What is Business Continuity Planning (BCP)?
Business Continuity Planning (BCP) is a procedure to continue your business and keeping it consistent. In other words, it is a procedure to maintain a system to prevent and recover from possible threats to a business or company.
It is a practice that ensures company employees and assets can function quickly at the time of emergency or problem or malfunctioning. It is a part of risk management and stress management. Before the business execution, all the potential risks come into identification to prevent or tackle while the risk management process happens.
These risks may include fire, flood, weather attack, cybercrimes, and other related or feasible issues.
Procedure in Business Continuity Planning
You might be aware of the project management or software development lifecycle. In Business Continuity Planning, a similar kind of life cycle is running. The following steps undertake in Business Continuity Planning:
● The first step is to identify all the possible risks so that there are chances to tackle them before causing an impact on the development process in business.
● The second step is finding the effects of the identified risks on the operations.
● The third step is to implement preventive measures to diminish those risks.
● The fourth step is to test whether safety measures are usable or not.
● And the final step is to observe and review the process to keep it up-to-date.
Understand the Business Continuity Plan
Since starting a business or a company invites risks; hence, there is a need to plan to fight those risks. In this scenario, Business Continuity Planning comes into play. Sometimes people misunderstand BCPs with Business recovery plans. But both have a difference. A business recovery plan is for the recovery of the IT system of the company after a crisis.
In Business Continuity Planning, companies need to consider restoration, leadership skills, impact analysis, structure, and foundation.
Develop a Business Continuity Plan
To have a robust Business Continuity Plan, you have to follow the steps as follows:
● Business Impact Analysis: It is a crucial step in developing a business continuity plan for a company. In this, the Businesses considers resources and functions which are time-sensitive.
In this step, there is an identification of disturbances or problems occurring in business after a disaster. It is more a decisive step. After completing the analysis of risk and impact, there is a need to prioritize risk management. Companies or business makers decide it based on the effect a disaster can cause to the business.
● Restoration: It is the step to restore the business functions that failed in the disaster. A team of professionals tries to find ways to recover disrupted operations or improve malfunctioning due to the disaster.
● Structure: There is a need for strong communication and interpersonal skills within the company structure or organization. A separate team for continuity does exist to tackle crises.
This team has professionals with management development skills, as they are responsible for devising a plan against interruption or disaster.
● Foundation or Training: It is a crucial part of developing a sound Business Continuity Plan. The team formed as Continuity Team undergoes training and testing for knowing the potential. It is necessary to ensure safety and recovery in case of disaster.
Strategy and planning are necessary to prevent or turn away any disaster or crisis in a business. The team needs proper training and for building individuals and team effectiveness.
Business Continuity Planning is necessary for any organization or corporation, or business to ensure disaster management, be it physical or virtual. Physical as fire, flood, or any other weather conflict while virtual as cybercrimes. It helps in maintaining smooth working in businesses with planning and management.