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The Importance of Business Continuity Planning

January 8, 2020
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Business continuity planning is crucial to ensuring your customers’ needs can be met during and following a business interruption event. The inability to meet customers’ needs has the potential to impact a company’s finances, reputation, and relationships. The damage to your organization’s reputation can result in the loss of even the most loyal clients.

Many companies require business partners to have a robust business continuity plan in place to do business with them. These requirements are becoming more common every day. Many certifications require comprehensive or key elements of planning to be established. Increased exposure to business interruption events and globalization are also driving the need for increased planning.

Business Planning

  • Business Impact Analysis (BIA): determination of the time-sensitivity of critical business processes, as well as the associated impact (financial, legal, brand) if they cannot be continued. This process helps to determine a post event recovery strategy.
  • Risk Assessments: identification of physical and business risks, as well as measures to prevent and/or mitigate the potential for business interruption events.

Planning Elements

  • Emergency Response Plans: plans to protect people and property in the immediate moments before and after an event.
  • Business Unit/Department Recovery Plans: plans and strategies to continue and/or resume critical business processes at the time of an event.
  • Incident Management Plan (IMP): identification and development of an Incident Management Team members, plans and strategies to be utilized to lead the organization through the event.

Testing/Exercising Plans

  • Drills and exercises utilized to ensure plan completeness, which also serve to further develop personnel who will be relied on to implement plans at the time of an event.

Promote Education and Awareness

  • Organization-wide programs and activities that are designed to increase program awareness and educate personnel on their respective role(s) and responsibilities at the time of an event.

There is no time like the present to start or advance business continuity planning for your organization.

Contact me direct or learn more on our Property & Casualty page.

Jim Hedrick
Director Risk Management & Client Experience
513.847.0300
Email

 

Note: This communication is for informational purposes only. Although every reasonable effort is made to present current and accurate information, Oswald makes no guarantees of any kind and cannot be held liable for any outdated or incorrect information. View our communications policy.