As global concerns arise just because of the coronavirus (COVID-19) pandemic outbreak, businesses are facing rapid response challenges, from employee health and welfare to disrupted supply chains. Assured GRC advises steps to prepare and execute a rigid business continuity plan. By investing in the development, implementation, and maintenance of a viable BCM programme. Organisations can provide the most effective approach to restoring and restarting critical and important functions and processes. And most importantly, it provides a layer of protection for their most important assets, information, cash flow, and reputation.
Before knowing about how a business continuity management system can help your organisation during COVID-19, you need to know about this system.
What Exactly Is The Business Continuity Management System?
A business continuity management system in the UK is a framework for identifying an organisation’s risk of exposure to internal and external threats. The purpose of this system is to offer the business the ability to effectively respond to threats such as natural disasters or data breaches and protect the business interests of the organisation. This system includes disaster recovery, crisis management, incident management, emergency management, and contingency planning.
According to ISO 22301, a BCMS emphasises the importance of:
- • Understanding continuity and awareness needs, as well as the necessity for establishing BCM policy and objectives
- • Implementing and operating controls and measures for managing the overall continuity risks of an organisation
- • Monitoring the performance and effectiveness of the business continuity management system in UK
How Can BCMS Save Your Business During A Coronavirus Pandemic?
The business continuity management system can be an essential tool for ensuring a business’s service line is sealed during the incident that causes business disruption like the coronavirus pandemic. Businesses with such plans are actively consulting and using their plans as they work through the current national emergency. And they would suggest that the plans be adjusted on a real-time basis as management pivots to resolve situations that arise.
Let’s take a look at five steps plan for business continuity management system:
Conduct a Business Impact Analysis (BIA)
A BIA can help your business identify and estimate the potential effects of the coronavirus on business operations. This process includes performing a gap analysis to consider your organisation’s willingness for continued operations. When conducting this analysis, consider the impact on stakeholder groups including employees, customers or suppliers.
Be ready for “worst” and “most-likely” case scenarios. This provides a proper range of results for the business to consider. The CGMA scenario planning tool is a great resource to guide you through this process. Don’t forget to look at the upside risks. You also hire a reliable business continuity consultancy
service in the UK.
Perform Risk Analysis and Mapping
In this step, you should consider scenarios to help you identify new risks. This will help you build robust scenarios. Consider also other potential risks including financial, operational and external and even the probability of occurrence. You can get in touch with a consultant for a business continuity consulting service.
Ensure Organisational Alignment and Communication
Create a cross-functional pandemic response team to ensure organisational alignment around key objectives. Make sure approvals are in place to execute the continuity plan that confirms with governance requirements. Community with stakeholders is also an important step for every business continuity management system in the UK. Identify the content and frequency with which you want to communicate with your stakeholder groups. It’s extremely useful to create specific landing pages for employees, customers, and investors with resources and guidance.
Develop an Action Plan with Continuous Monitoring
An effective business continuity plan also focuses on key performance indicators of priority processes. Increase the frequency of determining and monitoring liquidity, sales, and stock to daily or weekly. Influence data feeds for increased responses to change risks. Try to enable continuous prediction in key functions and keep adjusting. You can also hire professionals for business continuity consulting services
Once you have followed these five easy steps of the business continuity management system in the UK, you will protect your business or employees during this coronavirus pandemic. Make sure you contact an expert consultant for marinating your BCMS.
Assured GRC Is Here For Your Help!
If you are looking for a professional consultant for business continuity consulting services in the UK, contact Assured GRC today! We know your organisations, businesses, and communities depend on your guidance during these challenging times. Our information security policy gives further guidance on risk management and information assurance. At Assured GRC, we have implemented ISO 22301 to manage its business continuity operations and this is managed by our IMS.
If you have any questions or need anything about the business continuity consulting service, don’t hesitate to contact us at +44 (0)203 4759 932