Business Continuity Plan and Risk Assessment

In all the day-to-day hustle of buying and selling, business continuity (also known as disaster recovery) is something to easily forget about. Business continuity deals with resuming your company’s operation after some disaster occurs which temporarily suspends it. A prudent company will make sure they have a detailed business continuity plan and that it is accessible by all employees. After a disaster is not the time to figure out how to resume your business operations. Not having a business continuity plan can mean permanently halting your company. Here are some key considerations you need in order to make a plan to sustain your business in the event of a disaster.

You should do a risk assessment first.
A risk assessment is a process of identifying all of the potential threats that could disrupt your business operations. Why do businesses go through the trouble of a risk assessment ? Why don’t they just prepare for any threat? Risks have to be prioritized so that focus can be placed on making disaster recovery strategies for those that are most likely to happen. For example, if your business is in the arid southwestern United States, you don’t need to identify hurricane as a risk therefore you don’t need to spend time on planning for recovery from one.
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