Business Continuity Plan

Posted in Marketing and Strategy Terms, Total Reads: 196
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Definition: Business Continuity Plan

Businesses can face a number of disasters. A business continuity plan will ensure that the company bears those risks and keeps operating. It includes making a strategy of equipping the business to handle potential risks and threats in future. The potential risks are identified and procedures to handle those risks are set up. Then these procedures are tested and updated from time to time. The risks may be from economic conditions, competitors, government policies, natural disasters etc.


While making a Business Continuity Plan, we need to take care of following things

• All current risks should be monitored

• Actions to be taken to avert the risks

• Actions to be taken during the disaster

• Actions to be taken after the disaster is over


A business continuity plan includes following steps:

I. Identify potential risks and threats

II. Conduct a Business impact analysis of identified risks

III. Find out recovery requirements for each possible risk

IV. Design the solutions

V. Test the solutions

VI. Keep testing & updating the solutions


Example:

• Banks keep surpluses and reserves to tackle different financial risks and Non-Performing Assets.

 

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