To create an effective business continuity plan, a firm should take these five steps: Step 1: Risk AssessmentĮvaluation of the company’s risks and exposuresĪssessment of the potential impact of various business disruption scenariosĭetermination of the most likely threat scenariosĪssessment of telecommunication recovery options and communication plans
Here are the five key steps to this plan: Five Steps to Business Continuity Planning The key to a successful business continuity plan lies in understanding the impact a disaster situation could have on a business and creating policies to respond to any such impact.
This level of response requires extensive business continuity planning to ensure all aspects of a firm’s business are evaluated and protected. When confronted with unexpected business disruptions, investment firms must react swiftly, methodically and successfully or else risk significant financial loss.
