You can’t predict a business interruption, but you can be prepared for when it happens. Business continuity management and planning (BCMP) helps organisations plan and prepare for business interruptions to minimise their impact.
Natural disasters, pandemics, and other crises can interrupt critical business functions, slow operations, or stop them altogether. These unusual and potentially destructive “black swan” events can happen without warning and to unknown effect.
Business continuity planning is an essential component of a comprehensive risk management programme. A business continuity (BC) plan helps businesses minimize the impact of interruption and restore operations.
Effective business continuity planning 1.) identifies risks to critical operations, 2.) quantifies the potential impact of risks to the business, 3.) implements measures and plans to ensure continuity during a disruption, and 4.) monitors for changes that could affect the plans and/or lead to disruptions.
While organisations can’t predict disruptions, they can prepare for them. Business continuity plans allow companies to respond swiftly while protecting the business, its assets, and its reputation.
Identify risk indicators that can lead to business interruptions.
Monitor risk indicators and import new third party risk assessments.
Gauge financial impact. Determine and account for likely chain reactions.
Conduct tabletop exercises and generate analytics to test and refine plans.
Develop recovery plans with asset priority and order of resources restored.
Store plans in a one convenient, accessible cloud-based location.
Develop, maintain and automate a business continuity management plan (BCMP/).
Conduct automated, continuous third party due diligence to monitor risk indicators, supply-chain stability, and update assessments.
Conduct automated, continuous third party due diligence to monitor risk indicators and update assessments.
Implement a robust internal reporting system to receive timely and accurate information critical for inform your risk assessment and BCM planning.
Train key audiences – including employees, leadership and third parties – on your BCMP to maintain continuity in the event of a business interruption.