Business continuity management systems

BCMS are an important part of any business. Threats and disruptions mean a loss of revenue and higher costs, which leads to a drop in profitability. And businesses can’t rely on insurance alone because it doesn’t cover all the costs and the customers who move to the competition. It is generally conceived in advance and involves input from key stakeholders and personnel.

BCP involves defining any and all risks that can affect the company’s operations, making it an important part of the organization’s risk management strategy. Risks may include natural disasters—fire, flood, or weather-related events—and cyber-attacks. Once the risks are identified, the plan should also include:

• Determining how those risks will affect operations
• Implementing safeguards and procedures to mitigate the risks
• Testing procedures to ensure they work
• Reviewing the process to make sure that it is up to date

Business impact analysis, recovery, organization, and training are all steps corporations need to follow when creating a Business Continuity Plan.

There are several steps many companies must follow to develop a solid BCP. They include:

• Business Impact Analysis: Here, the business will identify functions and related resources that are time-sensitive. (More on this below.)
• Recovery: In this portion, the business must identify and implement steps to recover critical business functions.
• Organization: A continuity team must be created. This team will devise a plan to manage the disruption.
• Training: The continuity team must be trained and tested. Members of the team should also complete exercises that go over the plan and strategies.

Companies may also find it useful to come up with a checklist that includes key details such as emergency contact information, a list of resources the continuity team may need, where backup data and other required information are housed or stored, and other important personnel.