With the ongoing COVID 19 crisis, the tidal wave of business transformation is inevitable. The businesses are remolding. The scenarios are different than before. The effects of these disruptions are undeniable. This proves that a disaster can hit at any time, and no matter how small or big your business is, the negative effects it reflects are staggering unless you are fully prepared.
The future is unpredictable, but your conscious decision can turn the table for you. Sketching out your own business continuity planning is smart to ensure that your business is up for the challenges thrown by such disasters. It operates exactly the way you want it to function seamlessly. It’s said that without a checklist, making a proper plan is not viable. The below checklist will help you ensure that your BCP efforts are full-proof.
The points are summed up categorically for each item in the checklist. Though the layout has every phase incorporated, these steps may differ depending upon the business structure, location, environment, and other components.
BCMP Initiation Team
The initial point businesses must check is the initiative of conducting a business continuity program. Considered the thought of preparation, enterprises must start the process by conducting a business continuity program. For the rest, take a quick look at the bullet points.
- Assembling BC team
- Look out for BC sponsorship
- Find out legal & regulatory requirements
Conducting a thorough business impact analysis is one of the important points businesses need to incorporate in the business continuity checklist. In this phase, enterprises invest their time in detecting the severity of risk impacts on its functions. Following are the focus areas:
- Prioritization of business processes
- Dependencies on functional operations
- Data gathering and analysis
- Impact assessment (regulatory, legal, reputation, financial & customer relationship, etc.)
- Managing record & preparation of the backup strategy
Create Risk Rating & Control Strategy
This phase comes under the business continuity pre-planning stage. It is centralized on the risk assessment factors & devices its control strategy.
- Resource allocation & base planning
- Identification of Risks & vulnerabilities
- Mitigation process
- Safeguarding critical resources
- Quantitative and qualitative risk
- Risk probability & tolerance
- Develop a plan for emergency communication and asset protection
Pen down Business Continuity Plan
The business continuity plan comes in the checklist after the risk and control strategy. The BC plan structure consists of below factors that revolve around plan assessment, analysis, and documentation.
- Assessment of strategy
- Support resources documentation
- Alternative strategy development
- Cost Assessment
- Cost/Benefit analysis
Chalk out Emergency Response Plan
The Business continuity checklist is incomplete without its emergency response plan. An emergency communication strategy is incorporated in this segment. Following are the inclusions:
- Tactical and strategic planning
- Identification & review of existing emergency response
- Crisis Management
- Notification system & protocol
Implementation of BCP
Once the planning process is over, experts shift their full focus on implementing business continuity planning. The below stepwise plan’s execution provides employees and key stakeholders a fair idea about their functions during the crisis.
- Segregation of plan as per crisis
- Business Continuity Management Framework
- Critical continuity functions
- Disaster recovery management
- Recovery communications
- Implementation of plan
Awareness & Training
In the last two significant phases, training and awareness come first after implementing the business continuity plan. Expert guidance for maintaining awareness in the organization’s employees and thorough training ensures that employees get ready to take proper actions at an emergency time.
BCP Audit, Exercise & Maintenance
This is the last but most significant item in the BCP checklist. Detailed audit and maintenance ensure maximum efficaciousness of the organization in handling disaster or a crisis. Below are the components.
- Testing of plan
- Thorough Auditing
If you are looking for BCP assistance specific to your business, please check our offerings in BCP Traning and BCP Consulting sections. You can reach out to us through the contact page, and we would be happy to discuss your BCP requirements in detail.