The World is reeling from the impact of the coronavirus disease (COVID-19), impacting supply, production & demand, introducing new social norms, health and safety concerns, availability of finances and liquidity. However, research suggests that all organizations experience a disruptive event once every five years. These events can be as mundane as a power outage or catastrophic events such as the current COVID-19 outbreak. Threats have also increased in scope and threat level to include epidemics & pandemics, contamination of food, water and air sources, political vacuum, civil unrest, acts of violence, stoppage of utilities, air and sea blockades, disruption to undersea links, geothermal disturbances, and cyber-attacks..
There is a need to think about how your business would cope with these blindside events. Having a mature and reviewed Business Continuity (BC) Plan, executing that internally, or engaging a BC partner is an amplified need. There are different tactics and strategies that an organisation can consider. Here are a few pointers…
Develop a BC Plan
Organizations need to have subject matter experts develop a workable business continuity plan to…
- Prepare and present the Business Impact Analysis (BA), Risk Assessment (RA) and the Business Continuity Plan (BCP),
- Provide on-going management of business continuity projects and strategy.
Execute the BC Plan
Organisations of all sizes should utilize internal resources to actively involve themselves in the development and thereon execution of Business Continuity Management (BCM).
- Train and allocate skilled resources to develop and manage the complex interdependencies in creating and maintaining a BCP,
- Establish Point-of-Contacts and back-ups within your organisation and in your Supply Chain to assure flow of essential man and material when disrupted,
- Establish a mechanism, technology aided where possible, to inform relevant persons and take quick decisions.
A larger organisation may require some external assistance. Engaging a BCM Partner enables these organizations to,
- Utilize the investments in the skilled resources, technology, and review mechanisms,
- Expert help for issues unique and specific to business,
- External backup and recovery resources,
- Lower the cost of operations, less risk so that a focus can be given to achieving business continuation.
Leverage Technology
BCM Solutions. A range of solutions are available which can be used in any combination of In-Your-Premises, on the Cloud, on the Mobile.
Managed business continuity services
Process partners are available in a variety of industries to outsource operations where the organization may lack resources and/or expertise internally.
Business Continuity Management is not just about reacting to an incident and IT disaster recovery (IT DR) it is a business owned and driven activity that provides a strategic and operational framework continue your way of business life to be able to service your customers by being able to increase your resilience to disruption, interruption or loss.
At Total RegTech Solutions, we help businesses formulate, test, and execute their business continuity plans, through a combination of Business Advisory Services, Training and Software Solutions. Visit us at www.totalregtechsolutions.com or Call +973 1700 3357 / WhatsApp +973 36710 300