There’s no shortage of things to consider when you’re upgrading your business continuity strategy. For instance: Show
When it comes to business strategy, preparing for the unexpected is a necessary step, but can be a neglected element of strategic planning. Business continuity strategies – sometimes referred to as disaster recovery planning – can be one of the tricky jobs we push to the bottom of the list. Because these unexpected events are, by their very nature, unpredictable, they are difficult to anticipate and account for when planning. This can make developing business continuity strategies a challenge that we put off until we have no choice but to tackle it. And yet the benefits of having a robust business continuity strategy are legion. Your organisation minimises the cost and impact on any business performance during disruption. You are confident that you take a consistent approach to business continuity planning across your sites, entities or geographies. Your clients, suppliers, shareholders and other stakeholders are reassured that your business continuity approach is comprehensive and meticulous. The process of developing a business continuity strategy may also have wider-reaching benefits, encouraging as it does a wholesale review of your risk, supply chain management, and resource management approaches. Here we aim to make this process painless by exploring the various options available for business continuity planning, sharing tried-and-tested approaches and giving best practice examples. What Business Continuity Strategy Options Exist?There will be significant differences in approach developing business continuity strategies. The various methods are dependent on the nature of your business, the country or countries you operate in, and the prevailing external landscape when developing or updating the plan. There are, though, some accepted standards and definitions of business continuity. The International Organisation for Standardisation (ISO), in its ISO 22301:2019 standard, describes business continuity management as “Requirements to implement, maintain and improve a management system to protect against, reduce the likelihood of the occurrence of, prepare for, respond to and recover from disruptions when they arise.” Before you decide on the best continuity strategy for your business, you need to identify your objectives and any interdependencies that may impact the order of the actions you take. Is your primary focus immediate crisis management, restoring IT and systems, or the swift resumption of business? This will impact your priority actions in the event of any business interruption. Essential Steps To Include In Your Business Continuity StrategyNo matter your sector, your immediate priorities for business continuity, or the nature of the disruption faced, some core elements and steps should feature in every business continuity strategy. You need to:
Central to this is the integrity of your entity data. Accurate data underpins your plan; do you have a comprehensive picture of all your subsidiaries and their key information? Of course, the systems themselves that carry this data are also under threat from any business interruption. Your entity data management software, CRM solutions and other systems should be audited and checked to ensure they continue to operate in the event of any disruption.
Harness Technology To Support Your Business Continuity PlansAs the coronavirus pandemic – the most salient example of business interruption this year – took hold, organisations with robust systems buoying their operations found themselves better-placed to weather the storm, with best-in-class providers supporting their clients via online support and guidance. Diligent and our cloud-based software, including Entities, our entity management solution, delivered this type of support, partnering with clients to help them through the crisis. Robust entity management and proactive governance solutions help businesses ensure their business continuity planning strategies are comprehensive and reliable, giving assurance that they’ll be ready when disaster strikes. Contact us to request a demo to see how our suite of cloud-based governance and compliance software can underpin your business continuity strategy, giving you the best chance of uninterrupted operation in a crisis. What is the main goal of business continuity?Business continuity planning aims to maintain continuous business operations during disasters, emergencies, and other business disruptions. Disruptions to an organization's normal operations can be very costly, both in the short and the long terms.
What are business continuity strategies?Business Continuity Strategy is a phase within the BCM planning process. It is the conceptual summary of preventive (mitigation) strategies, crisis response strategies and recovery strategies that must be carried out between the occurrence of a disaster and the time when normal operations are restored.
What are the strategies for effective business continuity management?7 Steps to an Effective Business Continuity Strategy. Step 1 – Find the right partner. ... . Step 2 – Conduct a risk assessment to identify potential threats. ... . Step 3 – Complete a business impact analysis. ... . Step 4 – Design and develop policies and standards. ... . Step 5 – Create contingency plans. ... . Step 6 – Test and implement.. What are the 3 main areas of business continuity management?A business continuity plan has three key elements: Resilience, recovery and contingency.
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