Business Continuity Planning

Disruptions can occur with or without warning, and the results may be Predictable or unknown. Business continuity planning is the process whereby financial institutions ensure the maintenance or recovery of operations, including services to customers, when confronted with adverse events such as natural disasters, technological failures, human error, etc. The objectives of a business continuity plan (BCP) are to minimize financial loss to the institution; continue to serve customers and financial market participants; and mitigate the negative effects disruptions can have on an institution's strategic plans, reputation, operations, liquidity, credit quality, market position, and ability to remain in compliance with applicable laws and regulations.

Benefits of Business Continuity Planning

A business continuity plan minimises the disruption to your business from any unexpected events or disasters. Staff will know their responsibilities in such situations, and will be able to respond to the events following an agreed procedure. This will ensue that your business-critical systems are up and running in the shortest possible time.

There are additional benefits of having a Business Continuity Plan in place.

In some industries it is a regulatory requirement to have a recovery plan in place. For example, financial organisations must have continuity and security controls to meet regulatory requirements.

A business that can demonstrate an effective business continuity plan has a competitive advantage. For example, if you provide a service to customers that is dependent upon your IT systems, like an Internet service provider, then evidence of a sound plan may provide you with an advantage that can be used to win or retain customers. For instance, if your business is a partner in a supply chain, business continuity planning may well need to be an integral part of your quality assurance.

Effective Business Continuity Management can help businesses demonstrate that they are managing their business risks and so help to secure lower insurance premiums. In addition, drawing up a business continuity plan can help you assess what types of insurance you need the most, as identifying likely business risks is part of the planning exercise.

Our proactive and comprehensive Business Continuity Planning solutions can:

• Determine the risks to your organisation’s business units and technology
• Assess the impact of interruptions on business and IT function
• Develop a tailored strategy to preserve your information availability