The benefits of a business continuity management system
Whilst your organisation may already have business continuity plans (BCPs) in place, often these go untested and can quickly become outdated.
A BCMS aligned with the international standard, ISO 22301, will ensure your BCPs remain up to date and become part of your organisation’s culture. It will help you to effectively and continually mitigate BCM risks and adopt an integrated approach to managing business continuity.
How an ISO 22301-compliant BCMS will benefit you
Maintain continuity of business operations.
In the event of business disruption, a BCMS helps an organisation to maintain its service levels to its customers. The BCMS enables business leaders to assess the potential impacts of an operational disruption, make the right decisions quickly, deploy an effective response and minimise the overall impact to the organisation.
Protect assets, turnover and profits
Effective business continuity management means that the organisation is able to ensure continuity in the delivery of its products and services, and perform activities that are critical to successfully continuing its operations. These activities protect the business’s income stream, and reduce the risk of further losses due to an incident or disaster. Effective BCM also helps protect an organisation’s assets.
Develop robust response and recovery procedures
ISO 22301 provides a robust framework for developing effective incident response and recovery procedures to ensure your organisation can recover quickly in the event of a disruption.
Meet legal and regulatory requirements
Compliance with ISO 22301 can provide evidence that the organisation has taken the necessary steps to comply with regulatory requirements that call for an effective business continuity management programme.
Apart from a director’s duty under corporate governance requirements, regulations like Sarbanes-Oxley (SOX), the GDPR, the NIS Directive and the Health Insurance Portability and Accountability Act (HIPAA) in the USA are all examples where effective business continuity and/ or incident response management are essential for compliance.
Monitor and test your BCP to ensure you are prepared
A business continuity plan (BCP) is not likely to work if it is not regularly tested and updated. Since it is not integrated with the organisation’s corporate governance and management system, the BCP often gets filed and forgotten, with just a few people being aware of it.
A BCMS, on the other hand, is broadly accepted as the most comprehensive approach to organisational resilience. It enables organisations to update, control and deploy effective plans, taking into account organisational contingencies and capabilities as well as the business needs (product- and service- requirements). Unlike the BCP, the BCMS is embedded in the organisation’s culture.
Increase competitive advantage and corporate reputation
Organisations with an ISO 22301-compliant BCMS can improve customer confidence in the organisation’s ability to respond to a series of incidents and events.
With business continuity management recognised as a key element for business sustainability, more and more organisations require accredited certification to ISO 22301 for suppliers wishing to do business with them.
Improve processes and organisational focus
Implementing a BCMS involves assessing and evaluating organisational processes, which identifies potential inefficiencies that can be improved. A BCMS implementation project involves the entire business, and helps the organisation focus on its objectives and maintain direction.
Reduce the cost of business interruption insurance
By implementing a BCMS that conforms with ISO 22301, the organisation has better insights into the real impact of a potential disaster, which enables the business to better evaluate the type and value of insurance cover it requires.
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