FOCUS
Advance guard The all important, robust business continuity
plan post COVID-19 will require regular review and fine tuning, advises Simon Mabb
the country have had to make some serious adjustments to their operations. They will have either fl oundered or fl ourished when trying to respond to the challenges suddenly thrown their way. Few businesses really understand the
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importance of a robust business continuity plan until they have to put it into action. Hopefully, this pandemic will have highlighted the importance of developing and testing a business continuity plan, to trial its effectiveness long before a disaster does strike.
Futureproof business
Business continuity plans are the ultimate strategy for when things go wrong. They are designed to detail any risks that could impact the business and how the business must react in order to continue operating with minimal disruption or downtime. Of course, the very nature of a business continuity plan means
24 JULY/AUGUST 2020
www.frmjournal.com
HERE IS not a business in the world that has not been impacted by the COVID-19 pandemic. Organisations up and down
that you cannot be too specific about what incident could lead to its implementation. Your plan needs to be adaptable and flexible to a whole range of scenarios. The plan needs to cover physical disasters including fi re, fl ood, staff illnesses and IT issues, and wider incidents such as pandemics. Further examples of incidents which could
impact your business include fi nancial market disruption; economic downturns; events that could damage your company reputation; terrorism; and cyber attacks. Whilst these events might not physically affect your business, they will still cause disruption and you should plan for them. Ultimately, the plan puts businesses in a position to act quickly and efficiently minimise losses if they experience an issue. It is true that your insurance policy may cover you for physical damage or lost revenue, but that does not absolve you from doing everything within your power to minimise the impact of a disaster. If your business experiences disruption,
you could experience a damaged reputation, loss of customers or even staff resignations.
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