Business continuity plan
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Business continuity plan
The bigger task than starting any business is the strategies and steps taken to maintain the business and keep it surviving and growing in this dynamic environment. Business continuity plan aims to manage the risk which could happen due to catastrophic events and thus strives to minimize the risk from potential disaster that may happen due to many different reasons. Business continuity plan also includes a recovery plan that helps in the case of the adverse effects of events. In effective business continuity planning a business should consider every aspects of the business that may be influenced or effected on the event of disasters. Business continuity plan also decides the critical element and departments of an organization that can operate without some portions of their usual support system. The objective of business continuity plan is to minimize the monetary loss that a company may incur in the event of a disaster. The business continuity plans aim to continue serving customers satisfactorily in-spite of the disaster without any hitch. Business continuity plans objective is also to alleviate the negative impact troubles can have on a business’s strategic plans, reputation, operations, market position, and capability to remain in agreement with related laws and regulations (2003, p. 4).
Previously, the only things that an organization needed to protect themselves from were events such as fires, earthquake, tornados, floods, power failures and communication outages. These events are statistically predictable, insurable, and well quantifiable and well understood events. However, in today’s age companies has to consider events that are non-quantifiable, intentional and have blurred boundaries. These new age disaster that may affect today's businesses are terrorist attack, cyber-crimes, attacks of denied service and trading partner connectivity. Other issue that may require the attention of business continuity plan and a backup recovery plan are globalization issues in which an organization has different business units in other countries, money and market risk, material loss, quality and staff issues (www.eci.com).
Business continuity planning cycle
Business continuity plan is a cyclic process, an organization needs to review its continuity plan whenever an organization brings changes to the organization or changes it business primaries. Business continuity plan is inseparable from business continuity plan. Even when an organization ensure its continuity via a business continuity plan mostly with backup resources, Even when an organization can ensure business continuity, typically with tailback resources, the business though at some point need to recover its prior completely functional state. When an organization establishes a business continuity plan, it must at the same time considers the business recovery plan.
Business continuity policy
Business continuity policy is central to the business continuity policy and gives a business entire method to continue business. Some of the key areas which are parts of continuity policy are briefed below.
• The contact points that can be contacted to during office hours, off office hour and in case of emergencies must be established and must be clear to all. • The role and responsibilities must be well defined within the structure of the organization and for recovery team and business continuity. • Classifying the potential risk that an organization may face and the level of risks that are acceptable for an organization. • The organization needs to decide on the time period that is acceptable for responding to risks, executing continuity plan and recovering to preceding scenarios. An organization also needs to decide on when and how they have to review the business continuity and recover plan....