It’s not a matter of if a disaster strikes, but how well you are organized and ready to give assurance to your stakeholders that you are in control when it does.
It comes as no surprise that we are living in an ever-changing environment, which is shaped by numerous risk events and potential threats. Floods, cyber-attacks, IT breakdowns, asset failures, supply chain issues or loss of skilled staff are just some of the possible threats to the smooth running of an organization. Advances in technology and rapid digitization are fundamentally transforming the way of doing business and the way of working, but they also bring more and new security risks. And, of course, we are still experiencing the impacts of a global pandemic.
Despite this, a recent KPMG poll indicated that a majority of companies are at still at the level of “ad hoc and reactive” or “developing” an approach towards Business Continuity and Resilience Management.
If not addressed effectively, these threats can cause disruption or even business failure. Consistent planning for what to do when a disaster strikes, means a more effective response and a quicker recovery.
“Business Continuity Management” is an holistic process that identifies potential threats to an organization and identifies the impacts to business operations that those threats, if realized, might cause. It enables organizations to be equipped with the ability to prevent, respond to and recover from various operational disruptions in the future.
Three documents to have in place:
Operational resilience is the ability to deliver critical operations in the face of disruption. It allows organizations to absorb internal and external shocks, ensuring the continuity of critical operations by protecting key processes and resources such as systems, data, people and property.
The ongoing coronavirus pandemic has held up a mirror to organizations’ resilience under pressure. Faced with an increased threat landscape, organizations need to accept that it’s impractical – and too costly – to prevent all disruption. Instead, their whole organizations should be ready to limit, respond to, recover and learn from a wide variety of events.
This means investing in operational resilience.
You do not need to reinvent the wheel. There is already an ISO standard on Business Continuity and Resilience – ISO22300x. It gives you access to international good practice to help you to respond to, and recover from, disruptions effectively, leading to reduced costs, less impact on business performance, and even respect from your customers.
With a standardized approach your actions will be consistent throughout the entire organization, and you will be able to reassure clients, suppliers, regulators, and other stakeholders that your organization has sound systems and processes in place for business continuity.
The most important drivers for good Business Continuity and Resilience are that it should be taken up multi-disciplinary, and it should be positioned strategically within your organization.
Active board involvement is key to integrating business continuity management and operational resilience into the organization’s business and risk strategies, and to setting the tone at the top.
Considering the perspective from various management positions within the organization will ensure that the “business continuity and resilience” is based on the different corporate objectives and is implemented and operated in line with your strategy, the customer experience, as well as financial and IT perspectives and requirements.
A Business Continuity Management System makes your organization more “incident proof”. And by building Business Resilience, you not only gain the capacity to survive, adapt and thrive, but also get another view on your organization and its critical processes and systems.
Since we all know to what a disaster can lead to – 2020 has given us plenty of examples of this – now is the time to make sure you do not miss the opportunity for positive change that this crisis represents.
Partner and Chairman, BLC Belgium
T: +32 2 7083686