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BCM Drivers & Benefits |
Why has the need to address BCM become an issue in recent years?
Significant events such as the millennium changeover and the terrorist attacks on 9/11 brought home the need for organisations to ensure that they can survive and can also protect their people from harm should serious incidents occur which threaten normal business operations.
Other drivers which have required organisations to take BCM seriously include:
- Increased Executive/Board responsibilities (e.g. Turnbull Report /Combined Code of Corporate Governance, Sarbanes-Oxley Act (USA), Basel II Accord etc.)
- Increased Corporate Customer expectations
- Corporate Partner contractual requirements
- Auditors increasingly expect to see a BCM process in place as part of their due diligence audits
- Civil Contingencies Act 2004 has placed BCM obligations on public sector organisations
- Insurers increasingly require to see evidence of BCM in place
- Holding Company & Shareholder expectations of corporate governance
- Regulatory Bodies are starting to impose BCM on the organisations they regulate
- Learning of a disaster
- Experiencing a disaster or near miss!!
What benefits are derived from taking BCM seriously?
Even if your organisation is fortunate enough to never experience a serious incident (and in most cases it really is still down to luck rather than management), the BCM process helps to define key business processes and the impacts which would result from threats materialising. This enables the organisation to be prepared for the worst and to take steps to improve the resilience to failure of the infrastructure supporting these processes.
Other benefits which BCM can bring include: -
- Compliance with the expectations of regulators, insurers, business partners and other key stakeholders
- The organisation survives if a serious incident does occur
- Financial impact when incidents occur is minimised
- Information assets are secured
- Reduced insurance premiums
- Reputation is maintained or improved through demonstrating a professional approach to managing adverse situations
- Essential services are uninterrupted hence the customer service experience is maintained
- Organisational objectives are met through the ability to manage incidents and avert interruptions to key processes
- Job security is increased through the creation of a sustainable organisation
How can Teed Business Continuity help?
We can help by giving presentations to, or facilitating tabletop crisis management exercises for, your senior management team to help them understand the need for BCM.
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Reviewing Continuity in the Supply Chain |
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