BUSINESS CONTINUITY PLANNING
ENSURE YOUR BUSINESS STAYS IN BUSINESS
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. The BCP is generally conceived in advance and involves input from key stakeholders and personnel.
BCP involves defining any and all risks that can affect the company's operations, making it an important part of the organization's risk management strategy. Risks may include natural disasters such as fire, flood, or pandemic outbreak such as SARS, Corona virus and cyber-attacks. Once the risks are identified, the plan should also include:
Determining how those risks will affect operations
Implementing safeguards and procedures to mitigate the risks
Testing procedures to ensure they work
Reviewing the process to make sure that it is up to date
BCPs are an important part of any business. Threats and disruptions mean a loss of revenue and higher costs, which leads to a drop in profitability. And businesses can't rely on insurance alone because it doesn't cover all the costs and the customers who move to the competition.
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