If tomorrow your business was targeted by a natural disaster, cyber-attack, or total systems failure, could your company handle it? You may be surprised to learn that disasters are responsible for over 186 billion dollars’ worth of economic loss. The capability of managing the risks associated with disasters, is imperative. A good place to start is by developing a business continuity management plan (BCM).
What is BCM?
Essentially, a BCM outlines procedures that a company must follow in the face of an operations disruption. An effective Business Continuity Plan should cover business processes, assets, human resources, business partners and more.
When Should You Create a BCM?
A BCM should be created before a disaster occurs. Don’t wait for an issue to arise to create the plan as this may lead to disorganization and improper strategies. You may need to create a plan for additional employees, the utilization of a backup system, or a third-party resource that takes over in certain situations. You’ll have to consider what your company will need to continue its operations with the least amount of interference.
What is Included in the BCM?
The BCM is outlined by three core areas: crisis management and communication, business resumption planning, and IT disaster recovery. These primary areas should be what you focus on when creating the plan as the entire functioning of the business will fall into one of these three categories. If you have such areas covered, then it is likely that your company can continue to function even if disaster tries to wipe it out.
Support for BCM
A solid business continuity management plan will include ownership, custodianship, and sponsorship in order to thrive. You’ll need to select individuals within the business to be a part of the BCM plan. Focus on those that have a bird’s eye view of the entire company and have a background in risk management. Taking care to select the right people will go one step further in ensuring that the business continuity management plan has the best chances for success.
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