Question

Is BC planning within their financial ability to perform?

Answer 1

BC Planning ( Business Continuity Planning): It is about creating a system which can be used to recover or prevent companies from potential threats and thus saving the financial ability to perform. This nsures that the assets and resources are well protected and are able to perform in case of disasters to the company.

How BCP works ?

It is involves any or all kind of risks that can impact business and evaluate these risks so that its potential threat can be minimised or we can provide business the ability to perform under these kind of threat. The potential risk can include- Fire, flood or any other natural disaster. So what we do is first we define the type of risk associated with the underlying business and what is the degree of the threat means how much it can impact our business, then we take further measures to save the business from the threat.

Steps are as follows:

• Decide how it can impact our business.
• Implement the effective measures that can mitigate the risk.
• Again test the methods that they are working correctly according to the situation.
• Make sure whether our measures are up to date or not.

Since, Business Continuity Plannings are very crucial to any business, we should always make sure whether it currently effective or not.

It also depends upon the degree of impact to the business it can be minor or in worst situation it can be catastrophic.

Hence, BC planning is about ensuring that the firms are performing within their financial ability and it is also about mitigating the risk involved to the businesses.