Implementing a Business Continuity Management Program
1. Establish the BCM Ownership.
2. Align BCM Program to organizational Strategic Goals.
4. Determine the BCM Strategy.
5. Determine the BCM Implementation Approach.
8. Risk Analysis
The Risk Analysis involves a determination of the events that can adversely affect an organization, the damage such events can cause and the controls needed to prevent or minimize the effects of potential loss. Risks can be quantified by determination of: Potential Threats, Probabilities, Impacts and Vulnerabilities.
The Risk Analysis will:
– Identify potential threats,
– Understand threat size impacts
– Determine mitigation techniques for each threat,
– Perform cost/benefit analysis for each mitigation technique,
– Prioritize/summarize viable & effective mitigation strategies,
– Implement mitigation strategies using: avoidance (eliminate), reduction (mitigate), transference (outsource/insure), retention (accept/budget)
Risk Assessment Strategies will focus on:
Preemptive/preventative measures to reduce the risk or impact of a risk event
Approaches to continuing/resuming key business process activities during a crisis (e.g., executing key processes remotely, utilize additional working shifts).
The developed strategies will be quantified in terms of cost/benefit, with final selection of strategies for implementation by the Risk Management Committee.
For each risk develop strategies that enhance business continuity of the process. Strategies will outline approaches to either:
Increase the level of control associated with the process, and/or
Decrease the business impact associated with a process disruption.
Where not covered already develop strategies to secure the availability of “Mission Critical Resources”. Develop a timeline to implement the suggested strategies and submit to management for approval.
For more detailed information about how to perform a Risk Analysis, better prepare your organization with effective BC/DR Planning tools, or to schedule a tabletop exercise with our Certified Business Continuity Professionals, please contact us via:
The contact form using the link at the top of this page
Email at PSISales@ParadigmSI.com
For more information, call us at 800-558-9568 ext. 300
To speak with a Sales Representative about Business Continuity Planning Consulting or Business Continuity Software, please call: 814-330-2560
Next up in Part 9: Plan Development