Resource spotlight: Business continuity planning guide
Statistics show that one in four businesses do not re-open after disaster strikes, and many that do re-open struggle to stay in business. Preparing ahead of time greatly increases your business’ chances to survive and resume operations after an incident. For this reason, a significant part of your Risk Management program should be dedicated to ensuring business continuity and resumption of normal operations as quickly as possible. Having a Business Recovery Plan is the best way to ensure this happens. The purpose of a business recovery plan is to minimize the operational, financial, legal and other material consequences, including your business’ reputation, arising from a disruption. It includes policies, standards, and procedures for ensuring that specified operations can be maintained and recovered in a timely fashion in the event of a disruption.
A business recovery plan has three components:
- An emergency response plan— The initial actions required to facilitate communication and minimize damage.
- A business continuity plan— The actions required to ensure essential services resume immediately.
- A business resumption plan— The actions required to resume normal operations.
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