Is Your Business Continuity Plan Complete?

5/12/2020 (Permalink)

Make Sure Your Continuity Plan Includes All The Following Elements

Every enterprise needs a business continuity plan. These plans are crucial for owners, managers, and employees in the event of operational interruption. Periodic review, revision, and training will ensure that a plan provides all of the information needed to resume operations as soon as possible. Check to make sure your continuity plan includes all of the following elements.

Accurate Impact Analysis
An up-to-date impact analysis and risk assessment is helpful for ensuring a business has sufficient interruption coverage. Update the following factors on a regular basis:

• Effects on revenue
• Extraordinary expenses
• Fines or penalties
  

The impact of an interruption on a business is likely to change over time. You should adjust interruption policy limits accordingly.

Clearly Defined Roles
Delegating responsibilities is one of the most essential elements of a business continuity plan. A plan should clearly assign shut down, maintenance, and start-up tasks to each employee. An emergency response plan should also identify roles for managers and employees. It is important to update plans to account for personnel changes.

Versatile Recovery Strategies
A continuity plan should consider as many contingencies as possible. Each scenario may have unique triggers and action plans. Depending on operational requirements, it may be possible for your company to work out of an alternative location and avoid a total interruption. Identify all of the requirements and procedures for a smooth transition.

Consistent Emergency Training
Impact and emergency plans are a critical part of employee training. These plans should be available at all times. Schedule review sessions throughout the year to ensure that plans are followed in the event of an interruption.
A business continuity plan can save time and money when both of these factors matter most. Whether the cause of an interruption is commercial property damage or a disaster in Oklahoma City, OK, your business can benefit from a regular review of a continuity plan.