Business Continuity Management System
When running a business, it is essential to develop effective risk management strategies. But, irrespective of how effective the risk management strategies are, the business is still susceptible to internal and external threats. These threats can be fire attacks, cyber-attacks, floods, changes in policies, unexpected staff resignations, among others.
Business continuity management relates to the strategy adopted by companies and organizations to forecast, prevent, and recover from potential threats. It serves to maintain business functions during a mishap or quickly get businesses back on track after a disaster.
With an effective business continue management system, companies can analyze all possible factors that might serve as potential risk originators, and address them as required.
As detailed by ISO 22301, a business continuity management system helps with
- Understanding the need for continuity and preparedness
- Implementing and operating measures and controls for proper management of a company’s overall continuity risks
- Regular improvements of the company’s objective measurements.
Step to building practical business continuity management system
Building an effective business continuity management system will help you protect the personnel and assets of your company, both during and after a disaster.
The steps you need to take to develop an effective continuity plan are:
Step 1: Organize a business continuity management team:
When your company faces an emergency, the business continuity management team initially set up will manage and implement the business continuity strategy. The number of staff that makes up the team depends mainly on the size of the company and the implementation approach of the management system.
Your team should consist of a manager, an assistant manager, and an administrative assistant from each department. If you have a medium or large organization, it is crucial to have at least one person from each department on the continuity team and disperse responsibilities accordingly.
Step 2: Carry out a Business Impact Analysis (BIA)
After setting up your business continuity team, the next planning process is to understand the operational, financial, and physical risks a potential threat may impose on your company. This risk can be determined through “business impact analysis” (BIA). Although business impact analyses are pretty complex and often require a comprehensive questionnaire to collect the information you’ll need, conducting a Business Impact Analysis will significantly help you with risk identification and assessment.
Step 3: Identify the resources you need with a gap analysis
After conducting your BIA, you must have observed certain potential risks to your business in case of emergency. Your team will also have identified inconsistencies between your available resources and your needed resources; this is where “gap analysis” comes in. Gap analysis helps to detect a company’s recovery needs as compared to its available resources
Step 4: Build and implement recovery strategies.
The previous stages have been concerned with detecting business risks, but knowing this isn’t enough. Your business continuity team should know how to react to emergencies and recover from disasters. Without recovery plans, financial losses may escalate beyond the limit and cause significant setbacks. For example, if your company gets flooded and some machines become damaged, how will you continue to meet your customers’ demand for goods or services.
Step 5: Test strategies, offer recommendations, and make improvements
A business continuity strategy is never really concluded; since the nature of risks and the requirements are never cast in stone. Instead, these threats change over time and adapt as the business grows. As a result, you should always test your business continuity plan and change it when necessary to make sure it is effective. Observe your results and make recommendations for further improvements.
Perhaps you’re looking to develop an effective business continuity management plan for your company, or you want to train and equip your staff with the necessary skills that will help your business function even amidst adversities(like the COVID-19); we can help!
With over 15 years+ of experience in training, consulting, auditing, and process optimization, Formatour Incorporated has what it takes to help your business maintain optimum functionality with the right business continuity management system.
Contact us today to schedule a meeting.