There are many reasons why your company needs a business continuity plan. Having a strategy – before an event happens – helps to maximize the chance your business can recover while minimizing the loss of property, life and assets.
Developing your business continuity plan should be a thoughtful process resulting in a plan that can be beneficial to you if an event occurs.
Start by assembling a team of key decision-makers who will lead your continuity planning efforts. Senior management, team leaders and anyone with in-depth knowledge about business operations should be included.
Four Steps to Developing an Effective Business Continuity Plan
- Identify threats or risks
Understanding the risks that could leave employees, customers, vendors, property and operations vulnerable is fundamental. Threats can include, but are not limited to natural disasters, malicious attacks, power outages and system failures.
Identify the risks most likely to occur based on historical, geographical, organizational and other factors. Then weigh the probability of each event against its potential impact to your business, as well as your readiness to respond.
- Conduct a business impact analysis
Identify the people, places, providers, processes and programs critical to the survival of your business. What functions and resources, if interrupted or lost, could impact your ability to provide goods and services or meet regulatory requirements? Read More