Business Impact Analysis
It is the first stage in the business continuity planning process and it should consists identification of potential impact of the business interruptions, assessment of all business functions, identification of legal requirements, estimation of level of losses as well as estimation of recovery of the critical path.
Risk management is the practical plan that helps the business person to operate after a crisis in a business (Hiles, 2002).
Preparing a risk management plan and business impact analysis
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Preparing a response plan
A response plan can be termed as the general plan that could be used to deal with any crisis that can affect the business negatively.
How to develop a recovery plan
A recovery plan normally helps the person a chance to get the business on track after a certain crisis. It normally shortens the recovery time and therefore reduces the losses that might be encountered at this time.
Keeping your work place safe
Safety in the business can be ensured by creating a plan that is simple to understand and implement.
IT risk management
For example if one uses IT systems to manage the business it will be crucial to note some of the risks associated with those systems as well as implement a management process that will regulate those risks. It will be important also to develop strategies to curb such grievances.
Protecting IT data and systems
If we consider IT systems for example, data protection will build the confidence that the clients have concerning you and this will therefore helps to achieve your business targets.
According to the Queensland Government business account all of the above models could be used to manage various classes of businesses.
Risk management in relation with the business impact analysis are crucial tools that make any business continuity plan and by the person understanding strategies related to these tools will be vital in making the business recover more rapidly when negativities occurs in the business( James, 2014). It will be advisable to allocate the resources and budgets that will be used to cater for the business impact analysis as well as the associated risks.
There are various factors that make up a response plan in business such as an emergency kit, evacuation procedures for the premises encountered, plan activation details putting into consideration of who will be given the authority to carry out the activation process as well the list of the persons that the manage will need to communicate with when there are crisis incidents in the business.
On the other hand it is important to maintain safety in the business since this normally helps to prevent illness and accidents that occur in the workplace. This will eventually improve the manager’s reputation as well as up the rate of productivity in the company.