Why Do You Need a Business Continuity Plan?
It is critical for organizations to ensure that they have business continuity and disaster recovery plans in place in the event of a natural or man-made disaster. However, it can be easy to put business continuity and disaster recovery planning on the back burner if your organization has never been affected by a disaster. But what would happen if a power outage, tornado, or data breach hit your organization and you didn’t have any plan in place? How would your organization stay running in the event of a disaster? Where would employees continue to carry out their work duties? How would incident response be communicated throughout your organization? Disaster strikes when you’re least expecting it. It’s critical that you ensure that your organization is prepared. So, what can organizations do to create an effective business continuity plan? Let’s find out.
First Step to a Business Continuity Plan
If you’re just starting out with your business continuity plan, we suggest beginning by performing a Business Impact Analysis (BIA). This process will allow you to review existing business continuity capabilities by evaluating the risk to business processes, failures, identify critical and necessary business functions and their resource dependencies, estimate any financial and operational impacts of disruption and the required time frame for critical business functions, and to assess the effectiveness of existing risk reduction measures.
Once you’ve completed your Business Impact Analysis, your report should include the following:
- Financial impact of disruption
- Operational impact of disruption
- Prioritized critical functions for business continuity
- Recovery time frames for critical functions
- Required resources (i.e. computer systems, vital records, telecommunications, and work areas) for business continuity
Conducting a Business Impact Analysis is only the beginning, but it’s a step in the right direction. While we can’t prevent disasters from happening, we can set our organization’s up for success by creating, practicing, and implementing business continuity and disaster recovery plans. Will you be prepared?