Business Continuity Management - Key strategies and processes

The purpose of this tool is to help provide finance and accounting managers with a foundation on which to further develop their thinking, strategy and processes on Business Continuity Management.

By CIMA

 

Organisations around the world have been the victims of all sorts of disruptions. Over the years, man-made and natural disasters have unveiled the vulnerability of businesses on a global scale.

 

These unannounced and disruptive incidents usually carry a hefty price tags as property, lives and reputations are often damaged beyond repair and compensation. Incidents such as oil spills and fires, chemical plant explosions, epidemics, pollution, extreme weather events, plane crash, synchronised terrorist attacks, cyber-attacks and data breaches – to name a few – served as powerful wakeup calls for preparing organisations to respond to unexpected disasters.

 

With technological advances, progressing globalisation and the extension of the supply chain, the impacts of disasters on organisations have greatly increased and intensified. Businesses of all sizes are connected to their suppliers and customers to a much greater degree today than ever before. When a disaster happens, the repercussions escalate throughout the entire the supply chain.

 

As a result, management teams and corporate boards face much more pressure to make their organisations more resilient when disasters strike. Business continuity management (BCM) capabilities enable organisations to restore their businesses to normal operations following an unanticipated disaster or business interruption. To date, however, the corporate BCM capabilities necessary to establish that resiliency generally have ranged from absent to insufficient.

 

The purpose of this tool is to help provide finance and accounting managers with a foundation on which to further develop their BCM thinking, strategy and processes. The specific objectives are as follows:

 

  • To define BCM as a corporate capability and to identify its essential components and processes;
  • To identify the drivers that make BCM a vital corporate and management competency in the 21st Century;
  • To establish and define the roles and responsibilities that corporate managers and boards fulfil in developing effective BCM practices; and
  • To present a step-by-step framework for developing and maintaining effective business continuity management processes.

 

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