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Why Business Continuity is a Need in Today’s Scenario?

Posted by assuredgrc on July 22nd, 2020

Every organization in the global market is fated to face the extreme dynamics but the fact here stays the same, a successful company is the one that keeps its calm and manages to overcome the market fluctuations. Speaking further about measures taken by the successful players of the market, it’s important to know how any of these firms plans each of its steps just by looking at the root cause of any threat that might befall in the coming future.

Speaking about the measures taken, disaster recovery management and business continuity management have been the most prominent of the measures that have ever been considered till now. As we all know that even these measures aim at completing one purpose in an organization, both o them are entirely different from each other. When we talk about business continuity, it is a plan that is devised with the focus to prepare the business operations to be workable again after a manmade or natural disaster.

On the other hand, business continuity management works on a plan in which, an organization prepares itself to become immune to any threat that may befall, by analyzing all the root causes of any kind of disruption that happens inside the company which affects its operations directly or indirectly. Now that we know what these measures are really about, the question that rises is that ‘which one is more effective, in view of the current situation?’

BUSINESS CONTINUITY OR DISASTER RECOVERY

Both disaster recovery and business continuity management have their own focuses and attributes that differentiates them from each other, and that’s what makes the two different measures that share a common focal point.

Now, if we consider today’s scenario, the pandemic has affected the global society to a level where nobody has an optimistic approach towards life at all. Nowadays, people are a lot more practical and want to be prepared for anything that might affect them in the future. This is what happened to the corporate sphere too. Earlier when we saw articles or pieces on business continuity plan (BCP) and business continuity consulting services, we could find its relation in small scale businesses too. And when we talk about small scale businesses, both business continuity and disaster recovery were both viable options, but now that the times have changed, we can say that it’s now time for each and every firm in the global market to shift from data recovery to business continuity management.

Even though we all know that a viable argument should always have room for counter proposals, the pandemic has changed the meaning of being rational up to an extent where desperate measures are the logical ones. Business continuity management can surely be termed as a desperate but important proposition. The Coronavirus outbreak has already made the world economy stagnant for quite a long time, and if there are still businesses who think they can wait for this pandemic to pass, they’ll be the ones who’ll end up being swept out first.

BENEFITS OF CHOOSING ONE OVER THE OTHER

When we talk about firms preferring to focus more on business continuity management we consider a number of benefits that are involved in this proposition. Among the most prominent ones, is the benefit of being prepared for every t When an organization knows its business operations from the roots, it protects everything in the firm from any threat internal or external. When a business opts for business continuity consultancy services, it opens up for multiple correctional opportunities which can prove to be beneficial for its run. Correctional opportunities like the one we mentioned earlier can help the organization to prepare for itself better. And preparation is what every organization needs right now.

On that note, let’s take a look at some of the other benefits that a firm enjoys if it considers business continuity management as its main concern:

  1. The firm tends to pay more attention to its third-party clients: When a firm is being better prepared for any potential threat, it becomes more equipped in terms of strategies for any unforeseen situation. As we all know that the most important factor on which the whole business continuity management works on is identification of risk. And in a BCP, the risks are assessed by every player that has a role in the operations of the business. This implies that the third-party firms involved are given importance too.
  2. The firm pays attention to its compliance requirements: When a firm starts focusing on its BCP, it tends to focus on compliance risk assessment because that could be an easy exposure that a firm can become prone to. When we talk about compliance risk assessment we tend to focus on components like, contractual requirements, legal norms that are needed to be met, and the ethical ground that are meant to be treated as boundaries for conducting any operation in any given market. When a company decides to identify its risks, it never judges any two risks on the basis of the degree of its importance in the operation; rather, it wants to mitigate even the minimal risks that come forward. And compliance risk is one of those minimal risks that every company overlooks in times of emergency. But a sound BCP is always prepared keeping in mind about the importance of echo of the risk that can be identified. This makes the organization even more prepared for any threat.
  3. Makes the organization resilient: This is the collective benefit of choosing business continuity management over disaster recovery. When a firm does everything that we discussed in earlier points, the firm gradually becomes resilient to most of the threats like sudden market fluctuations or any sort of disruption at operational level. And when a firm becomes resilient, it becomes confident enough to protect itself from any adverse change in the level of competition in the market.

On a concluding note, this is a time where every firm should focus on getting back up and delivering their services in the most efficient way possible. And that’s why focusing on business continuity is more important now than ever. So if you need ay consultation regarding business continuity, you can look up Assured GRC at www.assuredgrc.com or call us at +44 (0)203 4759 932.      

Also See: Continuity Management, Business Continuity, Disaster Recovery, Most Prominent, Management, Firm, Continuity

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