BGN Entrepreneur

After the 9/11 attack on the twin towers, a share broker who had his office in the same tower, reopened his business the very next day without much of a hiccup. When other business which had premises in the tower struggled to recover from the disaster, this share broking firm, thanks to its Business management process strategies, were able to come out of the disaster unscathed.
Business Continuity Management is a relatively new term which is synonymous to disaster recovery but it has a wider prospective. It includes disaster recovery, business recovery, business resumption, contingency planning, and crisis management. In other words it just is a blue print of that “plan B” should your main plan fail or meet with unforeseen disasters. BCM has developed from an obscure branch into a main stream management strategy in the recent years.

Why is BCM essential for every organization?
A well developed Business continuity plan helps not only during high profile disasters but also to meet daily interruptions and failures which may have significant impact on organization witch cannot be done only by financial companies. The disruption may arise at any time and at any manner such as power cut, Equipment failure, theft, accident, Labor Strike, Cyber crime etc. This strategic planning is required for the following reasons,

• to meet Legal and regulatory requirements
• to fulfill the Customer’s Expectations in time and maintain the relationship with them
• to maintain or quickly resume mission- critical functions.
• to protect staff and their welfare
• to minimize post disaster effects in operations of the organization.
• to avoid financial loss and to protect the profits and revenue of the firm.
• to safeguard market share and or competitive advantage.

BCP is prepared based on the size, scale and the nature of the organization. It should be continuous, simple, logical and systematic so that implementation is also easy.

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