Key Components When Conducting a Business Impact Analysis
When it comes to keeping your business up and running, it is all about the time factor. Time determines how fast you can recover business operations in the event of an outage or natural disaster. If you have already completed a risk assessment, the business impact analysis ensures that you do not incur additional expenses which can result from slow recovery time.
Although you may have already completed a risk assessment and you know what critical business operations must be recovered, this will not matter unless you can recover them within a reasonable amount of time. By conducting a business impact analysis this will ensure efficient business continuity in the event of a catastrophe.
So what are some of the key components you should consider when conducting a business impact analysis?
Identify Specific Impacts of Critical Business Activities
Identifying the initial impact of each critical business activity is not enough to guarantee you can recover your business assets quickly. Instead, it is necessary to review each activity, the impact of its loss, and how it will vary over the long term. When you conduct this type of analysis you will find that the impact of each business activity will be different over a long period of time.
Once you analyze the long-term impact for each critical business activity, then you can better gauge the resources you will need for both short and long term recovery. It would be beneficial to add qualitative research which addresses the issues of asking why each individual