When considering the budget, consider every aspect of the plan so as not to overspend.
You should consider any preparation or research hours, training time and materials, or any other associated costs.
Just like any business plan, a business continuity plan (BCP) is incredibly important to make sure your business continues to functions optimally after facing a disaster scenario.
A plan designed to keep a business running after any disaster can include planning strategic timelines that will take place before, during or after a disruption.
A few of the key terms include: Business Impact Analysis (BIA) differentiates critical and non-critical organizational functions in your business.
Critical functions have a direct impact on the business, such as a warehouse system that moves product.
If technology is the foundation of your business, you have to ensure it’s running all the time.
That’s why a viable business continuity plan is a corporate necessity, not an amenity.
(FINRA) Rule 4370 explicitly states that enterprises need to create comprehensive recovery plans.
A business continuity plan enables organizations to proactively manage risks stemming from an outage, rather than simply reacting to it.