Why is Business Continuity Management important?
Business Continuity Management (BCM) is a comprehensive service that contains contingency plans for all facets of the business that may get affected by unexpected calamities, such as business processes, human resources, partners, or assets. They provide specific strategies on how business functions can be maintained for both short-term and long-term disruptions.
The primary aspects to BCM service for processes and key applications are:
- Business Impact Analysis (BIA) to find risk areas and dependencies within essential business functions and present the initial indication of vulnerabilities.
- Key risk areas and dependencies calculated in the BIA are used to explore tangible infrastructure and service support that are most relevant to the business needs.
- Establish the formal Business Continuity Planning framework with documents outlining the precise, sequential emergency preparedness plan.
- Execute the Business Continuity Management through employee orientations, IT assistance, and HR assistance and familiarize all employees with the new backup strategies and technologies.
- Develop and maintain testing exercises to ensure the recovery strategies, technology, and support that are implemented perform according to the formal framework.