Blue Label Telecoms Integrated Annual Report 2019

14 Blue Label integrated annual report 2019 Material risks continued GROUP-WIDE RECONCILIATION AND SETTLEMENT PROCESS The business processes large transaction volumes among multiple vendors and across various systems. In order to prevent loss of revenue and minimise any customer dissatisfaction, we need to ensure that our reconciliation and settlement process is efficiently run. All main reconciliations have been automated across the Group (Blue Label Distribution, The Prepaid Company, Cigicell and TicketPro) with the finance department daily resolving any partially matched and unmatched files. We continue to extend this capability across the Group. FAILURE TO IMPLEMENT BUSINESS CONTINUITY Business continuity plans (BCPs) are essential to ensure that the business is prepared for severe interruptions and that business processes can continue during a time of emergency or disaster with minimum downtime. BCPs need to be comprehensive, well-documented, readily available and tested periodically to ensure that they are relevant and up-to-date. A lack of understanding and proper planning and implementation of business continuity can bring critical business processes to a halt and severely affect the business’ reputation among our key stakeholders. A business continuity management steering committee has been formed to ensure appropriate governance of business continuity. BCPs have been developed and we have begun conducting simulation exercises to validate the plans and to ensure that all staff are aware of their roles and responsibilities in the event of a disaster and other disruptive events like loadshedding. 4 5 6 INADEQUATE DISASTER RECOVERY The Group has developed proprietary technology supporting the roll out of its bouquet of products and services. Its infrastructure connects into some of South Africa’s major banks, public and private utility companies and telecommunication operators. In addition, the Group switches both debit and credit cards, electronic funds transfer transactions and e-token products on behalf of the country’s leading retailers and forecourt companies. The effective and continuous operation of these platforms is critical to the Group’s service delivery. The Group’s business continuity, business recovery plans and IT disaster recovery plans provide guidance for emergency and crisis management, business recovery and disaster recovery including the restoration of IT facilities. Continuity and activation processes are catered for in accordance with the Group’s business continuity plans. The major goals of the recovery plans are to: u u minimise interruptions and limit damage to normal operations; u u minimise the economic impact of any interruptions; u u establish alternative means of operation in advance; u u train personnel on emergency procedures; u u provide for rapid restoration of service, ensuring availability/continuity of critical business operations; and u u communicate appropriately to relevant stakeholders.