What is Business Continuity Management?
Business Continuity Management or BCM is the preparation framework of organizations for various disasters and attacks that can affect the operation of their business. It is a detailed plan that can protect a company from different hazards such as natural disasters and cyber-attacks. BCM covers business recovery, disaster recovery, emergency management, incident management, crisis management, and contingency planning
BCM’s primary purpose is to maintain the stability of a company’s business operations during disasters, attacks, or any disruptive incidents. Here are more reasons why your team should start creating your company’s own Business Continuity Management:
Benefits ofBusiness Continuity Management
It Can Identify Risks in Advance
The earlier the company can design its BCM, the more protected the organization is. BCM can identify the possible risks that can affect the company’s operations. Apart from that, it can clearly point out your company’s risk exposure on internal and external threats.
Another Layer of Protection Aside from Insurance
Since the insurance coverage of a company may not cover all disruptive incidents, a company’s BCM can make up for these gaps. By having a detailed response on anticipated disruptions, BCM can provide a more comprehensive protection for the company’s assets.
It Integrates Various Disciplines
BCM is not limited to a single discipline. This framework is the result of the integration of various subjects that make it an effective disaster risk system for companies. BCM is the integration of Crisis Management, Emergency Response, Business Continuity (organizational/operational relocation) and Disaster Recovery (technology continuity)
Resilient Supply Chain
A company with a supply chain that can deal with various disasters can stand out of the competition. If you are a supplier with a reliable supply chain like this, then larger organizations will be attracted to do business with you. As a result, this reliability can increase your profitability.
It Helps Protect a Reputation
Reputation is everything for a business. Because of the possibility of natural disasters or cyber-attacks, a company’s name is always at risk. With BCM’s integrated, holistic, and detailed precautionary measures and responses, it can help protect a company, during a disaster.
Protects the Crucial Areas of a Company’s Operations
BCM minimizes the impacts of a disaster on the company’s uptime, service delivery to customers, and cost of recovery. The company’s BCM is on guard on these key areas because it directly affects a company’s profitability. Even the slightest delay of recovery in these areas means huge losses for a business.
How to Develop a Business Continuity Plan
Business Impact Analysis
The company identifies the functions and related resources which are time-sensitive.
The company establishes and implements detailed steps for the recovery of critical business functions.
The company will appoint a continuity team that will be responsible for establishing a disruption management plan that the company will use in the future.
The continuity team must be fully equipped in all aspects. The members should be knowledgeable in every part of the company’s Business Continuity Plan. Each member should complete all the necessary exercises that go over the plan and strategies.
How to Make Your BCM Really Effective
It would add strength and flexibility to a company’s BCM if every employee is aware of what to do when disaster hits the company. The plan should not be limited to the continuity team and the owner/s of the company.
Additional Things That Should Be Considered When Creating a Business Continuity Plan
- Having a thorough review of the whole process to ensure that it is synced with the latest standards
- Implementation of necessary procedures and safeguard to minimize risks
- Testing of systems to check and develop their effectiveness
- Having a clear picture of how the possible risks can affect a company’s operations
Business Continuity Management is imperative because it goes beyond dealing with the emergency itself. It takes into account all the things needed to get the business up and running as soon as possible and keep it and its dependents functioning and contributing to the economy for the long haul. Failing to have an effective BCM can affect the company concerned, the people who will experience personal disasters when operations are disrupted, as well as the government.
By being prepared, you can avoid risks and disasters when possible. Whether you are addressing computer security or natural disasters, having a business continuity plan in place can help you cope and recover when unavoidable obstacles occur.