Business Continuity Management (BCM) is the process of identifying and implementing strategies and controls to ensure business continuity in event of a disruption. It also aims to deploy services or resources following an incident to maintain the operation, profitability, or reputation of an organization. Businesses need BCM plans that can prepare them for various threats, ranging from natural disasters like floods and earthquakes to cyber attacks such as ransomware and hacktivism.
Benefits of Business Continuity Management
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Allocate resources effectively
This includes the ability to identify and quantify risk, perform impact analysis, and develop recovery strategies and resources. Business continuity planning is an approach to disaster recovery (DR) that ensures that the needs of individuals, the business, and the community are adequately addressed promptly. Business continuity planning (BCP) includes preparedness activities such as emergency response planning, disaster recovery services, business resumption, and contingency planning.
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Reduce risks & liability
Business continuity management provides the owner with a legal statement of the disaster recovery facility’s capabilities and limitations, and a thorough understanding of the operations, procedures, and notification methods. Business continuity planning (BCP) is essential in ensuring that an organization can continue its operations despite any outside factors that may interfere with its normal functioning. It also ensures that an organization will be able to continue serving its customers after an adverse event has taken place.
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Lower costs
Incidents and disasters can be very costly to organizations, but business continuity planning helps to minimize the downside risks. It is a process that identifies possible disruptions and how an organization’s day-to-day business functions might be affected by a disaster. Business continuity planning (BCP) also ensures that an organization will be able to continue serving its customers after an adverse event has taken place.
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Better Employee/Customer satisfaction
Business continuity management ensures that an organization will be able to continue serving its customers after an adverse event has taken place. It also enhances employee and customer satisfaction, by having a well-thought-out plan in place to assure timely recovery. Business continuity planning aims to reduce any possible effects of disruptions by anticipating, preventing, and managing the risks posed by emergencies, disasters, and other events that can interrupt operations, services, or supplies.
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Better Brand recognition
With planning and implementation of a business continuity management in place, an organization can take more ownership of its brand values. It also ensures that the organization will be able to continue serving its customers after an adverse event has taken place. Business continuity plans are usually known as corporate contingency plans.
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Increased compliance with government regulation standards
Business Continuity Management is a part of any government or private sector plan that requires businesses to have a comprehensive business continuity management plan to be compliant with government regulations. Business continuity management is a vital part of any organization and can help it operate more effectively in the event of a disruption. It also enhances employee and customer satisfaction, by having a well-thought-out plan in place to assure timely recovery.
In this age and era of digitalization, a good Business Continuity Management Plan will be the savior of any organization. The survival of an organization depends on how well it can withstand and recover from such disruptions. Ensuring that the company has all required resources ready at all times, is being managed in a disciplined, systematic way, and that all relevant recovery plans are established makes any Business Continuity Management Plan work in the long run.
