In a post-pandemic world, companies and organizations across the world realize the need to have business continuity management system (BCMS).
Business continuity planning is a proactive approach to avoid and mitigate any risks associated with disruption of operation due to unexpected events like the new coronavirus. The plan describes steps to be taken before, during, and after an event to limit damages and ensure the continued delivery of products or services at acceptable predefined levels.
A BCMS provides insights to :
- understanding the organization’s needs and the necessity for establishing business continuity policies and objectives
- operating and maintaining processes, capabilities and response structures for ensuring the organization will survive disruptions
- monitoring and reviewing the performance and effectiveness of the BCMS
- continual improvement based on qualitative and quantitative measures
A BCMS includes* :
- a policy
- competent people with defined responsibilities
- management processes relating to policy, planning, implementation and operation, performance assessment, management review, and continual improvement
- documented information supporting operational control and enabling performance evaluation
The primary reason for having a business continuity plan is to eliminate downtime. For a commercial company downtime means loss of revenue and income and could, at worst, lead to bankruptcy. Getting your business back up and running, even at a reduced pace, could mean the difference between being in or out of business.
Benefits of having a business continuity management system
From a business perspective
- minimizes downtime
- supports strategic objectives
- creates a competitive advantage
- protects and enhances reputation and credibility
- contributes to organizational resilience
From a financial perspective
- reduces legal and financial exposure
- reduces direct and indirect costs of disruptions
From a stakeholder perspective
- protects life, property and the environment
- considers the expectations of interested parties
- provides confidence in the organization’s ability to succeed
From an internal processes’ perspective
- improves the capability to remain effective during disruptions
- demonstrates proactive control of risks effectively and efficiently
- addresses operational vulnerabilities
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