The International Standards Organisation (ISO22301:2012) defines business continuity management as ‘the capability of an organisation to continue to deliver products or services at acceptable predefined levels following a disruptive incident.’ In other words, business continuity planning can help an organisation to become more resilient over the longer term, to respond quickly to changing circumstances and absorb, appropriately respond to and most importantly, recover from disruption.
Why is Business Continuity Planning important?
Organisations today face an unprecedented number of risks and exposures, both existing and emerging, internal and external. While of course it is not possible to know what the future holds in such a fast paced world, a business continuity plan can play a key role in aiding an organisation to not only survive a business disruption but also to reinstate critical value-creating activities as quickly as possible, thus protecting customer relations and corporate reputation. Far from focusing solely on IT concerns or major natural disasters, business continuity plans also address non-physical events including supplier failure, adverse media attention, operational issues, succession, sabotage, accident and environmental disasters. While comprehensive insurance cover provides some protection, policies may not cover all damages and in addition, the time period from claiming on a policy to receiving payout can take months or in some cases, years, so insurance alone is not adequate business continuity protection as fixed costs will mount up in this time. Business continuity plans can help to ensure the long-term resiliency of your organisation whether it is a Fortune 500 company or a small start-up.
What are some of the benefits of Business Continuity Planning?
There are many benefits of business continuity planning, such as;
- Business continuity planning provides a framework to enable the organisation to understand how value is created and maintained.
- Once the framework and plan are established, in the event of a disaster or disruption, this framework can be relied upon and eliminates hasty or knee-jerk reactions in times of crisis that can adversely affect reputation.
- Business continuity plans help to create resilient businesses with long-term sustainability.
- Business continuity planning improves competitive advantage – the organisation with a sound plan is more likely to resume business activities faster than competitors without a plan.
- Protects corporate and brand reputation.
- Reassures staff, customers, investors and other related stakeholders that the organisation will be able to meet its obligations in the face of adversity.
- Reassures insurers that business risks have been considered which is likely to be reflected in premium charges and expedite pay-out in the event of a claim.
- Inspires confidence, communication, and loyalty within the organisation.
- Helps maintain market share and prevents customers from drifting to the competition.
- Protects the bottom line and customer satisfaction levels.
- Identifies and reduces vulnerabilities and risks within the business.
- Helps to assess and refine business processes and corporate strategy.
- Reduces confusion in the event of a disruption, everyone has a clear role and objective.
- Can save an organisation millions in restoring reputation or rectifying problems – see the links below.
How can Snowstar Consulting help your organisation with Business Continuity Planning?
While top management own business continuity plans, Snowstar Consulting can assist your organisation to carry out Business Impact Analysis (BIA), help to create a suitable Business Continuity policy and work with your organisation to enable the development of a bespoke cross-functional and enterprise-wide Business Continuity plan that is appropriate to the needs of the organisation, its objectives, aims, culture and strategy. In addition, Snowstar Consulting can assist in the implementation and communication of the plan throughout the organisation.
Please click here to contact us and let us know how we can help you in this area.