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?
The events of September 11, 2001 changed a lot of things including the manner in which businesses assess risk and devise plans to deliver critical services in the event of a disruption. Although catastrophic events have a minimal probability, the businesses that plan carefully for business continuity are the ones that stand the best chance of continuing their services in the event of a disaster.
It does not take a monumental catastrophe to disrupt daily operations of a business. Sometimes it can be something as simple as a power outage or intermediate interruptions that result from a storm or an attack instigated by cyber criminals.
Having a business continuity plan in place means arranging to continue to deliver services which are the most critical to business operations and identifying the resources which are needed to support business continuity. In order for a business continuity plan to be effective there are key critical components that must be present during the planning process.