Contingency Plan For A Business

Contingency Plan For A Business-86
BCM is clearly described by the ISO to provide a framework for building organizational resilience, which will allow the organization to respond accordingly, in a way that protects the business, its reputation, and all other stakeholders.As a management process, BCM involves several key activities: In recognition of the reality of the economic and business landscape being unpredictable and volatile, businesses are now taking a lot of precautions to ensure that their operations will still stand a chance against unexpected disruptions.Other businesses will have apprehensions about continuing any partnership they have with the company, and they may even consider severing any ties they have with that business.

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Except for time-bound enterprises, or business ventures that are started with the intention of terminating operations and liquidating the business at the end of a year or two, businesses are established with a long-term outlook.

They would want their business to earn profits, and to continue operating profitably for an indefinite, but long period of time.

When drawing up their business plans, they see their business continuing to exist and operate in the many years to come.

Thus, they make every decision with continuity of the business in mind, while taking into account the possible effects of unexpected events that may lead to disruptions and interruptions in business operations.

You will probably be able to appreciate BCP even more if you have a clearer idea of what the business can gain from it.

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All these threats must be taken seriously by companies, considering their various effects or impacts when they result in the disruption of business operations.

The International Organization for Standardization, in ISO 22300, defined “business continuity” as the capability of an organization to continue the delivery of its products or services, at acceptable predefined levels, following a disruptive incident.

It implies the responsibility of the business owners and management for the business in ensuring that it stays afloat and “on course” despite any obstacles or stumbling blocks it encounters along the way.

Thus, more attention is put on business continuity planning (BCP), which puts the company in a proactive position in planning how to ensure that it will still be able to deliver its critical products and services safely and smoothly, while meeting its legal, regulatory, and other obligations.

We can probably enumerate more than a dozen reasons why businesses should create and maintain BCP initiatives but, at the end of the day, there is only one ultimate goal or purpose for it, and that is to help ensure that the organization, business or company has the required resources, information, and capabilities to deal with emergencies and similar unexpected events, particularly their aftermath.

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