…would you be ready to bounce back?
Statistics show that one in four businesses do not re-open after disaster strikes, and many that do re-open struggle to stay in business. Preparing ahead of time greatly increases your business’ chances of surviving and resuming operations after an incident. For this reason, a significant part of your Risk Management program should be dedicated to ensuring business continuity and resumption of normal operations as quickly as possible. Having a Business Recovery Plan is the best way to ensure this happens.
The purpose of a Business Recovery Plan is to minimize the operational, financial, legal and other material consequences, including your business’ reputation, that arise from a disruption. The plan covers policies, standards, and procedures for ensuring that specified operations can be maintained and recovered in a timely fashion in the event of a disruption.
A Business Recovery Plan has three components:
- An Emergency Response Plan: The initial actions required to facilitate communication and minimize damage
- A Business Continuity Plan: The actions required to ensure essential services resume immediately
- A Business Resumption Plan: The actions required to resume normal operations