What Is Business Continuity Management?
Business continuity is the post-event plan of the organization to ensure that its operations would not be severely disrupted as a result.
What Are the Events That Require Business Continuity Management?
The COVID-19 pandemic is a good example of an event, which requires a good strategy for the organization to continue to survive and thrive in the aftermath. Other examples would be a natural disaster, an economic crisis, data breaches, terrorism, the death of the CEO, or violence in the workplace. You need to identify and plan for these events so critical functions can resume immediately after the event.
What Is Business Continuity Management (BCM)?
Business continuity management refers to the framework that would allow you to identify the extent of risk exposure of your organization to internal or external threats. It is developed well before the event occurs. The business leaders start with crafting policies and procedures that have been tested multiple times. Personnel should also be oriented on their tasks as well as the reason for business continuity during this critical period.
What Is a Business Continuity Management System (BCMS) and How Does It Differ from Business Continuity Management?
The BCMS refers to the management system for the effective implementation of business continuity management. It conceptualizes, standardizes, implements, monitors, audits, and then improves the BCM.
Is There a Difference Between Business Continuity Management System and Business Management Plan?
Most companies interchange business continuity management system (BCMS) and business management planning since they seem to have the same function but with a different name. To answer the question, you need to understand the four elements of a successful BCMS. First is the support of the management, second is the establishment of a business impact analysis, third is the adoption of a risk assessment, and the fourth is the creation of a business continuity plan. The BMP, therefore, is a component of the BCMS. You can have a business continuity plan without implementing the BCMS, not the other way around.
What Is Business Continuity Risk?
Business continuity risks refer to the threats and concerns that are relevant to your organization. There are industry-level risks that apply to companies within that segment (e.g., manufacturing, tourism, IT, agri-sector, etc.). But there are also company-specific threats that vary from organization to organization. For example, when the economy shuts down due to the pandemic, all industries are at risk. However, tourism-related establishments are severely impacted compared to essential businesses, which can still operate on a skeleton force. In the same manner, you should also spot the potential weaknesses in your business continuity management system that may hold you back from fully implementing the framework and policies.