Which of the following is most appropriate with regard to an Organisations business continuity planning framework?
Five Steps of Business Continuity Planning for Investment FirmsBy Eze Castle Integration | Tuesday, February 11th, 2020 Show
When confronted with unexpected business disruptions, investment firms must react swiftly, methodically and successfully or else risk significant financial loss. This level of response requires extensive business continuity planning to ensure all aspects of a firm’s business are evaluated and protected. The key to a successful business continuity plan lies in understanding the impact a disaster situation could have on a business and creating policies to respond to any such impact. Here are the five key steps to this plan: To create an effective business continuity plan, a firm should take these five steps: Step 1: Risk AssessmentThis phase includes:
Step 2: Business Impact Analysis (BIA)During this phase we collect information on:
Pro tip: Compiling your BIA into a master list can be helpful from a wholistic standpoint, as well as helpful in identifying pain points throughout the organization. Step 3: Business Continuity Plan DevelopmentThis phase includes:
Step 4: Strategy and Plan DevelopmentValidate that the recovery times that you have stated in your plan are obtainable and meet the objectives that are stated in the BIA. They should easily be available and readily accessible to staff, especially if and when a disaster were to happen. In the development phase, it’s important to incorporate many perspectives from various staff and all departments to help map the overall company feel and organizational focus. Once the plan is developed, we recommend that you have an executive or management team review and sign off on the overall plan. Step 5: Plan Testing & MaintenanceThe final critical element of a business continuity plan is to ensure that it is tested and maintained on a regular basis. This includes:
7 Steps to Create a Business Continuity PlanFor more on investment firm business continuity planning, check out our “7 Steps to Create a Business Continuity Plan eBook.” This blog was originally written in 2016 by Mary Beth Hamilton and has since been updated.While over half of small and midsize business owners say it would take at least three months to recover from downtime, 60% don't have an emergency response plan. However, according to Gartner, the average cost of downtime can climb up to $5,600 per minute. When it comes to business continuity planning, there are several critical issues leaders should be addressing. You must lay out the steps you will take to react to business shocks now, but also entirely reshape your business continuity plan. Now is the time to create an active recovery plan if your organization doesn't have one. It takes effort, but you will give your business the best chance at survival after (and during) an unexpected event. Keep reading to learn the steps to effective business continuity planning. Business Continuity Planning focuses on maintaining business functions or efficiently resuming them in the event of a major disaster. A major disaster can be anything from a flood, fire, malicious cybercriminal to a pandemic. A business continuity plan (BCP) outlines the procedures your organization will follow in the face of such disasters. It covers crisis communication strategy, assets, business partners, human resources, and more. You've likely heard of a disaster recovery plan that focuses on restoring IT infrastructure and operations after a disaster. However, disaster recovery is one small part of a complete BCP, as it seeks to ensure the continuity of the entire organization. As time passes and the COVID-19 pandemic is controlled, organizations must review and renew business continuity plans. You will need to assess how your current BCPs are working—if you have any. The best way to locate any gaps is through business continuity testing. If you spot deficiencies, you must highlight them and identify the root causes, whether it's external environmental issues, lack of infrastructure, or timeliness of action. See Agility Planner in Action Agility Planner is an intuitive business continuity planning and preparation tool that streamlines, simplifies, and supports your BC management process. Agility Planner has been developed to help your business go from reactive to proactive with its business continuity planning. Then, outline new procedures based on lessons learned, and contingency plans to build resilience and adequately respond to future disasters. COVID-19 is unlike anything our economy has ever experienced, so it was impossible to prepare for with traditional wisdom and forecasting tools. However, you should view this disaster as something to learn from and carry the lessons learned forward once the pandemic has passed, and you've had time to analyze your response. Top Threats to Your Organization's ContinuityDepending on your industry and level of risk, every organization will have different primary threats to daily business. Risk assessments before creating a BCP is helpful for this reason. You don't need to have a plan for every possible scenario, but you should watch out for the following common disruptors. Global PandemicsYou've likely experienced how a global pandemic can throw a wrench in the best of business plans, from all angles. Many employees must work from home, demand for specific items grows, and supplies decrease due to disturbances across the supply chain. When considering how your organization will respond to a global pandemic, put in place a solid disaster communication plan. You'll need to envision how your employees will work together and conduct necessary business offsite. It's also necessary to consider alternate suppliers and products to avoid a single point of failure. Use what's happening now to determine what is and isn't working for your business, then plan for how you will handle similar scenarios in the future. Power OutagesImagine the disruption to your "business as usual" that would be caused by a loss of communication lines, power generation, or water shutoffs. Unexpected utility outages can also potentially damage physical assets, causing a loss of productivity and downtime. Power outages have been on the rise in the past couple of years. Particularly, the region that got affected the most was the state of California, with hundreds of thousands of customers being affected in April alone. A single power outage event can devastate an organization's revenue, productivity, capacity, and labor. Increasingly, utilities are practicing planned de-energization events, or Public Safety Power Shutoffs (PSPSs). As a last resort to prevent power lines from starting wildfires and putting human lives in danger, planned power outages are scheduled to take place during hot, dry days. Natural DisastersA natural disaster describes any weather-related disaster, such as hurricanes, tornadoes, ad tsunamis. It also refers to natural phenomena such as earthquakes, volcanic eruptions, and wildfires. The worst disasters happen in an instant and are impossible to predict. Any business could experience grave damage to its physical structures and assets. Natural disasters also disrupt supply chains in affected areas, causing a lack of supply for in-demand items. CybersecurityA cyberattack is a malicious computer-based attack on a technical asset. Cyberattacks include data theft, ransomware attacks, SQL injections, and distributed denial of services (DDoS) attacks. If you have the right security measures in place, you may only experience limited IT functionality until the issue is resolved. If you don't have data backup or recovery, you could potentially lose access to valuable business data. We have developed a brief and actionable cybersecurity checklist to help your organization take the first steps to check for any signs that may lead to a data breach or a cyberattack at your organization and develop preventative measures to safeguard your operations. Steps to Creating a Business Continuity PlanWhile creating an effective BCP is a lot of work, it's a critical piece of operating a resilient business. You, your appointed business continuity team, and your staff must take continuity planning seriously. Here are five steps to help you get started. Step 1: Assemble a Business Continuity Management TeamThe makeup of your team depends on your continuity objectives and the size of your company. A good BCP should detail what your staff needs to do in the event of a disaster, what communication methods are required, and the timeframe in which critical IT services need to be available.
This team will prepare standards for the project and train additional team members. They will also identify clear processes to improve project flow. Step 2: Ensure the Safety and Wellbeing of Your Employees
Reimagining your usual business environment while minimizing disruptions requires a delicate balance. In some situations, telecommuting and flexible work arrangements aren't possible. In scenarios during which you'll have workers in direct contact with customers, you must prepare to provide personal protective equipment. Step 3: Understand the Risks to Your CompanyOnce your business continuity management team is assembled, you must conduct a business impact analysis (BIA). This type of analysis will help you identify specific threats to financial performance, operations, supply chains, reputation, employees. It can serve as a starting point when identifying risks. You and your team should brainstorm a list of threats and potential risks to your business. Then discuss how the risks mentioned above could affect business operations. Don't undermine the importance of this step—or how long it could take. A proper BIA will typically involve a comprehensive questionnaire to gather the breadth of information you will need. BCP production tools such as Agility Planner help get started with creating a BCP or a BIA and provide access to historical data and ready-to-use templates. Step 4: Implement Recovery StrategiesOnce a disaster occurs, and financial losses begin to grow, it can be challenging to get back on track without a BCP in place. Consider the following questions as you discuss options with your team:
You'll address concerns like these and more in your business continuity plan. Address Every Business FunctionIt's essential not to leave any business function out of your plan. Be sure to address the following:
Set realistic timelines and intentions across your company's resilience journey to ensure you reach your goals and exceed expectations. As you work through your plan, develop relevant reports to share with all stakeholders. Use highly visual reports to highlight areas that need attention and show progress. Step 5: Test, Test Again and Make ImprovementsNo matter how long you spend perfecting it, a business continuity plan is never truly finished—just as the risks and requirements of your industry are never set in stone. Testing your business continuity plan allows you to validate it as you manage risks. While 88% of companies test their strategies to identify gaps, 63% of them do so to validate their plans. The result of this testing is not "pass or fail," yet continuous improvement by identifying findings through a live exercise. Prepare your organization for success by using this checklist for business continuity testing. Prepare for Disruption with a Business Continuity SolutionWhile you may never encounter a significant disruption to your business, nothing is ever certain. The chances are that you'll have your fair share of hurdles. Identify risks and what you need to do to keep your business in motion. Planning will give you a competitive edge and help alleviate any financial risk involved. Sleep easier at night by knowing you have a plan to reduce the impact of business disruptions before, during, and after a disaster occurs. Request a demo today to learn how Agility Central can help your organization remain resilient. Which of the following is most appropriate with regard to Organisations business continuity planning framework?Answer: Explanation: Business continuity planning (BCP) is the process involved in creating a system of prevention and recovery from potential threats to a company. The plan ensures that personnel and assets are protected and are able to function quickly in the event of a disaster.
What is business continuity planning framework?Business Continuity Plan (BCP) framework is procedural guidance to create plans that prevent, prepare, respond, manage, and recover a business from any disruption. Many organizations have not realized that BCP is essential to their business continuity.
Which of the following is required for business continuity planning?A business continuity plan involves the following: Analysis of organizational threats. A list of the primary tasks required to keep the organization operations flowing. Easily located management contact information.
Which of the following is the purpose of business continuity planning?Key Takeaways. Business continuity planning (BCP) is the process a company undergoes to create a prevention and recovery system from potential threats such as natural disasters or cyber-attacks. BCP is designed to protect personnel and assets and make sure they can function quickly when disaster strikes.
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