Business continuity planning is the process by a company to create a system to prevent & to recover from threats that may affects its normal business operations, including natural disasters or cyber-attacks. Having a strong Business Continuity Plan (BCP) is essential for companies of every size – small, medium or large to ensure that their operations are not impacted regardless of these incidents & even when there is disruption, the people and assets are impacted minimally and are able to function as quickly as possible.

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Source: Climate.gov

The above image shows just why having a solid BCP is crucial part for an organization’s risk management strategy.

Businesses are prone to a wide variety of disasters that vary from being minor to outright catastrophic. A BCP is typically meant to help a company continue operating in the event of major disasters. The BCP should identify the operational and financial impacts resulting from the disruption of business functions and processes. These impacts can cause lost sales or income, increased overhead expenses, regulatory fines or customer dissatisfaction.

Read more about business continuity planning published by ALTA here.

How to develop a robust business continuity plan (BCP)

The development of a robust BCP has to include a robust and comprehensive impact analysis. This analysis will help you understand the consequences of disruption of each business function so that you can develop and prioritize effective recovery strategies. Recovery strategies are alternative means to restore business operations to a minimum acceptable level and require resources including personnel, facilities, and Information Technology. Based on this analysis, a business continuity team may be created to maintain the plans and manage the disruptions. This team has to be continuously trained and the plan may need to be updated as the business, environment or strategies changes.

You can leverage experienced third party vendors like SLK Global who are ISO 22301: 2012 certified by DNV-GL for BCP and who have a presence across multiple locations and a ready infrastructure available to ensure zero downtime.

Part of any recovery strategy has to include an IT disaster recovery plan. This plan should include steps to ensure all the critical information is backed up as loss or corruption of data could result in a significant business disruption.

Now that you understand why you need to have a robust BCP ready, let us quickly outline some of the key benefits of having the BCP.

    1. Builds confidence among your customers.
    2. Ensure compliance with industry standards
    3. Preserves your brand value
    4. Mitigates financial risk
    5. Gives you a competitive advantage.

Do let us know what do you think of the above blog in the comment section below and if you want to know more about SLK Global’ s product and solutions for the title insurance industry, please click here.

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