A holistic business continuity strategy
A comprehensive continuity strategy will ensure a business is prepared for a wide range of scenarios. Preparedness is key when implementing and actioning a plan that endeavors to continue to meet business objectives and resume normal operations in a short time frame.
The steps of a Business Continuity Plan
A BCP should be taken seriously and requires certain steps in order to be thorough and effective, should the plan need to take effect. Here are 5 steps to assist implementation:
1. Assess the risks and scope out the plan.
The first stage of an effective plan is a risk assessment. This stage considers threats to the company, their likeliness and potential impact. These can usually be categorised into one of the following:
1. Equipment or resources
2. People or employees
3. Building
4. Data or IT.
The international Standard ISO 31000:2018 can provide principles and processes that can be implemented in any organisation to help identify risks, opportunities and allocate resources when facing a threat.
2. Understand the impact on the business.
Next is conducting a Business Impact Analysis (BIA). A BIA can predict the effects and consequences of a disruption to the business. The analysis should include operational and financial impacts, critical staff, succession planning, required resources and recovery assumptions. The data collected is used to develop strategies that suit the needs of a business, depending on the type of threat and its impact.
ISO TS 22317:2015 is the international Standard for business continuity management systems with guidelines for business impact analysis. This Standard can provide the guidance to help establish, implement and maintain a formal and documented BIA process.
3. Develop the business continuity plan.
Once the risk assessment and BIA are complete, this data forms the basis of your plan. The development phase must include a selection of polices and processes to help maintain critical business functions. It considers strategies to help prevent, respond and recovery from disruptions.
A formal document is written where approval, mainly from senior management, must review and approve the plan to enter the next step.
4. Test and implement the plan.
Before implementing the plan, testing must be conducted to know it can meet the set expectations of the business in various challenging environments. Management must be notified of the strategies and suggestions, where endorsement can greatly assist if the plan needs to be actioned efficiently.
5. Modify the plan and monitor threats.
After the BCP is developed and implemented, it should not be considered a set-and-forget strategy. Setting regular reviews, such as annually or bi-annually, can ensure the plan is likely to consistently meet business objectives when faced with a crisis.
A business also needs to know when to call the plan into action, plus threats should always stay on your radar and be monitored.
What to consider when implementing a Business Continuity Plan
An effective plan can only work if all critical aspects are considered and a holistic approach is taken. While some BCPs may only consider changes to immediate operations in the business, the effects to your supply chain should also be discussed and addressed. As disruption to the work of the supply chain can affect your business and vice versa.
The plan should also consider the input of a range of stakeholders within the organisation, creating an engaged team who understand their responsibilities. Roles should be defined, and all staff trained to be prepared for the range of challenging situations and understand potential impacts on their work.
Different teams and stakeholders may need a different means of communication. Those in charge of delivering the right information must be responsible for notifying the right people in a timely manner. This also includes defining rules when talking to external stakeholders, agencies, the government and the media.
Being prepared for the unexpected
Business continuity plans are in place to best prepare a business for unexpected circumstances. While the business landscape can be unpredictable, accounting for majority of disruptions can ensure an organisation swiftly address challenges in order to resume usual operations.
Business continuity planning may seem daunting and time consuming, however an informed approach means the ability to prepare for sudden shocks.
Understanding the importance of risk management to identify potential threats and analyse their impact can assist with planning prevention measures, appropriate responses and recovery strategies. A focus on business continuity before disaster strikes, is the best plan to make.