Advantages and Disadvantages of Business Continuity Planning In A Financial Orga

Posted by Winnie Melda on October 15th, 2018

This document provides elaborate critical analysis of BCP by providing advantages and disadvantages of implementing Business Continuity Plan. The article identifies most significance of BCP as the ability to identify risks, threats and attacks within an organization, creating awareness and enabling people to understand the potential status of the organization. It also guarantees guidelines in which organizations can implement flexible procedures to keep the operation of business running throughout. The paper indicates main disadvantage and drawbacks of BCP as time-consuming as well as the inappropriate determination of consistent traditional culture of a particular organization.

Business Continuity Plan (BCP) is one of the strategies applied business organizations so as to facilitate dynamic assurance of remaining in business without failure. It is a technique that guarantees survival in business through assuring competitive advantages. BCP identify critical and sensitive effects of various organization effects that lead to losses within an organization. It defines measures and strategies applied in handling risks, threats, and attacks. It provides methods and methodologies that prevent techniques, mitigation practices, and incidence responses when a risk occurs.
Advantages of Business Continuity Plan
BCP is a strategy that guarantees recovery and continuation of sensitive business operations during the time of disaster. Disruptions of business transactions are fully guaranteed through a BCP. Various sensitive documents such as financial records, customer’s data, and information, balances and credit reports can be easily recovered to guarantee smooth operation of financial business transactions (Venclova et al., 2013). Backup and recovery procedures guarantee organization that all sensitive data and information can be obtained to facilitate transactions to take place normally. Financial statements can be retrieved as well as other valuable documents required to verify and validate financial transactions.      
BCP is a dynamic practice within an m organization that promotes multiple organization needs and requirements. It guarantees that all business operations are united and combined through providing effective and efficient management of risks. It also guarantees that various common facilities within the organization are provided through a common supply chain and procurement operations. The plan guarantees that entire business transactions have adequate security, proper communication channels, and proper interactions that guarantee effective public relations (Oluwade, & Oluwade, 2015). It ensures the quality of operations is provided through quality assurance principles.
BCP highly regards responsibility and accountability. BCP guarantees division of labor and specialization through assigning roles, duties, and responsibilities to professions.  Chance of errors in systems inputs is minimized through the use of accuracy guaranteeing systems as well as user-oriented systems. Other operations guaranteed by systems include utilization of quality monitoring tools such as the use of audit trails within business operations. Systems for promoting accuracy such as SAPFICO systems are highly suggested within in business continuity to ensure that calculations within the organization are effectively and efficiently implemented (Oluwade, & Oluwade, 2015).
BCP guarantee high regards in ensuring that organizations implement quality standards in verifying and validating transactions. Most areas of focus needing to take control and care of finances; BCP ensures that organizations have best methodologies and features of promoting effective and efficient finance principles and standards. Privacy, confidentiality, and security required for personal financial information are guaranteed by through BCP (Venclova et al., 2013). Security parameters that secure customer finances and control of situations such as frauds ensure that customers, as well as organization, is protected from risks associated with money fraud.   
Disadvantages of Business Continuity Plan
BCP is highly involving and require incorporation of all stakeholders, directors, managers, and heads of departments as well as subordinate staffs. Communicating aims, objectives, and visions of having BCP is time-consuming due to preparations involved. The entire teams require cooperating in decision making. The process of making BCP is long and time-consuming. Coordinating entire teams require creating more time as well establishing seminars and meetings for discussions (Moodly, & Saunderson, 2008). Such issues are time-consuming and require. Members involved have to leave normal chores in support of Advantages of participating in the process of making Business Continuity Plan. Various representatives also have to take time training other employees, as well as allocating new responsibilities to employees.
Justification and validation BCP is challenging due to the implementation and maintenance cost. Some responsibilities require experts and professional to implement thus increasing expenses within an organization. New infrastructures, resources, as well as assets, are usually required to facilitate full implementation of BCP. Standards, as well as specifications from different international organizations, must be implemented to guarantee total quality management within BCP plan (Moodly, & Saunderson, 2008). Such policies require high-cost attachments as well auditing and evaluation all those requirements make the cost of implementing BCP high.  
Conclusion
Analyzing advantages and disadvantages of BCP it is clear that BCP is a strong buffer in withholding business organization-n and ensuring prolonged persevering during events of disasters. Although implementing BCP might appear strongly challenging and inapplicable it has long-term benefits and future opportunities. It is critical to ensure that sensitive business transactions, assets, and finances can be restored to facilitate business progress.    

References
Moodly, A., & Saunderson, I. (2008). Internal quality assurance reviews : challenges and processes - Walter Sisulu University's Business, Management Sciences and Law Faculty. South African Journal of Higher Education, 22, 4, 827-842.
 Oluwade, I. D. O., & Oluwade, B. (2015). An assessment of the role of creativity in business studies : it's implication to business management. Journal of Emerging Trends in Economics and Management Sciences, 6, 1, 68-76.
Venclova K., Urbancova H., and Vostra Vydrova H. (2013) Advantages and Disadvantages of Business Continuity Management.

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