If your business doesn’t have a plan yet, or if you’re in the middle of reviewing plans, there are steps that you can take to prepare your company for the disaster that comes down next. Many disasters and hazards can’t be prevented, but you can take steps now to get ready to plan.
Business Impact Analysis
A business impact analysis (BIA) is the process for determining the potential impacts resulting from the interruption of time sensitive or critical business processes. This process predicts the consequences of disruption of a business function and process and gathers information needed to develop recovery strategies.
A risk assessment is a process to identify potential hazards and analyze what could happen if a hazard occurs. Potential loss scenarios should be identified during a risk assessment. Operations may also be interrupted by the failure of a supplier of goods or services or delayed deliveries. There are many possible scenarios which should be considered.
There are many ways to reduce the potential impact on life, property, business operations and the environment. Risk mitigation lets business owners and planners identify ways that they can prepare to face these disasters before they occur.