What is Business Continuity Planning?
Business Continuity Planning (BCP) relates to the process of building a model that allows organizations to quickly respond to a threat and recover operations in the face of potential threats. BCP ensures that the organization’s assets and resources are protected and operations can continue in the likely event of a disaster. The BCP is created and tested in advance, during normal and stable operations with key inputs incorporated from various functions, employees, & stakeholders. Organizations must also ensure the entire workforce are aware of the BCP, and critical staff and functions are trained to operate in BCP mode in the event of a disruption.
BCP is an important part of an organization’s risk management strategy. Organizations must take into account all risks that can potentially impact business continuity. This step involves defining all risks – whether natural or manmade and crafting a clear plan on how to manage those risks. Disruptions can adversely impact the financials of the company apart from the loss of reputation and losing customers to the competition. Businesses are susceptible to myriad risks that can range from minor to devastating. A solid BCP framework insulates the company from these shocks and enables it to continue its operation with minimal downtime while setting up the mechanism to recover from the disruption faster. It is worth mentioning that BCP is created to address issues within a limited scope like an organization or institution, and may not be effective when disruption is at a mega-scale, is widespread, and involves large populations.