What is a Business Continuity Plan?
A business continuity plan lays out the procedures and instructions that a company must follow in the event of a crisis; it covers business processes, human resources, assets, business partners, and more.
FREMONT, CA: One rarely gets a warning when a disaster is on its way. Even with some forewarning, though, various things can go wrong; each occurrence is unique and unfolds in unpredictable ways.
A business continuity plan can help in this situation. To offer the organization the best chance of surviving a crisis, ensure everyone who is responsible for carrying out any component of the plan has a current, tested plan. Without a plan, the company will not only take longer than necessary to recover from an event or catastrophe but they may be forced to close their doors permanently.
What is Business Continuity?
Business continuity refers to preserving or swiftly resuming business services in the case of a catastrophic disruption, such as a fire, flood, or cybercriminal assault. A business continuity plan lays out the procedures and instructions that a company must follow in the event of a crisis; it covers business processes, human resources, assets,business partners, and more.
Many individuals confuse a Disaster Recovery (DR) plan with a business continuity strategy, although a DR plan is primarily concerned with restoring an IT infrastructure and operations following a calamity. It is essentially just one aspect of a larger business continuity plan, which considers the organization's overall continuity.
Does a business have a plan in place to get human resources, manufacturing, sales, and support up and running quickly after a crisis so that the firm can continue to make money? Do they know how the customer service professionals will manage client calls if a tornado damages the building where they work? Will they work from home or from a different location for a while? These issues are addressed in the business continuity plan.
A Business Impact Analysis (BIA) is also included in a business continuity strategy. A BIA determines the financial impact of a sudden loss of business functions, which is commonly expressed as a cost. This type of analysis can also help decide whether or not to outsource non-core functions in the business continuity plan, which has its own set of risks. The BIA essentially aids businesses in assessing all of the organization's processes and determining which are the most critical.