How to Ensure Business Continuity and Manage Risks?

  • 28th Jul'20
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What is Business Continuity?

 

Business continuity is an organization's capacity to maintain essential functions during and after a disaster has occurred. Business continuity planning establishes risk management processes and methods that aim to prevent interruptions and re-establish full function to the organization as promptly and smoothly as possible.

 

Why is it Business Continuity important?

 

It’s important to manage the risks and crisis in the business. It's significant to have a business continuity plan in place that considers any possible disruptions to operations. The plan should encourage the organization to keep running at least at a minimal level during a crisis. Business continuity enables the organization to maintain resiliency, in responding quickly to an interruption. Strong business continuity regains money, time and company reputation.

Click here to know more about it:

https://www.travelers.com/resources/business-continuity/why-is-business-continuity-important

https://smallbusiness.chron.com/importance-business-continuity-plan-5135.html

https://www.riskmanagementmonitor.com/risk-management-and-business-continuity-improving-business-resiliency/

https://www.infoentrepreneurs.org/en/guides/crisis-management-and-business-continuity-planning/

 

Effective Business Continuity Plan to reduce risk

 

Business continuity plans are complex and differ from company to company. Here are some general examples of what a BCP may include:

  • Form the business continuity management team

Organization’s Business continuity team implements and executes the business continuity plan. The business continuity team should comprise of a manager, assistant manager, and administrative assistant from each department.

  • Conduct a business impact analysis

The second step of business continuity planning is solving the operational, financial, and physical risks to your company should a disruption occur. The organization can determine these types of risks through a “business impact analysis” (BIA).

  • Identify resources needed with a gap analysis

Impact Analysis reveals differences between the resources you have and the resources sill desired. Now, the team will conduct a gap analysis. A gap analysis observes a company’s recovery requirements and its current resources. 

  • Explore and implement recover

Step four of business continuity planning does just this; it observes recovery strategies for your business and interprets how to implement them.

  • Test results, present recommendations and make improvements

It can improve and adapt as the business grows. It’s always a promising idea to test your business continuity plan to make sure it is beneficial, observe results and make recommendations for improvement.

Click here to know more: https://www.cio.com/article/2381021/best-practices-how-to-create-an-effective-business-continuity-plan.html

https://www.bankinfosecurity.com/ten-steps-to-effective-business-continuity-plan-a-186

https://www.techrepublic.com/blog/10-things/10-things-you-should-cover-in-your-business-continuity-plan/

 

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About the Author: Beauty Kumari

An eloquent individual, love to express a myriad of topics through her words. She is ready to take any professional challenge head-on and give her best to any project entrusted to her.

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