In today’s world, businesses face risks from all directions, risks in the form of natural disasters like snowstorms, wildfires, floods. Risks like cyber attacks, technology failures, and risks like the recent COVID 19 pandemic. The impact of these disasters is catastrophic and directly affects the business by disrupting their day-to-day operations, supply chain, affects employees or stakeholders.
The ISO 22301 aligned solution helps businesses build a Business Continuity Management System that addresses two of the most important objectives: security and the other one is resilience. There is an ever-increasing need to align or comply with ISO 22301 certification as per the experts.
Aligning the certification with the BCM solution provides businesses with the other significant benefits mentioned below:
The ISO 22301 certification is globally recognized and helps businesses to build a reputation. Compliance with ISO 22301 BCM solution enhances your product or service delivery credibility in the market. Your stakeholders can trust that they are associated with a reliable organization with long-term plans to offer services as they’ve promised. It increases the competitive advantage of that organizations over others and helps to win more business in the industry.
Regulatory and Legal Compliance
ISO 22301 certification helps enterprises understand how regulatory and statutory requirements can impact an organization’s business and customers. Aligning this certification ISO 22301 as the framework for your BCM solution helps implement a well-structured response strategy and reporting structure. It ensures that the organization is compliant with all the requirements, and leaders are also well aware of what actions they should take during the crisis.
Better Risk Management
BCM Solution allied with ISO 22301 supports organizations to assess risks and their impact mitigation strategies as per their risk tolerance capacity. Assessing the risks helps understand the likelihood of disruptive events and their impacts on critical business operations and processes. This step motivates organizations to improve their BCM framework to ensure that they’re capable of surviving disruptions.
Reduce Loss Due to Disruptions
ISO 22301 aligned BCMS comprises of internal audits and reviews regularly. It provides you with insights into real disaster impacts on your business processes. The evaluation or the expert assessment helps you achieve clarity on risk mitigations and controls required for your services. Organizations can decide the value of insurance that they should opt to cover the losses that happened due to interruptions.
Developing Response and Recovery Process
ISO 22301 provides organizations with a robust framework that develops an effective incident-response structure. BCM solution with ISO 22301 has an immense impact on the recovery procedure. It makes sure that the probability of interruptions and their duration gets reduced considerably to ensure that enterprises recover from crises as quickly as possible.
Protects Assets, Profits & Turnover
One of the benefits of opting for ISO 22301 allied BCM solution is its ability to protect its income stream. It ensures the continuation of critical operations for preventing loss of assets and profits. It is effective in reducing the negative impacts of disasters.