BUSINESS CONTINUITY PLANNING

For companies operating in today’s volatile economic climate, a solid business continuity plan may be vital to future health and profitability. Over the last decade and a half in particular, the importance of continuity planning has been made abundantly clear. This shift has been heralded by a number of factors. The increased globalisation of business has been pivotal, as has the marked rise in the number of natural disasters, man-made disruptions, and biological and geopolitical events occurring today. From terrorist attacks to natural disasters, both mankind and Mother Nature have played a key role in the development of business continuity planning.

For those firms adversely affected by an incident, business continuity planning can enable them to launch an effective and efficient recovery program as soon as possible. A robust and well considered plan will allow companies to continue operations even under harsh conditions, with minimal disruption. Business continuity plans should be designed to address a wide variety of issues, tailored specifically to meet individual companies’ needs. The effects of increased business process automation, financial distress, workforce reduction, business combinations and divestitures, reliance on outsourcing, supply chain vulnerability and regulatory compliance should all be factored into the plan.

Oct-Dec 2014 Issue

Richard Summerfield