The Business Impact Analysis work forms the basis on which Business Continuity Plans are developed, gathering key strategic and operational data on the business and the threats and vulnerabilities faced. It provides vital information to senior management, including:
- a holistic supply chain overview demonstrating the critical business activities, assets and resources within the business
- the level of increased risk from outsourcing, stock control or operational process changes
- an effective assessment of business risk and a demonstrable summary of the action required in the Business Continuity Plans to protect critical elements of the business
Our Business Impact Analysis follows a three stage process.
Stage One - Business Process Analysis
We undertake an efficient review of your business mission, strategy and day to day operations; to identify the key assets, processes and resources critical to the achievement of business objectives. These elements could include human resources, buildings, inventory, quality, external suppliers, market reputation, etc.
Stage Two - Business Risk Analysis
We review the key threats and vulnerabilities, which could impact the business and consider a braod range of business risks including strategic, financial, operational, regulatory and reputational risks.
Stage Three - Exposure Analysis
For each critical business activity, asset or resource and the associated business risks identified, we analyse the financial and non-financial exposure faced by the business. This assessment reflects the ability of the business to mitigate its exposure, including the application of existing business continuity plans.
All exposures will be graded low to high risk in respect of the likelihood of occurence and the magnitude of exposure. This enables you to consider whether to retain the risk; or to transfer, reduce or eliminate unacceptable exposures.
Applied correctly, Business Impact Analysis will provide a clear picture of business strengths and vulnerabilities. The BIA draws out the critical assets, processes and resources on which the business depends and enables the Business Continuity Plan to be tailored exactly to the business activities that need protection. In other words, it avoids development of generic plans that may provide little benefit in the event of disruption.
Contact
If you wish to know more or would like to discuss how Business Risk Services could be tailored to your requirements, please contact businesscontinuity@vantisplc.com.