Which of the following components do business impact analysis activities focus on?
SummaryA business impact analysis (BIA) tells you what to expect when your business is disrupted, so you can proactively create recovery strategies. Learn how a BIA can help you get back on track when roadblocks occur, plus four steps to create one for your own business. Show
“Be prepared.” This concept rings as true in business as it does in The Lion King. Whether you’re singing on the African savannah or managing a project from your desk, it’s important to understand what a worst-case scenario looks like so you can spring into action if needed. That’s where a business impact analysis (BIA) comes in. A BIA tells you what to expect when unforeseen roadblocks occur, so you can make a plan to get your business back on track as quickly as possible. A business impact analysis helps you predict the consequences of disruptions to business processes, so you have the data you need to proactively create recovery strategies. For example, a manufacturing company could create a BIA to measure how losing a key supplier would affect company operations and revenue. Simply put, a BIA identifies the operational and financial impacts of disruptions—like what would happen if your servers crashed or a global pandemic changed the market landscape. The data you collect during a business impact analysis helps you understand and prepare for these potential obstacles, so you can act quickly and face challenges head-on when they arise. For example, you could use the insights from your BIA to create a business continuity plan, which outlines how your team will respond to unexpected business changes. Templat gratis kelangsungan bisnis Here are some examples of business disruptions and their potential impacts: Example business disruptions
Example business impacts
Business impact analysis vs. risk assessmentA risk assessment analyzes potential threats and the likelihood of them happening. A business impact analysis measures the severity of those threats and how they would affect business operations and finances. In other words, a business impact analysis is essentially an extension of a risk assessment report—a BIA identifies potential risks, then also measures their impact. Baca: 7 risiko umum proyek dan cara mencegahnyaBusiness impact analysis vs. project risk managementProject risk management is the process of identifying, analyzing, and responding to potential project risks. In this case, a risk is anything that could cause project failure by delaying the project timeline, overloading your project budget, or reducing performance. While project risk management is focused on predicting and responding to roadblocks within a specific project, a business impact analysis is broader in scope. A BIA doesn’t focus on a single project, but rather overarching business functions and processes. For example, you would use project risk management for a cross-functional initiative to redesign your company app, but create a BIA to investigate how disruptions to your staffing may impact production for your company app. Read: What is a risk register: a project manager’s guide (and example)Why is a business impact analysis important?Disruptions happen, and it’s important to be prepared so you can get back on track and minimize profit loss. A business impact analysis helps you gather the data you need to plan for and handle roadblocks when they inevitably occur. In particular, the BIA process helps you:
4 steps to conduct a business impact analysisCreating a business impact analysis may seem daunting, but we’ve broken the process down into four digestible steps. Here’s how to get started: 1. Plan how you’ll conduct your BIAEven though you use a BIA to analyze larger company processes, think of the business impact analysis itself as a project that needs to be planned. Just like a regular project, start by creating a project plan that outlines how you’ll approach your BIA—including the scope of the analysis, the objectives of your BIA, and the stakeholders you’ll work with. A well-written project plan provides a clear path forward for your BIA. It helps stakeholders understand what they’re responsible for, and ensures you have all the resources you need before you begin. As you create your plan, consider how you’ll organize the different pieces of your business impact analysis so team members can find and understand the information they need, then act effectively. Project management software like Asana can help you coordinate all of your work in one central tool, so team members have a single source of truth for each project component. Asana also updates in real-time as work is completed, so you always know if you’re on schedule. Coba Asana untuk manajemen proyek 2. Gather informationBefore you can predict the consequences of business disruptions, you first need to understand how critical business processes work. For that, you need to ask the experts—the stakeholders who manage and execute the business processes you're investigating. While you probably have a bird’s-eye view of processes and understand big picture needs, it’s important to talk with someone closer to the work. That way, you can understand the on-the-ground impacts of business disruptions as well as the solutions you’re thinking of implementing. There are two common information-gathering methods:
The questions you ask during an interview and on a questionnaire are similar. While interviews are often more personal, a questionnaire can save time and help you standardize your data. Example business impact analysis questionnaireTo get you started, here’s a template BIA questionnaire with example answers: Name the business process you’re responsible for Online checkout process Describe where the process is performed The server we use to process customer payment information. List all the inputs and outputs of the process
List the resources and tools required for the process An ecommerce platform (Shopify), email automation software, customer service team List the users of the process Customers Describe the timing of the process Checkout process takes 3-5 minutes. It happens after items are added to cart and before items are shipped. List potential disruptions to the process Server crash, email automation bug, ecommerce platform is down, security breach List the financial, operational, and legal/regulatory impacts of potential disruptions
If applicable, provide historical data on past business disruptions and their impacts See the attached report for a summary of a server crash that happened last year, including its impacts to the checkout process, financial losses, and recovery timeline. 3. Analyze your dataNow that you’ve collected information about each business process, it’s time to start your analysis. To help guide your investigation, consider the following questions:
4. Create your reportOnce you’ve analyzed your findings, the final step is to actually create a business impact analysis report. A BIA report helps you or senior management create data-backed recovery strategies based on input from process experts. Your report is the most important outcome of your BIA, because it’s how you’ll communicate your findings to company leadership and help them identify the best contingency plans to get your business back on track. Business impact analysis report templateYour BIA report should include the following components: - Executive summary - Objectives and scope - Methodology - Summary of your findings - Breakdown of your findings for each process, including:
- Supporting documents - Recommendations for recovery Analyze, then strategizeWhen you create an in-depth business impact analysis, you know what to expect when disruptions inevitably occur—plus a list of your best options for getting back on track as quickly as possible. The data you collect helps you create a business continuity plan that’s backed by evidence from process experts, so you have solutions in hand when disaster strikes. Templat gratis kelangsungan bisnis What is the primary purpose of a business impact analysis BIA )?A business impact analysis (BIA) predicts the consequences of disruption of a business function and process and gathers information needed to develop recovery strategies. Potential loss scenarios should be identified during a risk assessment.
Which type of analysis uses numerical values to represent impact and likelihood and may express consequences as monetary loss?Which type of analysis uses numerical values to represent impact and likelihood and may express consequences as monetary loss? Quantitative analysis is about assigning monetary values to risk components.
When assessing risk and impact which type of analysis uses numerical?Quantitative Risk Analysis is Objective
In layman's terms, quantitative risk analysis assigns a numerical value to extant risks — risk A has a 40% chance of occurring, based on quantifiable data (fluctuations in resource costs, average activity completion time, logistics etc.)
Which of the following security control class is for an information system and primarily implemented and executed by people?Operational controls: The security controls that are primarily implemented and executed by people (as opposed to systems).
|