Business Continuity Plan

Before discussing Business Continuity Plan, let’s see the definition of Business Continuity Management because Business Continuity Plan depends upon solid Business Continuity Management. Business Continuity Management means ensuring the continuity or uninterrupted provision of operations and services.  Business Continuity Management is an on-going process with several different but complementary elements. Planning for business continuity is a comprehensive process that includes disaster recovery, business recovery, business resumption, and contingency planning as shown below.

Business Continuity Plan is an all encompassing, "umbrella" term covering both Disaster Recovery Planning and Business Resumption Planning for continuous and interrupted running of the operations. Business Continuity Plan is an essential element of information security.

For example, Business Continuity Plan is the process whereby financial institutions ensure the maintenance or recovery of operations, including services to customers, when confronted with adverse events such as natural disasters, technological failures, human error, or terrorism. The objectives of a Business Continuity Plan are to minimize financial loss to the institution; continue to serve customers and financial market participants; and mitigate the negative effects disruptions can have on an institution's strategic plans, reputation, operations, liquidity, credit quality, market position, and ability to remain in compliance with applicable laws and regulations.

Changing business processes (internally to the institution and externally among interdependent financial services companies) and new threat scenarios require financial institutions to maintain updated and viable Business Continuity Planning process. For example, initially it is necessary to understand the underlying risks and the potential impacts of disaster.... these are the building blocks upon which sensible business continuity plan or Business Continuity Planning should be built. Then the plan itself for Business Continuity Planning must be created

Importance of Business Continuity Plan: In today's 24x7x365 Internet-enabled marketplace, it is no surprise that Business Continuity Plan is a hot topic in the minds of business leaders. It is no longer acceptable to wait for disaster to strike before deciding on a plan of action. People, resources, infrastructure, and procedures are just some of the things that need to be in place for a business to stand a fighting chance of recovering from catastrophe, and that is possible using proper Business Continuity Plan.

A comprehensive and easy to use business continuity plan template: The following six factors are the critical aspects of effective Business Continuity Plan:

·       Business Continuity Plan should be implemented and study must be conducted on an enterprise-wide basis

·       A thorough business impact analysis and risk assessment is the foundation of an effective Business Continuity Plan.

·       Business Continuity Plan is more than the recovery of the technology; it is the recovery of the business.

·       Business Continuity Plan is more than the recovery of the technology; it is the recovery of the business

·       The effectiveness of a Business Continuity Plan can only be validated through thorough testing.

·       A Business Continuity Plan should be periodically updated to reflect and respond to changes in the institution

The primary purpose of the Business Continuity Plan is to provide for the protection and restoration of IT facilities and capabilities, and to reduce the damaging consequences of any unexpected or undesirable event. Business Continuity Plan strategies and procedures apply to all operations in the office. It would be extremely difficult and poor management practice to isolate the automated activities and limit the Business Continuity Plan to those activities. The description often used for business or service continuity planning is “the process that defines the procedures employed to ensure timely and orderly resumption of an organization’s business cycle through its ability to execute plans with minimal or no interruption to time-sensitive business or service operation.