What is Business Continuity Plan
August 3, 2014 1 Comment
Business continuity plan is otherwise known as disaster recovery plan or a business resumption plan. Business continuity plan is made while the business is running successfully. Crises can be natural (Hurricane, tsunami, earth quick, etc.) or man-made like political unrest, fire, labor strike. The end result of the plan is identification of the risks and the required actions, personnel.
Business continuity plan is needed to support the organisational survival. It estimates that 25% of the businesses, especially small ones, do not service most of the crises that affect their operations because they are not ready. Business continuity plan not only ensure the organisation’s survival but also minimise the crises impact on the business. Employees and customer will be more loyal to the organisation and its brand knowing that the organisation will always deliver its products or services during difficulties and crises.
Expert in risk management with experienced employees in the organisations uncover the potential risks sounding the organisation’s operations. Each risk is classified according to its severity and likelihood. The risk is later treated according to its ranking. Organisation appetite toward the risk will decide to either avoid, control, accept or transfer the risk. The risk treatment is intended to find the principal actions, personnel and services needed to manage the incident and the recovery process after the incident. Continue reading …