The role of the business continuity professional has changed and continues to evolve. This process-oriented approach will be discussed in the first part of the booklet, with additional information included in the appendices. Action Summary A financial institution's business continuity planning process should reflect the following objectives: This involves training them on their roles if the event does happen.
When considering insurance options, decide what threats to cover. Typically, participants work through simple scenario and then discuss specific aspects of the plan. As IT administrators are increasingly asked to do more with less, it is advisable for business continuity professionals to be well versed in technology, security, risk management, emergency management and strategic planning.
Benefits of Business Continuity Planning You will probably be able to appreciate BCP even more if you have a clearer idea of what the business can gain from it.
Examples are detailed strategies and resource requirements for: There is a need to establish a governance structure within the BCP in order for management to have order and control in its conduct.
Coverage for such eventualities is available as an extension in the policy. The number and scope of teams will vary depending on organization's size, function and structure, and can include: Ensure that plans are made for increasing levels of severity of impact from a disruption.
Cold site is an alternate facility that is not furnished and equipped for operation. In short, he is the team leader. Maintenance[ edit ] Biannual or annual maintenance cycle maintenance of a BCP manual is broken down into three periodic activities.
In this case, it is the Business Continuity Plan. If the flooding is severe, the relocation of critical parts of the business to another area until flooding subsides may be the best option. Internal review It is recommended that organizations review their BCP: Cold sites are the least expensive option.
Hardened sites may have alternate power supplies; back-up generation capability; high levels of physical security; and protection from electronic surveillance or intrusion.
If clients cannot access certain services or products would they then to go to another provider, resulting in further loss of revenue. Since these organizations participate in one or more critical financial markets and their failure to perform critical activities by the end of the business day could present systemic risk to financial systems, their role in financial markets should be addressed as part of the business continuity planning process Financial institutions that do not directly participate in critical financial markets, but support critical financial market activities for regional or national financial sectors, are also expected to establish business continuity planning processes commensurate with their importance in the financial industry.
The four steps in this process include: On a scheduled basis annually or bi-annually when changes to the threat environment occur; when substantive changes to the organization take place; and after an exercise to incorporate findings.
Warm site is an alternate facility that is electronically prepared and almost completely equipped and furnished for operation.
When drawing up their business plans, they see their business continuing to exist and operate in the many years to come. What are some examples of these potential risks or threats. These resources often include manpower or personnel, information, facilities, machinery and equipment, physical security tools, legal support, and funding.
This involves identification of the key roles in the team, and their functions or roles and responsibilities. Goal The part of the BCP to be tested.
Property insurance may not cover all perils steam explosion, water damage, and damage from excessive ice and snow not removed by the owner.
Identification and analysis of key products and services of the business Identification and analysis of the most urgent activities and processes of the business Identification of potential threatsand their impacts to business operations Devising of plans and strategies for quick and effective recovery from any disruption, and the continuation of business operations Business Continuity Planning 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.
It will be necessary to determine the time period that a service or product could be unavailable before severe impact is felt.
The BCP should be current and accurate, which can be achieved through regular testing and maintenance. BCP improves public perception and acceptance of the company. Continuous appraisal of the BCP is essential to maintaining its effectiveness.
It also implements the BCP, coordinates activities, approves the BIA survey, oversees the creation of continuity plans and reviews the results of quality assurance activities. Changes in business processes include technological advancements that allow faster and more efficient processing, thereby reducing acceptable business process recovery periods.
If services or goods cannot be provided, would the organization lose revenue. It incorporates all the aspects of a medium exercise. BCP Governance Plans, measures, and arrangements for business continuity Readiness procedures Quality assurance techniques exercises, maintenance and auditing Establish control A BCP contains a governance structure often in the form of a committee that will ensure senior management commitments and define senior management roles and responsibilities.
Information officer — He will be responsible in ensuring the smooth and steady flow, as well as access to and retrieval of data to be used in BCP. Business continuity planning provides a quick and smooth restoration of operations after a disruptive event.
Business continuity planning is a major component of risk. Business Continuity Planning Process Diagram - Text Version. When business is disrupted, it can cost money.
Lost revenues plus extra expenses means reduced profits. There is help available to guide organizations through the business continuity planning process, from consultants to tools to full software. An organization bases its investment in assistance on the complexity of the business continuity planning task, amount of time and budget.
Business continuity planning is the creation of a strategy to ensure that personnel and assets are protected and able to function in the event of a disaster. Business continuity planning represents a cyclical, process-oriented approach that includes a business impact analysis (BIA), a risk assessment, risk management, and risk monitoring and testing.
The business continuity planning process involves the recovery, resumption, and maintenance of the entire business, not just the technology component. The business continuity planning process should address interdependencies, both market-based and geographic, among financial system participants and infrastructure service providers.Business process continuity planning