sri Lanka.
In the second task, author has provided recommendations on re-engineering the strategy to
improve the position of Commercial Bank of Ceylon using the Bowman’s strategic clock
theory. Accordingly, it was identified that best strategies include Hybrid, Differentiation and
focused differentiation to enhance the position of the bank.
Third task focused on identifying future goals for Commercial Bank and comparing that with
the current status in order to identify the resources required to fill the gap. Accordingly, author
has given recommendations on how best to fill the gap.
Finally, the fourth task focused on how to manage change within the bank to face blockages
and overcome. Accordingly, author has given recommendations based on the McKinsey’s 7Ss.

i
 Table of Contents
Executive Summary ............................................................................................................... i

Table of Contents .................................................................................................................. ii

List of Tables ....................................................................................................................... iii

List of Figures ...................................................................................................................... iv

List of Abbreviations............................................................................................................. v

Task A - Position of the company against the key competitors .............................................. 7

1.1 Introduction to Commercial Bank of Ceylon PLC ................................................... 7

1.2 Macro environment analysis of CBC ....................................................................... 9

PESTLE........................................................................................................... 9

Perceptual map for CBC ................................................................................ 13

Task B - Recommended future strategy for re-engineering .................................................. 15

2.1 Bowman’s Theory................................................................................................. 15

Task C - Resource gap analysis ........................................................................................... 18

3.1 Ideal future state and goals to be accomplished ..................................................... 18

3.2 Comparison of the current state and ideal state ...................................................... 19

3.3 Resource gap......................................................................................................... 21

Task D - Strategic change management analysis.................................................................. 23

4.1 McKinsey’s 7S’s ................................................................................................... 23

References .......................................................................................................................... 25

Bibliography ....................................................................................................................... 29

ii
List of Tables

Table 1 - Gap between the future state and current state of Commercial Bank of Ceylon PLC
........................................................................................................................................... 21
Table 2 - Identified gap between the future goals and current statuses and the resources are
required to fill the gap ......................................................................................................... 22

iii
List of Figures

Figure 1 - Geographical presence of Commercial Bank of Ceylon PLC ................................. 7

Figure 2 - Total asset bases of the local banks in Sri Lanka ................................................... 7
Figure 3 - Key statistics of the financial performance of the past five years of Commercial Bank
of Ceylon PLC ...................................................................................................................... 8
Figure 4 - Strategic Performance of Commercial Bank of Ceylon PLC in 2020 ..................... 8
Figure 5 - Brand position of Commercial Bank of Ceylon PLC ............................................. 9
Figure 6 - Political stability of Sri Lanka from 2013 – 2020 .................................................. 9
Figure 7 - Present Economic challenges faced by Sri Lanka ................................................ 10
Figure 8 - Consumer changes on post-COVID-19 period..................................................... 11
Figure 9 - Population distribution forecast for Sri Lanka as at 2027 ..................................... 11
Figure 10 - Concerns on the banking sector from the Central Bank of Sri Lanka ................. 13
Figure 11 - Perceptual map to identify the position of Commercial Bank of Ceylon PLC
compared to its key competitors .......................................................................................... 14
Figure 12 - Bowman's theory............................................................................................... 15

iv
List of Abbreviations

CBC – Commercial Bank of Ceylon PLC

CBSL – Central Bank of Sri Lanka
HNW – High Net Worth
SL – Sri Lanka

v
Task A - Position of the company against the key competitors

1.1 Introduction to Commercial Bank of Ceylon PLC

Commercial Bank of Ceylon PLC (CBC) initiated its operations in 1920 and as of 2020 the
bank has evolved to be the largest private bank in Sri Lanka (SL). It is also the third largest
financial institution in SL and the only private bank to be recognized as a higher-tier Domestic
Systemically Important Bank (D-SIB) by the Central Bank of Sri Lanka (CBSL). CBC has 287
branches, 906 ATMs and operations in Italy, Maldives, Bangladesh and Myanmar.
(Commercial Bank of Ceylon PLC, 2020).

Figure 1 - Geographical presence of Commercial Bank of Ceylon PLC

Source: Commercial Bank of Ceylon PLC, 2020

The bank has an asset base of LKR 1.736Tn and is recognized as the only private bank in the
sector to pass the Rs.1Tn mark in assets and deposits (Commercial Bank of Ceylon PLC, 2020).

2,000.00
1,800.00
1,600.00
1,400.00
1,200.00
1,000.00
800.00
600.00
400.00
200.00
0.00

Figure 2 - Total asset bases of the local banks in Sri Lanka

Source: KPMG, 2021

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CBC has over 3.5Mn customers and 5057 employees as of 2020 and it operates within four
main areas of banking operations: personal banking, corporate banking, treasury and
international operations. These functions contribute for the financial performance of the bank:

160,000 25.00%
140,000 20.00%
120,000
15.00%
100,000
10.00% Gross income
80,000
5.00% Profit for the year
60,000 Income growth (%)
0.00%
40,000
20,000 -5.00%

0 -10.00%
2016 2017 2018 2019 2020

Figure 3 - Key statistics of the financial performance of the past five years of Commercial Bank of Ceylon PLC

Source: Annual Reports of Commercial Bank of Ceylon PLC

CBC operates on four strategic pillars of prudent growth, customer centricity, operational
excellence and leading through innovation and the achievements of 2020 reflect the position
of the overall performance and bank’s long-term vision. Some of the achievements are as
follows:

Leading through
Prudent Growth Customer centricity Operational excellence
innovation

• First foreign equity placed
with IFC (International
Finance Corporation)
• Highest ever annual
provision of Rs. 21.484Bn
for impairment
• Increment in the market
share by 11.55% for Credit
Card Usage and 32% for
Debit Card Usage
• Point-of-Sale (POS)
volumes by increased by
20%
• Imports and Exports market
share increased by 10.17%
and 19.0%
• Issuing a Position
Statement on Climate
Change
• Launching 'Arunella', a • Launch of “ComBank • Initiated a range of
Financial Support Scheme Digital” operational measures
for struggling customers during pandemic
• Upgrading 'Flash, the
• Maintaining the position as trilingual digital wallet • An industry leading remote
the leading lender among
private banks in Saubagya • Intiating a Digital Roadmap access solution
loan scheme up to 2023 • Increments and bonuses
• Extent of loans under • Digital onboarding of during pandemic
moratorium existing customers by • Pension fund for employees
140% recruited after 2000
• Two major loan
programmes for SMEs • ComBank Simple Pay, for • First bank to achieve
affected by pandemic SMEs to digitize their carbon neutral status
• “Bank-on-Wheels” Mobile businesses
Banking Units
• Seven new SME sales units
and SME Lead
Management System to
drive SME
• BizClub memberships
increased by 152.7%
• Launching 24/7 one-stop
trilingual Integrated
Contact Centre

Figure 4 - Strategic Performance of Commercial Bank of Ceylon PLC in 2020

Source: Commercial Bank of Ceylon PLC Annual Report, 2020

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CBC is the only bank in SL to be ranked in the ‘Top 1000 World Banks’ announced annually
by ‘The Banker’ magazine of the UK, consecutively for 11 years (Weerasooriya, 2021).
Further, it was ranked as ‘Sri Lanka’s Strongest Bank Brand in 2021’ by Brand Finance
(combank.lk, 2021). However, it was evident that brand value of CBC had a slight decline and
the ranking in the 100 most valuable brand list remained the same over the past three years as
follows:

Ranking in the
Brand Value Brand Value
Year Most Valuable Brand Rating
(Mn) change
Brand list
2019 4 Rs. 37,269 +27% AA
2020 4 Rs. 44,009 +18% AAA
2021 4 Rs. 43,657 -0.8% AAA-
Figure 5 - Brand position of Commercial Bank of Ceylon PLC

Source: Brand Finance directory, 2020; Brand Finance directory, 2021

1.2 Macro environment analysis of CBC

PESTLE

I. Political

Political stability of SL does not indicate a positive environment as it has been maintaining
minus figures for the past couple of years.

Figure 6 - Political stability of Sri Lanka from 2013 – 2020

Source: Source: Theglobaleconomy.com, n.d

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Further, SL government which has excessive layers of representation, does not have a proper
framework and priorities on utilising the key resources of people and environment which has
led to many crises such as law and order crisis, COVD-related health, welfare and economic
crisis, Maritime environmental crisis, Labour crisis, Habitat loss crisis and Plastic and toxic
chemical pollution crisis (Bandaranaike, 2021). Thus, it is evident that CBC is operating in a
highly unstable political environment.

II. Economical

SL is currently facing a tremendous economic crisis and it is mainly due to three reasons of 1)
consequence of a global capitalist fall off phase continuing since the 2017 financial collapse,
2) domestic economic crisis unfolding since 1948 independence and 3) COVID-19 pandemic
which has affected both local and global supply chain (Gunasekara, 2021). Further, present
economic challenges faced by SL according to CBSL governor are as follows which indicate
the adverse situation all banks are currently facing.:

Figure 7 - Present Economic challenges faced by Sri Lanka

Source: cbsl.gov.lk, 2021

III. Social

The COVID-19 disrupted the changing consumer expectations and digital technological
transformations which were evolving and pandemic has now caused major global trends in the

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consumer behaviour towards banking such as 1) way of banking, 2) embracing e-money, 3)
preferring responsible banking methods and 4) expecting greater flexibility and security
(Bellens and Meekings, 2020). Further, according to the ‘COVID-19 Barometer Sri Lanka
Report’, below are the key changes in the consumer in post-COVID period which has huge
potential to create an impact on the banking industry:

43% consumers 54% of the 64% say price is

Only 12% trust 82% people trust Thrust on local
have tried new people want to key when
social media traditional TV products
things save money purchasing

24% of the SEC ‘A’ spend

40% say they An increase in
people say they 600,000 new TV 90% more time
will lose their the e-commerce
will be out of audience on TV
jobs base by 245%
cash

Figure 8 - Consumer changes on post-COVID-19 period

Source: Athukorala, 2020

Nevertheless, two of the main determinants in a country’s social economic development and
policy framework are population and size of population (Welagedara et al., 2019). During the
next five years, it is predicted that population of SL will consists of 21.62% youth, 64.19%
working age and 14.20% of elderly which depicts the future potential for CBC in the market
development based on different segments (population-pyramid.net, n.d)

Figure 9 - Population distribution forecast for Sri Lanka as at 2027

Source: population-pyramid.net, n.d.

11
IV. Technological

SL experience a tremendous growth in the financial sector in how delivering the services due
to revolutionary growth in information and communication technology (Nawaz and Yamin,
2018). New concepts of e-finance, e-money and e-banking has transformed the ordinary and
traditional banking methods (Priyangika, Perera and Rajapakshe, 2019. Banks are encouraging
the usage of e-wallets to reduce visits to banks, implement social distancing, avoid contact with
cash and create the path for a cashless economy and as a result many players including non-
financial companies provide e-wallet services (Jesuthasan and Umakanth, 2021). However, SL
indicate lower levels of behavioural intentions to use mobile banking and other modern
technologies and majority of the consumers stick to the traditional methods due to lower level
of awareness and understanding on modern technology resulting in (Nawaz and Yamin, 2018;
Davis, 2020).
Nevertheless, mobile phone usage of 32Mn with a mobile penetration rate of 147.18% is a clear
opportunity for CBC (messaggio.com, 2021)

V. Environmental

The world is suffering with many environmental concerns of global warming, climate change,
environmental damages and natural disasters. Even though banks do not have a direct
contribution, there is an indirect contribution from energy wastage and paper consumption (De
silva and Dananjaya, 2016). Thus, all the banks in SL are striving to achieve sustainable
development by being a responsible corporate citizen (Fernando and Fernando, 2017). Despite,
that CBC has already invested on sustainability efforts, the pressure is high on the continuation
and adherence to the implemented policy framework given the on-going environmental
concerns of the world.

VI. Legal

All activities of the banks are governed by the CBSL. According to CBSL governor,
financial/non-financial institutional sector as the third key stakeholder next to government and
CBSL in responsible to overcome these challenges are expected contribute to showcase higher
transparency levels to the CBSL and government on the domestic foreign exchange
12
transactions, new funds and credit lines from abroad and to ensure export proceeds conversion
in order to overcome the current economic crisis (cbsl.gov.lk, 2021). Further, CBSL expect the
following from all banks:

Maintain
adequate levels
of capital and
liqudity
New financing Transacting
models to support FOREX
moratorium and transaction with
non-performing more
categories transparency

CBSL
concerns
Explore new
opportunities in
the Colombo Port
on Banking Improve
operational risk
City
sector resilience

Setting up revival
Increase regional
units to assist
expansion and
customers tide-
attract more off-
over during the
shore businesses
pandemic

Figure 10 - Concerns on the banking sector from the Central Bank of Sri Lanka

Source: cbsl.gov.lk, 2021

Thus, CBC as the largest private bank in SL has tremendous pressure on the strengthening the
current economy.

Perceptual map for CBC

Identifying the position of CBC compared to its competitors will be presented using a
perceptual map by means of customer loyalty and quality of price.
Loyalty towards a bank can be measured by measuring the customer accounts in a given period
and continuity of patronage over time (Afasr, Rehman and Shahjehan, 2010). Thus, customer
loyalty will be measured using the number of clients in the particular bank and quality of price
will be determined based on the fees and tariffs.

13
 Figure 11 - Perceptual map to identify the position of Commercial Bank of Ceylon PLC compared to its key competitors

Source: Developed by author, 2022

According to the perceptual map, majority of the banks do not indicate higher variations in
terms of quality of price since the rates and charges are controlled by ALCO and are varying
with slight differences to ensure they offer the most competitive rates. Consequently, CBC
positions on top of all the private banks and is second only to the state banks.

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Task B - Recommended future strategy for re-engineering

2.1 Bowman’s Theory

The pandemic has radically changed the operating environment of the banking industry which
has led all banks to strive to control digitalization captivity, redefine customer relationships,
adopt new business models and work in the ‘New normal’ (KPMG, 2021). In a changing
environment, CBC should look at re-engineering its strategy to secure the competitive
advantages and its position in the market. Thus, Bowman’s strategy clock which is a useful and
powerful strategic tool that suggests different strategic combinations of price and perceived
value, to be chosen to achieve sustainable competitive advantage as suitable for an organization
will be used to identify how best CBC can re-engineer its strategy (Radut, 2015).

Figure 12 - Bowman's theory

The theory suggests of 8 strategies as below and how CBC could adopt in order to re-engineer
the strategy will be discussed as below:

15
 I. Low price and Low added value
Keeping the prices and product offering relatively low to compete with the competitors and it
is not the most competitive position as the theory suggests (Bhasin, 2019). This strategy does
not suit CBC considering its existing strong position in the market and evolving nature of the
banking industry.

II. Low price

Producing in large quantities to achieve economies of scale in order to offer comparatively
lower prices than the competitors (Bhasin, 2019). This strategy is often adopted by cheaper
market leaders (Sridharan, 2020). This strategy does not support the case of CBC as it is in the
service industry.

III. Hybrid
This strategy involves with offering high valued products and services focusing on product
differentiation aspects offered at low prices (Bhasin, 2019). The strategy is very effective since
consumers are convinced at the fact that company is offering high valued products at low price
(Sridharan, 2020). CBC can adopt this strategy by first minimizing the cost and then looking
at opportunities to differentiate the product portfolio by means of digitalization and new
banking experiences. According to KPMG (2021), the banks that are bold and successful in the
cost transformation programs in the light of pandemic are more likely to be successful than
those who are not. Therefore, it is recommended to reduce the cost in the operations and
marketing functions after thorough process analysis. Further, it is recommended to look at more
digitalised products which reduce physical banking targeting the working age population.

IV. Differentiation
This strategy involves with offering highest quality at an average price which makes a
distinctive identity in the market (Bhasin, 2019). CBC could adopt this strategy when offering
differentiated services to segments such as SMEs and corporates in supporting the businesses
through different schemes of lending in the crucial times of business.

V. Focused differentiation
This strategy involves when companies offer luxury and exclusive quality products through
their brands (Bhasin, 2019). CBC could adopt this strategy in serving the High-Net-Worth
clients (HNW) who seek for the best and distinctive services than others. It is recommended to
16
 develop an investment product with higher return amalgamating an insurance scheme which
gives them an assurance for the customer and customer’s family, given the highly risk
environment and uncertainties business and individuals are exposed to.

VI. Risky high margins

A high-risk positioning strategy where companies set high prices regardless of inculcating extra
perceived value and is often considered as a short-term strategy for products in temporary
market supply disequilibrium (Sridharan, 2020). This strategy is not recommended for CBC as
it has the risk of losing customers.

VII. Monopoly pricing

This strategy is involved when a company is the only player in the particular sector and allows
the company to be less concerned about price or value (Sridharan, 2020). This strategy does
not suit CBC as there is a high competition in the banking sector and all the banks are striving
to be the best by offering competitive products.

VIII. Loss of market share

This strategy involves with offering products with low perceived value at a higher price
(Sridharan, 2020). CBC will not adopt this strategy as it could harm the existing position of the
bank and will face loss of customers.

17
Task C - Resource gap analysis

3.1 Ideal future state and goals to be accomplished

According to the analysis in the Task B, it is evident that CBC should adopt the strategies of
Hybrid, Differentiation and focused differentiation in order to re-engineer the bank’s strategy
to improve the position in the market. Consequently, ideal future goals are determined based
on the four strategic pillars which focus on service standards, delivery channels, internal
processes and products and services of the bank as follows. These goals are set for a period of
one years.

I. Prudent Growth
• Increasing awareness in all staff on the risk management by 50% to increase the asset
quality and minimum the number of operational losses
• Increasing green banking efforts up to 30% across the bank to offer sustainable and
responsible banking services
• Increasing foreign currency transactions by 45%

II. Customer centricity

• Increasing customer awareness on the digital banking products to increase the
online/mobile banking and wallet-based transactions by 50%
• Strengthening the ties with SMEs and Corporates by offering concessions on loan
repayments
• Introducing a product for HNW customers which focus on investment and insurance

III. Operational Excellence

• Re-engineering the branch operations by 20% through automation
• Increasing security features in the IT infrastructure and enhance staff knowledge on
cyber security within the ‘work from home’ model
• Increasing training programs on basic management skills to ensure achievement of
efficiency and effectiveness within the work from home’ model

18
IV. Leading through innovation
• Increasing the marketing budget by 30% to increase awareness on the ‘Q+’ e-wallet
of CBC
• Using data analytics to identify the banking patterns of consumers and segment
based on unique needs and deliver products through cross-selling

3.2 Comparison of the current state and ideal state

Below is an analysis of the future goals and the current status of each strategic pillar:

Strategic
Future Goal Current Status
Pillar

Increasing awareness in all • Risk weighted assets remaining at 5.94

staff on the risk times
management by 50% to • Gross NPL and the net NPL ratios at 5.11%
increase the asset quality (2019: 4.95%) and 2.18% (2019: 3.00%),
and minimum the number when industry averages are 4.93% and
of operational losses 2.44% respectively
Increasing green banking • CBC was presented with the "Excellent
efforts up to 30% across the Green Commitment Award" for the
bank to offer sustainable Banking Sector for 2019 by the Green
Prudent
and responsible banking Building Council of Sri Lanka
Growth
services • Converted three branches (Galle Fort,
Jaffna and Trincomalee) into green
buildings
• Ongoing processes on migrating customers
to paperless banking, reducing
consumption of non-renewable energy,
water and other resources
Increasing foreign currency • Foreign Currency loans increased by 15.1%
transactions by 45% in 2020

19
 • Foreign Currency deposits increased 0.3%
in 2020
• Foreign currency contribution of 23%, 22%
and 40% in time deposits, savings deposits
and current accounts respectively
Increasing customer • Products of ComBank Digital, Flash,
awareness on the digital Combank Q+, WhatsApp Banking and
banking products to increase ComBank SimplePay
the online/mobile banking • Availability of a Trilingual, multi-channel
and wallet-based Integrated Contact Centre, Commercial
transactions by 50% Bank official Facebook page and
Commercial Bank official Viber public
chat Page
• Digital onboarding of existing customers at
Customer
140.7%
centricity
• Separate Digital banking unit
Strengthening the ties with • Saubagya scheme, moratoriums for SMEs
SMEs and Corporates by and corporates
offering concessions on loan
repayments
Introducing a product for • Service offered at the Elite centre at
HNW customers which Colombo 07
focus on investment and
insurance
Re-engineering the branch • Automations on Post-Dated Cheque
operations by 20% through handling process, User ID Management,
automation staff e-loan module and foreign exchange
rate requesting
Operational
Increasing security features • ISO 27001:2013, key international standard
Excellence
in the IT infrastructure and on information security management
enhance staff knowledge on • Payment Card Industry Data Security
cyber security within the Standard (PCI-DSS) V3.2.1 certification
‘work from home’ model compliance

20
 Increasing training • "Anytime, anywhere" approach in training
programs on basic programs
management skills to ensure • 500+ staff attending on internal trainings
achievement of efficiency • 60 staff members attending on external
and effectiveness within the trainings
work from home’ model
Increasing the marketing • First app to be launched with Lanka QR in
budget by 30% to increase SL
awareness on the ‘Q+’ e- • Digital onboarding of existing customers at
wallet of CBC 140.7%
Leading Using data analytics to • Investments in computer equipment and
through identify the banking patterns software for developing data analytic
innovation of consumers and segment capabilities
based on unique needs and • Using industry-leading data-analytics tool
deliver products through Qlick Sense
cross-selling

Table 1 - Gap between the future state and current state of Commercial Bank of Ceylon PLC

Source: Author’s work adopted by the annual reports of Commercial Bank of Ceylon PLC, 2020

3.3 Resource gap

Based on the above analysis, it is evident that CBC is currently having the initial steps taken in
most of the major areas of the strategic focus having a relatively lower gap between the future
goals and the current statuses. However, below are the resources required to fill the gap:

Strategic
Identified Gap Resources required
Pillar

• Potential risk of having • Enhanced internal process on stringent

Prudent
higher NPL ratios than the credit worthiness evaluation on
Growth
industry average values consumers and corporates

21
 • Staff adoption to the green • Staff training programs focused on green
banking concept banking and other sustainable efforts
• Risk of lower inflow rate of • Introducing and promoting attractive
foreign currency benefits to welcome new foreign
transactions currency cashflows such as higher
interest rates, cashbacks etc.
• A separate sales force on • Designated sales force under the sales
promoting the digital team to promote the digital products of
Customer products the bank
centricity • Less efforts in increasing the • More product enhancements and
Elite segment developments in enhancing Elite
experience
• Less adoption of automation • A thorough analysis of the operations of
• Less staff participation on the bank which could be automated to
Operational training programs save time and efforts through a separate
Excellence lean management team
• Adopting game-based training programs
to increase the participation
Leading Less customer awareness on • Designated sales force under the sales
through ‘Combank Q+’ team to promote the digital products of
innovation the bank
Table 2 - Identified gap between the future goals and current statuses and the resources are required to fill the gap

Source: Developed by Author, 2022

22
Task D - Strategic change management analysis

It was evident that banking sector, similar to all the other sectors, faced major concerns on the
continuation of operations with many blockages due to Easter Attack in 2019 and COVID-19
pandemic since March 2020 which resulted in frequent lockdowns, implementation of health
guidelines on daily business operations, social distancing, consumer behavioural changes and
many more unforeseen changes. Given the volatility of the existing business environment and
new business models of ‘Work from Home’ concepts are adopted, every business has to address
change management to a greater extent. Thus, below are how CBC could overcome change:

4.1 McKinsey’s 7S’s

I. System
Increase the security features in the remote workstations to mitigate potential cyber-attacks.
Automate branch operations to enable fast service and reduce human errors of missing
customer requests sent to back-office through emails.

II. Structure
Segregating the existing staff according to the severity of the tasks based, critical system
accesses required to perform a task, requirements to coordinate with inter-departments and
close proximity and deciding which staff should work at office premises or work from remote.

III. Strategy
Be prepared with contingency plans to face uncertain and unforeseen events and foster on
Business Continuation Plan (BCP) activities.

IV. Style
Training the management on contingency leadership approach to face uncertainties
successfully and overcome by directing the staff to do the right thing at the right time.

23
 V. Shared Value
Set clear values which underpins the operations and activities of the bank and give direction to
staff and other stakeholders on the expected goals to be achieved.

VI. Staff
Increase staff motivation through various monetary and non-monetary benefits to reduce the
staff turnover rate and create a sense of belonginess so that when the bank wants to initiate a
change, they would not hesitate for the change.

VII. Skills
Considering the resource ap analysis, it was evident that staff require trainings on basic
management skills and risk management skills. Thus, an effective training calendar which
focuses on each and every staff member with the support of all line managers is a must to
upskill staff.

24
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