| Companies should have good business continuity | | | | then be implemented. They have to identify, |
| management techniques in place. These would | | | | classify, assess and device strategies to deal with |
| help companies to identify, assess and manage | | | | the risks. They have to analyze the impact the |
| both external as well as internal risk factors that | | | | risks will have on the business and take necessary |
| may hinder business continuity. Business continuity | | | | action to minimize technical, internal, external, |
| management strategies will help keep the | | | | economic, human, natural, credit, market and |
| company working no matter what kind of risk | | | | operational risks etc. Taking preventive measures |
| threatens its operations. This will be helped greatly | | | | such as getting the right insurance coverage, |
| if they have implemented well-developed and | | | | implementing safeguards and constant monitoring |
| customized enterprise risk management | | | | will help companies become aware of risk |
| strategies. The 9/11 attacks on the twin towers | | | | indicators and how to manage the risks to ensure |
| reinstated the need for business continuity | | | | business continuity. |
| management plans. It helped create awareness at | | | | They should make business continuity |
| how unpredictable risks can be and how nothing | | | | management plans, which are logical, easy to |
| can prepare us to deal with risks such as the | | | | implement when the company has a need to |
| attack but an effort has to be made, to ensure | | | | implement them and be written in a systematic |
| that a business can continue even after such | | | | fashion so that it is execution and who needs to |
| disasters strike. | | | | do what is easily comprehended. These plans |
| If companies have good business continuity | | | | have to be tested under realistic conditions and |
| management plans, they may reduce potential | | | | assessed. The success of any business continuity |
| damages by as much as 90%. Due to poor | | | | management plans is in its careful execution and |
| business continuity, management plans. About 150 | | | | implementation. The employees have to be |
| companies went out of business during the World | | | | informed and made to implement these plans by |
| Trade Center bomb attack. Bad insurance | | | | introducing procedures and policies to ensure they |
| coverage selection, inadequate risk management | | | | take preventive measures against risks and deal |
| guidelines and its implementation have resulted in | | | | in the prescribed way if there be a need for it. |
| the closure of several businesses due to fire | | | | They have to plan how to deal with the media |
| attacks. | | | | too if need be. |
| Business Continuity Management Strategies: | | | | Business continuity management plans are |
| Companies can set up committees to structure | | | | necessary to ensure the business suffers minimal |
| business continuity management strategies that | | | | losses in case disaster strikes to ensure they |
| are customized to suit the needs of the business. | | | | begin operating as soon as possible. There are |
| The committee should be given a budget and a | | | | firms that offer their help and services to help run |
| timeframe to develop the core plan, which will | | | | a business smoothly. |