Business Continuity And Risk Management

1593 WordsJun 30, 20157 Pages
Business Continuity (BC) and Risk Management (RM) are closely intertwined in both the policies, procedures, and maintenance of most businesses. They’ve become necessary for providing the guidelines on maintaining functionality regardless of any threats or events that may disrupt services. Vaid notes in his article on the subject, that in the case of modern businesses, “When customers become accustomed to a service it then becomes a ‘utility’. What was once considered an ‘event’ becomes ‘operational’. Such a mindset forces businesses to converge BCP and operational risk practices.” (Vaid, 2008) Every tailored Business Continuity Plan (BCP) and Risk Management Plan (RMP) is dependent upon the individual requirements of the company, but many share the same areas of function that can be reviewed, updated, and tailored to their business’ needs. Evaluations and reports that can assist in this include a Business Impact Analysis (BIA), Records and Information Management (RIM) report, Disaster Recovery Plan (DRP). In an effort to provide a solid overview of these evaluations, all of which should be done to develop an effective and integrated BCP/RMP, this paper will review how they apply to risk management and business continuity. A generalized compilation of information for an integrated BCP and RMP will also be provided as a possible model for businesses to follow when planning for risk management and business continuity. There are several assessments which should be done in order
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